- Substantial residential investment portfolio
- 32 no. 1/2 bedroom apartments
- Sought after Village location close to the Towns of Chirk and Oswestry
- Guide Price: Offers in the region of £1,550,000 are invited for the Freehold interest
The Brookfields Development is located within the popular Shropshire Village of Weston Rhyn on the English and Welsh border with the Towns of Chirk and Oswestry only a short distance away. Weston Rhyn Village provides a host of amenities including a variety of village shops, restaurants, public houses and a Primary School.
Weston Rhyn lies to the west of the main A5 trunk road, providing a direct link to Shrewsbury. The Railway Stations of Chirk and Gobowen are also nearby. In addition the nationally recognised Robert Jones and Agnes Hunt Orthopaedic Hospital is also located within the neighbouring Village of Gobowen resulting in Brookfields becoming a sought after residential location by those practising within the health sector.
Weston Rhyn is conveniently located serving a wide catchment area, positioned 4 miles from Oswestry (via B4579) and 2 miles from Chirk (via B4500) and Gobowen.
The current owners have undertaken an extensive redevelopment and furbishment scheme resulting in a substantial residential investment portfolio consisting of 32 no. 1/2 bedroom apartments, forming the highly sought after and well-established Brookfields Development. 24 of the apartments have been retained and let on assured shorthold tenancies with the remaining 8 sold on a long Leasehold basis of 125 years.
The development consists of 3 individual apartment blocks which are configured in a ‘horse shoe’ arrangement with two bedroom apartments located on the first floor and one bedroom apartments on the ground floor. The one bedroom apartments also benefit from private rear gardens. The development also incorporates car parking facilities accommodating one car parking space per apartment and 4 additional spaces for visitor parking.
As at the date of instruction the apartments are fully let and held on assured shorthold tenancies at a monthly rent as detailed below:
12 no. 1 bed apartments at £395 per calendar month per apartment
12 no. 2 bed apartments at £425 per calendar month per apartment
The total gross annual rent is £118,080.
The rents have remained unchanged since 2013, providing scope for an uplift in-line with comparable lettings elsewhere
The property is understood to be of freehold tenure and is offered for sale with the benefit of the existing Tenancies as detailed above. This provides a gross return of approx. 8% based on the current total passing rent of £120,480 per annum, to include the service charge and ground rental income as detailed below.
A service charge/ground rent is collected on an annual basis from the 8 apartments sold on a long leasehold basis. The current total service charge/ground rent is £2,400 per annum.