Residential Investment For sale Central Apartments Central Promenade Douglas Isle of Man IM2 4EL 08449 02 03 04 gva.co.uk/13918
Investment Summary Modern, good quality residential accommodation 10 apartments for sale within larger block of 33 Current rent passing 89,220 pa ERV circa 100,000 pa Desirably located on the main promenade, close to all town centre amenities Valuable parking provision & attractive sea views Offers invited for the 10 long leasehold interests
Location Douglas is the principle town on the Isle of Man situated on the East Coast. It is the main commercial centre of the Island, providing convenient ferry services to the United Kingdom mainland and short flights from Douglas airport approximately 10 miles to the South. Situation Central apartments is located in a desirable prominent position on the corner of Broadway overlooking the central promenade, very close to the town centre and all local amenities. The promenade traditionally comprised hotels and guest houses, although many have now been converted to residential uses. Description The property was redeveloped into apartments in recent years. The majority of the building was rebuilt and is of modern construction with cavity walls under a pitched slate roof, however, part of the original Victorian façade has been retained to two elevations. Accommodation is over 6 floors with a further basement floor providing car parking. The development includes 33 apartments in total, ten of which form part of this opportunity to purchase. The property has been redeveloped to a good standard, providing modern, desirable accommodation aimed at the occupational rental market. Eight of the ten apartments provide 2 bedrooms, with six of these having additional en-suite facilities alongside the main bathroom. The final 2 apartments have three bedrooms and three bathrooms, with one being a much larger penthouse suite. However, all of the apartments provide large floor plates and good sized accommodation. The majority of apartments in the block benefit from sea views and car parking spaces, a valuable commodity within the town. The configuration and size of the building gives surprisingly good ceiling heights to most floors (particularly to ground and first floor level) built around the original façade. Economy The Isle of Man is well known as being an offshore financial and banking centre, with a significant amount of the islands GDP coming from within these sectors. Douglas being the capital of the island sees the largest proportion of these companies based within the town, meaning there are large influxes of occupiers to the island, with many financial sector workers renting as opposed to purchasing their own properties. Much demand also comes from the e-gaming and ICT sectors which has seen many of the largest companies in the world setting up on the island in recent years, with some estimates suggesting they now account for around 20% of the working population. This has brought a new influx of workers to the island and further demand for rental properties.
Planning We understand the property has consent for its current residential use, being located within a mixed residential / tourism use area fronting the promenade. We understand the façade of the building is a registered (listed) building. All parties should make their own enquiries with the local planning authority. Services We understand that all main services are available to the property, including gas fired central heating. Individual apartments have telephone entry systems. A service charge is payable covering all repairs, maintenance, insurance and management items. Service Charges vary at the property between 130.89 for a smaller, standard 2 bedroom property, to 248.28 for the larger, 3 bedroom penthouse apartment. A full break down can be provided on request. Rates Rates vary at the property between 38.08 pcm to 70.72 pcm dependant on the individual apartment, covering water and ground burial rates, refuse and local authority tax. A full break down can be provided on request. Tenure The ten apartments are held on long leasehold titles of 999 years. We understand ground rents are fixed at 150 pa. Asking Price Offers are invited for our clients long leasehold interests. Each party is to bear their own legal costs. Evidence of funding and solicitor s contact details will be required upon submission of an offer. Viewings Viewings are strictly by appointment through GVA. Accommodation The apartments all provide modern, desirable accommodation with larger than average floor plates, ranging from 817 sq ft to 1,355 sq ft.
Tenancy Information and Accommodation Apartment Description Size sq m (sq ft) Lease Expiry Rent (pcm) Estimated Rental Value (pcm) Apartment 2 Ground floor. 2 bed, 1 bath. Sea facing. Parking. 89.19 (960) 27/03/2019 800.00 800.00 Apartment 3 Ground floor. 2 bed, 2 bath. Sea facing. Parking. 81.01 (872) 09/05/2018 850.00 850.00 Apartment 18 First floor. 2 bed, 2 bath. Sea facing. Parking. 87.89 (946) 22/04/2018 850.00 850.00 Apartment 21 First floor. 2 bed, 1 bath. Rear facing. No parking. 80.82 (870) 25/01/2019 740.00 740.00 Apartment 22 Second floor. 2 bed, 2 bath. Sea facing. Parking. 75.90 (817) Vacant - 850.00 Apartment 25 Second floor. 2 bed, 1 bath. Rear facing. No parking. 83.98 (904) 24/012019 750.00 750.00 Apartment 27 Fourth floor. 2 bed, 2 bath. Side facing. Parking. 75.90 (817) 31/10/2018 825.00 825.00 Apartment 30 Fifth floor. 3 bed, 2 bath. Side facing. Parking. 75.90 (817) 06/07/2018 775.00 775.00 Apartment 31 Fifth floor. 2 bed, 1 bath. Rear facing. Parking. 82.87 (892) 04/01/2019 850.00 850.00 Apartment 33 Sixth floor. 3 bed, 2 bath. Penthouse. Parking. 125.88 (1,355) 10/09/2019 995.00 995.00 Total 7,435 8,285 Total (per annum) 89,220 99,420 The property is currently let on minimum 12 month tenancy agreements. Apartment 22 had only been vacant for 1 day at the time of printing.
For further information please contact: Ian Whittaker - GVA 0161 956 4303 Ian.whittaker@gva.co.uk Our offices: Birmingham Bristol Cardiff Dublin Edinburgh Glasgow Leeds Liverpool London Manchester Newcastle GVA Norfolk House, 7 Norfolk Street, Manchester, M2 1DW GVA is the trading name of GVA Grimley Limited an Apleona company. 2017 GVA February 2018 GVA hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent GVA is in this brochure is provided on the following conditions: (1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract. (2) All descriptions, dimensions and references to this property s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. (3) No person in the employment of GVA, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure. (4) All prices quoted are exclusive of VAT. (5) GVA shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by GVA.