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Gloucestershire Business News

Residential Investment - Greenways Court, 77 Bristol Road, Gloucester

INVESTMENT CONSIDERATIONS

Brand new development finished to a high specification.

Accessible location within 2 miles of the City Centre and 1.5 miles from Junction 12 of the M5.

The apartments are fully let on assured shorthold tenancies generating an annual rent of £87,600 per annum.

The total rentable area (excluding communal areas) is 6,705 sq ft.

Gated entrance with allocated parking and visitors spaces.

A purchase at the quoting price of £1.45m reflects a gross initial yield of 6.04% and capital value equating to approximately £215 per sq ft.

Description

Greenways Court is a new development of 9 apartments constructed in two three storey blocks, with the front block comprising 3 apartments and the rear, 6. The buildings have a combination of brick, timber clad and rendered elevations under part pitched, part flat roofs.

The apartments have been finished to a high standard throughout and the accommodation includes open plan kitchen/dining/living areas, fully fitted kitchens with a range of appliances, modern bathrooms, patio or balcony and a selection of apartments also benefit from en-suite shower rooms and a study or 3rd bedroom.

The specification includes:

  • Independent air conditioning providing both the heating and cooling and there are digital temperature controls in all rooms which can be set to meet individual requirements.
  • Separate hot water tank with heating via electric immersion heater.
  • Solar panels are installed on the roof which power the freehold electric supply which subsidises the communal electrics, lights and electric gates.
  • Kitchens were supplied by Howdens and each has a built in oven, hob and dishwasher.
  • BT, Virgin and Sky all have connections to the site, allowing for a wide choice of internet and TV providers.
  • A secure communal bike storage will be provided.
  • CCTV covers all external communal areas.
  • Electric gates provide secure access to rear parking area; these can be operated by phone so occupants can open remotely for deliveries or visitors.

Each apartment has at least one allocated parking space, with a number of visitor's spaces.

A summary of the accommodation is set out in the tenancy schedule.

Location details:

The property is located in Quedgeley with frontage to the Bristol Road, Gloucester. It is close to Green Farm Business Park where occupiers include Farm Web and Kier Construction. It is some two miles South of Gloucester City Centre and 1.5 miles from Junction 12 of the M5 Motorway.

Access to the property is off the A430 Bristol Road to Quedgeley, ½ mile South of Cole Avenue intersection of the A38 duel carriageway on the Gloucester ring road, A430 and Gloucester South West bypass.

Gloucester is located approximately 9 miles (14.5 km) west of Cheltenham, 35 miles (56.2 km) north of Bristol, 55 miles (88.5 km) south of Birmingham and 100 miles (161 km) west of London. Quedgeley is a large residential suburb of Gloucester with substantial commercial development including a Tesco supermarket and range of business parks including Green Farm Business Park, Olympus Business Park, Waterwells Business Park and Quedgeley West.

Accommodation:

Tenancy Schedule with Commencement Date.

Apartment 1

Rent: £800 per month

2 bedrooms

03/07/2020

6-month term

67.4 sq m (725 sq ft)

Apartment 2

Rent: £850 per month

2 bedrooms

10/07/2020

6-month term

78.2 sq m (842 sq ft)

Apartment 3

Rent: £850 per month

2 bedrooms

09/07/2020

6-month term

78.2 sq m (842 sq ft)

Apartment 4

Rent: £800 per month

2/3 bedrooms

29/05/2020

6-month term

66.5 sq m (716 sq ft)

Apartment 5

Rent: £800 per month

2/3 bedrooms

31/07/2020

6-month term

66.5 sq m (716 sq ft)

Apartment 6

Rent: £800 per month

2/3 bedrooms

25/06/2020

6-month term

66.5 sq m (716 sq ft)

Apartment 7

Rent: £800 per month

2/3 bedrooms

01/06/2020

18-month term

66.5 sq m (716 sq ft)

Apartment 8

Rent: £800 per month

2/3 bedrooms

12/05/2020

6-month term

66.5 sq m (716 sq ft)

Apartment 9

Rent: £800 per month

2/3 bedrooms

29/05/2020

6-month term

66.5 sq m (716 sq ft)

 Total: 622.8 sq m (6,705 sq ft)

Rent: £87,600 per annum

Rates:

All the flats are listed within Band B for Council Tax purposes.

Planning:

Consent was obtained in 2018 for the construction of two apartment blocks to provide 9 no. residential units. Application No. 18/01031/FUL.

Terms:

The property is offered freehold subject to the occupational tenancies in place.

VAT:

The property is not elected for VAT.

Legal costs:

Each party to bear their own legal costs incurred in the transaction.

Contact:

Ash & Co 

Simon McKeag: 07737 691453

Harry Pontifex: 01242 255242

Fraser Mitchell: 01452 300433

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