• 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

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