2 Empress Drive, Douglas

£550,000 OIRO

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Key Features

FOR SALE - INVESTMENT  2 Empress Drive, Douglas - £550,000 (No VAT) BLOCK OF 4 FLATS - PART TENANTED - POTENTIAL INCOME CIRCA : £51,600 PA

  • The Freehold Interest is to be purchased of this block of four flats and one commercial unit. The Freeholder also owns the four residential apartments.
  • FLATS & COMMERCIAL UNIT HAVE INDIVIDUAL REGISTERED TITLES ON LONG LEASEHOLDS - MANAGEMENT COMPANY ALREADY SET UP. This provides flexibility for an incoming owner to hold as an Investment, or sell the flats off on an individual basis. The Long Leasehold for Lower Ground Floor Commercial Unit only has been sold.
  • Large corner property with rear annex extension in fabulous location just off Douglas Promenade.
  • Comprising of four large flats (each flat runs from front to back of property).
  • Flats 1 and 2 are x 2 beds. Flats 3 & 4 are 2/3 beds. All four flats have a full bathrooms and additional separate WC (Flat 4 has two separate WCs).
  • The property is in need of some remedial works but provides a great opportunity for increasing rental income.
  • Flats 1 to 3 are Tenanted. Flat 4 is Vacant. Current rental income: £24,000 pa.
  • GREAT RENTAL GROWTH OPPORTUNITY – POTENTIAL FOR A HIGH YIELD RETURN.

Overview

ACCOMMODATION

Ground Floor;
Steps up to communal entrance
Meter cupboard and fire system

Apartment 1 – GIA – approx. 926 sq ft / 86 sqm
Occupied
Lounge, bedroom 1, kitchen, WC, bathroom, bedroom 2, separate WC
1st Floor;

Apartment 2 – GIA – approx. 1,002 sq ft / 93 sqm
Occupied
Open plan lounge/dining room, kitchen, WC bathroom, bedroom 1, bedroom 2
2nd Floor;

Apartment 3 – GIA – approx. 1,002 sq ft / 93 sqm
Occupied:
Lounge, kitchen, bedroom 1, WC, bathroom, bedroom 2, bedroom 3/office
3rd Floor;

Apartment 4 – GIA – approx. 1,002 sq ft / 93 sqm
Vacant
Lounge, kitchen, bedroom 1, bathroom, WC, bedroom 2, bedroom 3/office, WC

LOCATION
Travelling along Douglas Promenade from The Sea Terminal take the next turning left, just after The Empress Hotel and Spectrum Apartments, onto Empress Drive. The property can be found on the right-hand side.

SERVICES
Mains services are installed. GFCH. Fire Precautions System.

TENURE
Freehold. The freehold and the 4 apartments are currently in the same ownership. The lower ground floor commercial unit has been sold off on a long leasehold basis with management company established.

LEGAL FEES
Each party to pay their own legal fees.

VIEWING
Strictly by appointment through Black Grace Cowley.

At a Glance

  • Price
    £550,000 OIRO
  • Status
    Available
  • Tenure
    Freehold
  • Type
    Investment

Contact the Agent

Contact the Agent

Sharon Gelling

sharon@blackgracecowley.com

01624 645553

Key Features

FOR SALE - INVESTMENT  2 Empress Drive, Douglas - £550,000 (No VAT) BLOCK OF 4 FLATS - PART TENANTED - POTENTIAL INCOME CIRCA : £51,600 PA

  • The Freehold Interest is to be purchased of this block of four flats and one commercial unit. The Freeholder also owns the four residential apartments.
  • FLATS & COMMERCIAL UNIT HAVE INDIVIDUAL REGISTERED TITLES ON LONG LEASEHOLDS - MANAGEMENT COMPANY ALREADY SET UP. This provides flexibility for an incoming owner to hold as an Investment, or sell the flats off on an individual basis. The Long Leasehold for Lower Ground Floor Commercial Unit only has been sold.
  • Large corner property with rear annex extension in fabulous location just off Douglas Promenade.
  • Comprising of four large flats (each flat runs from front to back of property).
  • Flats 1 and 2 are x 2 beds. Flats 3 & 4 are 2/3 beds. All four flats have a full bathrooms and additional separate WC (Flat 4 has two separate WCs).
  • The property is in need of some remedial works but provides a great opportunity for increasing rental income.
  • Flats 1 to 3 are Tenanted. Flat 4 is Vacant. Current rental income: £24,000 pa.
  • GREAT RENTAL GROWTH OPPORTUNITY – POTENTIAL FOR A HIGH YIELD RETURN.

Recently Viewed Properties

2 Empress Drive,
Douglas

£550,000

  • Tenure
    Freehold
  • Type
    Investment
  • Status
    Available
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