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1 bed Not Specified property

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For Sale

Listed Aug 2, 2025

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£45,000

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Description

"FOR SALE BY PUBLIC AUCTION ON THURSDAY, 12TH JUNE 2025 AT 12.00PM. LIVE STREAMED VIA DEDMAN GRAY WEBSITE. BIDDING AVAILABLE BY TELEPHONE, PROXY AND ONLINE

BUY TO LET INVESTMENT A ONE BEDROOM LEASEHOLD RETIREMENT FLAT CONSIDERED TO BE IDEAL AS BUY TO LET INVESTMENT OR OWNER OCCUPATION
A leasehold retirement flat located in Witham Town Centre. Mill Vale Lodge offers residents parking, a communal launderette, kitchen and lounge plus a full time House Manager that lives on site. The property is currently let and producing an income of £860 per month £10,320 per annum which represents a yield of just under 23% of the guide price. We are advised that the current tenant has given notice to terminate this tenancy which could give an opportunity for a buyer to occupy or indeed re let.
Total floor area is 442 square feet which includes a Lounge, Kitchen Bedroom and Shower Room.
It is considered that if the property is re let that it could produce an even higher income which would increase yield further. We understand that similar properties have recently been let for figures in excess of £900 per month.
We are advised that the current rental income is £860 per month £10,320 per annum
99 years from 1st January, 1987 61 years remaining
We are advised that the service charge is £368 per month and the ground rent is £112 per annum. Please refer to the legal pack for further information.
Please note that Dedman Gray have not inspected this property prior to this catalogue being produced.
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