A vacant leasehold apartment in Colchester city centre close to Castle Park and within walking distance to Colchester North Station - considered to be ideal for buy to let investment

A two bedroom second floor apartment within a large building that was converted in the late 90's from an office block. The building benefits from a communal gym, lifts to floors and a covered gated car park which provides an allocated parking space for this apartment. The apartment is on the second floor of the building and benefits from a two bedrooms, en-suite shower room, independent bathroom off a hallway and an open plan lounge/kitchen. It is considered that with some minor cosmetic improvements the flat would make an ideal home for owner occupation or a buy to let investment that could provide a potential rental income of £1200 per month (£14,400 per annum), a gross yield of around 16% of the guide price.

Tenure

Leasehold. 125 years from 24 June 1999

Location

The property is situated just off St Peters Street on the edge of the historic Dutch quarter, lower Castle Park and the River Colne. The High Street and Colchester mainline railway station are well within walking distance and the location provides excellent access to the A12 to London.

Communal Areas & Parking

Communal entrance hall Access to gym lift to all floors Communal lounge Gated multi-storey car park (One allocated parking space)

Apartment

Lounge/Diner 14' 5" x 12' 9" (4.39m x 3.89m) Kitchen 7' 5" x 8' 3" (2.26m x 2.51m) Bedroom One 10' 7" x 9' 7" (3.23m x 2.92m) En-suite Shower Room Bedroom Two 10' 8" x 9' 9" (3.25m x 2.97m) Bathroom

Leasehold Information

Term: 125 years from 24th June 1999 (98 years remaining) Annual Ground Rent: £175.00 Ground rent review period: Every 25 years Annual maintenance charge: £3,460.00

Note

There is a residents owned management company and we are advised by the seller that service charges have risen recently due to temporary requirement for 24 hour warden control for fire safety reasons until such time as fire safety improvements are made and therefore it is expected they will be greatly reduced when this is no longer required. For more information please refer to the legal pack.

Council Tax Band

C

Energy Efficiency Rating (EPC)

Current Rating C

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Local Authority

Colchester Borough Council

Solicitors

Wayman and Long (Sudbury), Ref: Phillip Povey, Tel: 01787 277375

Additional Fees

Buyer's Premium - £1200 inc VAT payable on exchange of contracts.

Administration Charge - £1200 inc VAT payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.