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For Sale property id: 52195661
USD 14,881,858 Mortgage Calculator
GBP 13,000,000
  • 3132 m²
  • Land Size
    3132 m²
  • View
    District View
  • Orientation
    East

Description

We present you an off-market opportunity to purchase the whole site area of Wilbraham Road, in Manchester, which consists of two courts, with 74 apartments in total.

The two courts compromise of studio, 1 bed, 2 bed and 3 bed apartments.

* Whole site area – 3132 m2 (0.75 acres)
* Court One – 38 Apartments
* Court Two – 36 Apartments
* 1 x Office Space
* 54 Car Park Spaces (£50 per space/month)

The current rental income:

* Apartments - £600,000 pa
(with a potential to increase to £750,000 pa as rents have not been increased for a number of years)

* Car Park Spaces - £24,000 pa
(only 40 out of 54 currently rented. Potential to increase this to £32,400)

* Sale price is £13m but seller will accept £12.5m for a quick sale.

The current owner has negotiated a 7% management fee with the current assigned management company, providing a 5% saving from their usual 12% charge.

In addition to the above, the owner’s solicitor can reduce the stamp duty, which would normally be 15%, to just 1%, if all 74 titles are completed on. This would equate to a saving in excess of £1.6m. Seller advised to get their solicitor to do their own due diligence on this matter.

The current location is currently going through an economic rise due to the regeneration programme. This will allow the new owner to charge higher rents to increase annual rental income.


TOTAL ERV = £782,400+ / 6%+

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