Buy-To-Let Investment Opportunities in Cornwall
We have been instructed to sell a portfolio of 94 inexpensive investment properties comprising 4 studio flats, 65 one bed flats, 24 two bed flats and one four bed maisonette.
NONE OF THESE PROPERTIES ARE AVAILABLE TO VIEW BUT ARE FULLY AVAILABLE FOR SALE TO INVESTMENT BUYERS
As of 5th May 2020, there were no rental arrears on any of the properties.
The vast majority (57) are held on 999 year leases, another 20 are held on long leases with over 100 years remaining. Four freehold properties are available, each containing two flats and the remaining nine flats are held on 99 year leases, having an average of 66 years remaining.
Geographically, the properties are spread over 15 towns in Cornwall with main clusters in St Austell (27), Bodmin (18) and Redruth (17).
The properties are a mix of purpose built flats and houses converted into flats. In many cases several flats within the same development or property are available.
Whether you are wanting to add to an existing buy-to-let portfolio or are considering creating one from scratch, there are opportunities to suit every budget. Individual prices range from £48,000 to £125,000 with monthly rentals averaging £460 to provide an overall gross yield of 6% per annum and a net yield of approximately 5%
63 of the properties are let to Plexus (First Projects) UK Ltd, a subsidiary of Mears Group PLC, with the residue of individual five year management contracts for Plexus to maintain each of the properties and pay the agreed rent for the fixed period of the contract. With these properties there is therefore literally no maintenance responsibility whilst such an agreement remains in place.
The remaining 31 flats are to be sold with the benefit of existing Assured Shorthold Tenancy agreements, the vast majority of which have reverted to Statutory Periodic Tenancies with tenants having been in occupation for a number of years.
All properties have valid Energy Performance Certificates (EPC), Electrical Installation Condition Reports (EICR) and, where applicable, Gas Safety Certificates.
Steve Powell of Pure Financial Solutions in Truro is a Mortgage Broker and is available to help in any way he can with those looking to raise finance against properties on a buy to let basis. He can be best contacted, in the first instance, by email – email@example.com
By way of example of financial offers currently available from Pure Financial Solutions:
£90,000 Purchase Price
£63,000 Net loan
£1,025 Lenders fees
£64,025 Gross loan
Rate = 1.74% fixed for 2 years
Interest Only = £93.37 per month
Capital Repayment = 25yrs - £263.65, 20yrs - £316.37, 15yrs - £404.68 per month
£250 cash back