GOLDEN HILL FORT colwell road, freshwater, isle of wight, po40 9gd

Transcription

1 GOLDEN HILL FORT colwell road, freshwater, isle of wight, po40 9gd

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3 GOLDEN HILL FORT colwell road, freshwater isle of wight, po40 9gd A portfolio-investment of 14 high specification, luxurious, terraced houses with a substantial proven and current rental income and interesting asset management opportunities On the instruction of Joint Receivers, Simon Thomas and Arron Kendall of Moorfields Advisory

4 DESCRIPTION This is a unique residential investment opportunity to acquire the majority portion of this landmark and historic Palmerston fortress, located on a stunning hilltop and offering magnificent views of the surrounding countryside, the English Channel & The Solent s Western Approaches. Constructed in 1863, this Grade I listed structure was recently converted into 18 impressive and highly specified large houses. This painstaking and thorough process took several years and is now being offered as a turn-key, high yielding, investment purchase, with interesting asset management opportunities for yield enhancement or the sale of individual houses. Four houses have been sold off on 999- year leases and we are instructed to offer the leasehold sale of the remaining 14 houses, together with the freehold to the whole Fort, as a single portfolio sale. There is no current provision for service charges at present. The houses are fitted with high quality designer fixtures and fittings. The fitted appliances mostly feature brands including Siemens, Neff and Geberit W/C s. Designer kitchens with marble worktops, fitted washing machines and large integrated freezer/fridge have been installed. Electronic entry systems, mood lighting and quality heating systems benefit the development. Certain houses have balconies overlooking the central water feature in the main central area. There is an impressive roof garden which enables residents to enjoy views from this significant and elevated location. The Fort is enclosed by Golden Hill Country Park (owned by the Isle of Wight Council and managed by Gift To Nature Trust), which has a network of attractive rural footpaths to enjoy. Golden Hill Fort is a gated residential housing development, located between the affluent historic harbour town of Yarmouth and the village of Freshwater, offering a good range of amenities. Yarmouth has regular vehicular ferry links to the mainland with a connection to the national rail network. Golden Hill Fort is a distinctive hexagonal shaped, Victorian hill fort and is now a high quality residential development with the following being offered for sale; 5 x three-bedroom terraced houses, 7 x four-bedroom terraced houses and 2 x five-bedroom terraced houses. There is an extensively landscaped rooftop communal garden offering truly spectacular and far reaching sights, with multiple viewing points, enclosed seating areas and lawns. At the time of print (May 2018), 11 houses are let on long lets with another on holidays lets, subject to existing tenancies there are 2 houses that are vacant; 1 & 18. The tenants of number 1 have recently vacated and had been paying 15,000 per annum. We are informed that building regulations have been signed off for numbers; 4, 5, 6, 8, and that certificates are expected on 12, 13, 14, 15 and 16. Minor works are required to 1, 2, 7 and 17 for the issuing of certificates and more substantial works are still to be done to 18 to be signed off. SERVICES Mains drainage, water, electricity serve the properties.

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6 Unit 1 Approx. Internal Area: 227 sq. m ( 2440 sq. ft) Unit 2 Approx. Internal Area: 242 sq. m (2680 sq. ft)

7 Unit 4 Approx. Internal Area: 338 sq. m (3637 sq. ft) Unit 6 Approx. Internal Area: 126 sq. m (1354 sq. ft) Unit 5 Approx. Internal Area: 204 sq. m (2192 sq. ft) Unit 7 Approx. Internal Area: 236 sq. m (2544 sq. ft)

8 Unit 8 Approx. Internal Area: 223 sq. m (2398 sq. ft) Unit 13 Approx. Internal Area: 195 sq. m (2099 sq. ft) Unit 12 Approx. Internal Area: 163 sq. m (1760 sq. ft) Unit 14 Approx. Internal Area: 254 sq. m (2734 sq. ft)

9 Unit 15 Approx. Internal Area: 165 sq. m (1774 sq. ft) Unit 17 Approx. Internal Area: 189 sq. m (2038sq. ft) Unit 16 Approx. Internal Area: 195 sq. m (2099 sq. ft) Unit 18 Approx. Internal Area: 323 sq. m (2482 sq. ft)

10 house no. bedrooms approx. internal area status (may 2018) rent (per annum) terms/comment sq. m (2440 sq. ft) sq. m (2680 sq. ft) sq. m (3637 sq. ft) sq. m (2192 sq. ft) sq. m (1354 sq. ft) sq m. (2544 sq. ft) sq. m (2398 sq. ft) sq. m (1760 sq. ft) sq. m (2099 sq.ft) sq. m (2734 sq.ft) sq. m (1774 sq. ft) sq. m (2099 sq ft) sq. m (2038 sq. ft) sq. m (3482 sq. ft) Vacant Previously let for 15,000 Tenants vactated in Jan. 18. Now a showhome Let 15,000 6 month AST from 20th May 2017 Let 16,200 6 month AST from 15th Feb 2014 Let 12,000 6 month AST from 3rd June 2016 Let 10,200 6 month AST from 5th Jan 2017 Approx. 30 weeks pa Circa 26,000 Holiday let through Blue Chip Holidays Let 13, month AST from 26th Feb 2013 Let 10,200 6 month AST from 29th July 2016 Let 10,800 6 month AST from 1st August 2017 Let 11,400 6 month AST from 1st March 2017 Let 10,800 6 month AST from 22nd May 2017 Let 11,700 6 month AST from 27th April 2018 Let 10, month AST from 29th July 2016 Vacant (ERV Estimate 18,000 pa) Requires minor completion works Approximate current gross rental income 158,300 Approximate ERV with 1 & 18 let 191,300

11 The Square, Yarmouth Isle Of Wight PO41 0NP Tel: Jewry St, Winchester SO23 8RZ Tel: IMPORTANT NOTICE: 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank with Spence Willard in the particulars or by word of mouth or in writing ( information ) as being factually accurate about the property, its condition or its value. Neither Spence Willard nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. The agents have not been able to inspect and measure the properties. Purchasers must rely on their own measurement surveys.

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