Summerland Street

Barnstaple, EX32

Tenure: Freehold

A great opportunity to acquire the freehold interest in an existing Buy To Let property which has the advantage of two sitting tenants so you can start earning income as soon as you complete.

In brief, the property consists of a ground floor one bedroom flat with a small rear courtyard. The lounge is situated to the front with large double glazed window and storage heater. The double bedroom overlooks the private courtyard and also has a large double glazed window and electric wall mounted heater.  The separate kitchen provides access to the courtyard and also leads to the bathroom. The bathroom has a white three piece suite with electric shower over the bath.   The courtyard is a private space with access to the shed. 

Upstairs is a split level 3 bed maisonette which has a kitchen and lounge to the front with bedroom one to the rear along with the bathroom. A small cupboard on the landing provides space for washing machine and dryer.

Located in the centre of Barnstaple means it is ideally placed for those who need to be close to the town's hub for work and play.  The property has all the necessary up to date certification including Electrical Installation Condition Reports on both tenancies. The current yield is 5% but this can be improved upon as the 3 bed maisonette has had a long standing tenant with only a very minor rent increase in ten years.  The property is situated in a conservation area. 

The property requires some general updating and would benefit from a mains gas supply which is available.  The EPC is currently an E which could be improved upon with the installation of gas heating and external wall insulation. Both properties have valid Electrical Inspection Condition Reports. 

There is scope to reconfigure the property and provide multiple letting rooms via a licenced HMO which many of the surrounding properties have already done so. Purchasers should make their own enquiries via the Local Authority (North Devon District Council) about the process for this. The yield could improve to over 10% if done to a good standard.

Viewings are strictly by appointment only.

These details are intended to give a fair description only and their accuracy cannot be guaranteed nor are any floor plans (if included) exactly to scale. These details do not constitute part of any offer or contract and are not to be relied upon as statements of representation or fact. Intended purchasers are advised to recheck all measurements before committing to any expense and to verify the legal title of the property from their legal representative. Any contents shown in the images contained within these particulars will not be included in the sale unless otherwise stated or following individual negotiations with the vendor. Northwood have not tested any apparatus, equipment, fixtures or services so cannot confirm that they are in working order and the property is sold on this basis.

EPC rating: E. Council tax band: A, Tenure: Freehold,