Investment Properties for sale in Penrith

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Penrith, Cumbria, England

  • Freehold Price: £400,000  Price Reduced arrow_drop_down
  • Annual Turnover: £52,260
Seller Reference: MA1182
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Business Description
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Seller Reference: MA1182
Request Details
Business Description
• 3-bedroom terrace house plus 6-bedroom and 5-bedroom HMOs
• Plot of land suitable for parking or development, subject to planning
• High yielding investment/ business opportunity producing net income of £48,000 a year
• Refurbished to a high standard
• Situated in residential area within a short walk of the town centre & railway station

Penrith is a market town located on the north east fringe of the Lake District with a population of around 16,000 and catchment population of around 45,000. It has excellent transport links being at the junction of the M6 motorway and the A66 trans-Pennine trunk road and has a Station on the west coast main line linking London and Glasgow. Major retailers in the town include Argos, Morrisons, B & Q, Booths, Sainsburys, Aldi, W H Smith, Boots and Sports Direct. The property is situated fronting Norfolk Road at its junction with Mill Street on the edge of Castletown, a residential area close to Morrisons supermarket and a few minutes walk from the town centre and railway station.

The property comprises three terraced residential units all constructed in stone with rendered elevations and upvc double glazed windows together with a plot of land to the rear.

2 and 2a Norfolk Road were converted from a public house to houses in multiple occupation in 2013.

The property is available as a whole or can be sold separately as 1 Norfolk Road and 2/2a Norfolk Road plus the land at the rear.

1 Norfolk Road (42 sqm) is a three-bedroom house on three floors with a living room and kitchen on the ground floor, 2 bedrooms on the first floor and a shower room and bedroom on the lower ground floor.

2 Norfolk Road (115 sqm) is a six-bedroom house in multiple occupation with 4 bedrooms and 2 shower rooms on the ground floor and 2 bedrooms, a shower rooms and kitchen on the lower ground floor.

2a Norfolk Road (92 sqm) is a five-bedroom house in multiple occupation with 1 bedroom on the ground floor and 4 bedrooms, 2 shower rooms, and a kitchen on the first floor.

To the rear is a plot of rough surfaced land extending to approximately 300 sqm suitable for parking or further development, subject to planning.

All references to areas and dimensions are deemed to be approximate.

We are advised that mains water, electricity, gas and drainage are connected to 1 Norfolk Road. 2/2a have all services except gas. No warranty is given regarding the working order of any appliances or services referred to in these particulars.

We are advised the property is freehold.

Occupational Agreements
1 Norfolk Road is let on an assured shorthold tenancy at £550 per calendar month with the tenant being reponsible for all other outgoings.

2/2a Norfolk Road are let room by room on a single or shared basis with electric payment meter boxes in each room and the owner being responsible for all other outgoings. The total rental income for the year ended 5 April 2018 was £52,260 with a net income after expenses of £41,412.

Council Tax
1 Norfolk Road Band B
2 Norfolk Road Band C
2a Norfolk Road Band B

Fixtures and Fittings
Included in the sale is an inventory of trade fixtures, fittings, equipment and furnishings. Any items not included in these particulars or the inventory are excluded.

Prospective purchasers or tenants should satisfy themselves that their proposed use complies with all planning regulations by making inquiries with the local planning authority.
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