1-40 Stokes Mews, Newent,
Gloucestershire, GL18 1EU

A Freehold gated retirement development in the heart of Newent

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Investment Considerations

  • An extremely well maintained Freehold gated development located in the centre of Newent completed in 2008
  • Comprising 37 retirement flats and 2 houses
  • 10 units sold on long leases (2 x three bed houses, 5 x two bed flats, 3 x one bed flats)
  • 29 unsold flats (19 x one bed, 10 x two bed)
  • 26 properties let subject to AST’s and three flats currently vacant
  • Total Current Gross Rent Reserved: £144,536 per annum
  • AST Income: £141,036
  • Ground Rent Income: £3,500
  • Estimated Gross Rental Value (fully let): £161,000 per annum
  • Fully managed by retirement living specialist First Port
  • Service Charge covering insurance, management and maintenance
  • £52,730 Sinking Fund in place for redecorations and contingency costs (as required)
  • 17 parking spaces
  • Within easy walking distance of local shops and amenities

OPPORTUNITY

This property provides an attractive and very stable income stream net of insurance and management costs with the benefit of a substantial Sinking Fund Reserve to contribute towards Capital Expenditure costs as required.

Potential ongoing Asset Management opportunities include:

  • Piecemeal sale of the unsold flats and subsequent sale of the Freehold as a ground rent investment
  • Increase rental income through new lettings and rent reviews with existing tenants
  • Negotiation of a reduction in management charge with First Port