0 Bedrooms Land for sale in 1 Rectory Lane, Chelmsford, Essex CM1 | £ 4,250,000
Overview
| Price: | £ 4,250,000 |
|---|---|
| Contract type: | For Sale |
| Type: | Land |
| County: | Essex |
| Town: | Chelmsford |
| Postcode: | CM1 |
| Address: | 1 Rectory Lane, Chelmsford, Essex CM1 |
| Bathrooms: | 0 |
| Bedrooms: | 0 |
Property Description
** investment opportunity **
The property is five storeys in height, of modern
construction and design, comprising 22 flats
(4 x two bed a 18 x one bed).
The property sits on a site of approximately 416m2/4,478 sq
ft/0.1 acres.
Each of the flats is finished to a good standard providing one
or two bedrooms, hallway, bathroom and lounge/kitchen/
diner around a central core.
Tenure
The property is held freehold with the benefit of ground rent
and Assured Shorthold Tenancy rental income as per schedule provided. The 2 flats sold off long leasehold are on 125 year leases from January 2017 and each produce a ground rent of £400 per annum, reviewed by rpi every 5 years.
Ast income £187,500 per annum.
Ground rent income £800 per annum.
Total income £188,300 per annum.
Location
The property is located at the corner of Rectory Lane and
New Street directly opposite Anglia Ruskin University main
campus including student housing, Rivermead Gate Medical
Centre, a Spar convenience store, Rivermead Pharmacy,
Subway and Papa Johns Pizza. The property is in a mixed use,
but primarily residential location, a short walking distance to
Chelmsford mainline railway station providing services into
London Liverpool Street (approx. 35 minutes) and Colchester
(approx. 25 minutes). The property is also within easy walking
distance of Chelmsford City centre and Riverside Ice & Leisure
Centre therefore an appealing location for professionals as
well as young families and students
Property Location
Property Marketed by Kemsley LLP
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