1 bed Flat For Sale £135,000
Cash buyers only! This penthouse apartment on the 5th floor of Dean House is a corner plot and has a Juliette balcony and a very large roof top terrace which is shared with the next door apartment and offers fantastic city views. Property investment opportunities like this don't come along often. Purchase this well presented City Centre pad which is within minutes walk to the Bullring and have the money roll in from day one. For those of you that are not so familiar with the area, then it is worth noting that Dean House is located within walking distance to the planned HS2 train station at Curzon Street, as well as New Street and Moor Street Stations. The development is also located right within the heart of the area which will become known as Birmingham Smithfield, which is undergoing one of the largest City Centre regeneration schemes in history worth over £500 million. So if you're looking for capital growth then this could prove to be a sound investment.
Now for the numbers...The apartment is currently leased out to Premier Suites who are an established serviced apartment company who operate worldwide and have been renting the apartment since it was built in 2006. Premier Suites have guaranteed a rent of £700 pcm, which gives a 6% yield. There are rent increases of 2% in 2022 and 2024. The current contract with Premier Suites runs until September 2025 when a new agreement can then be negotiated. Premier Suites are responsible for any maintenance to the fixtures and fittings within the apartment. This includes items such as the flooring, kitchen units and electric boiler. The ground rent is £150pa and the service charge is £892pa which is very reasonable in comparison to other City Centre developments. If you like what you hear and the numbers stack up, then give us a call.
Room sizes:
Entrance Hall
Storage Cupboard
Living Room/Kitchen: 21' 7" x 13' 4" (6.58m x 4.06m)
Bedroom: 11' 8" x 9' 4" (3.56m x 2.84m)
Bathroom: 7' 2" x 4' 7" (2.18m x 1.4m)
leasehold information:
Service charge - £810 per annum
Ground rent - £150 per annum
Lease length - 125 years from 25 March 2005
Lease, ground rent, maintenance details and tenancy details have been provided by the seller and their accuracy cannot be guaranteed. Should you proceed with the purchase of this property, these details must be verified by your Solicitor.
Now for the numbers...The apartment is currently leased out to Premier Suites who are an established serviced apartment company who operate worldwide and have been renting the apartment since it was built in 2006. Premier Suites have guaranteed a rent of £700 pcm, which gives a 6% yield. There are rent increases of 2% in 2022 and 2024. The current contract with Premier Suites runs until September 2025 when a new agreement can then be negotiated. Premier Suites are responsible for any maintenance to the fixtures and fittings within the apartment. This includes items such as the flooring, kitchen units and electric boiler. The ground rent is £150pa and the service charge is £892pa which is very reasonable in comparison to other City Centre developments. If you like what you hear and the numbers stack up, then give us a call.
Room sizes:
Entrance Hall
Storage Cupboard
Living Room/Kitchen: 21' 7" x 13' 4" (6.58m x 4.06m)
Bedroom: 11' 8" x 9' 4" (3.56m x 2.84m)
Bathroom: 7' 2" x 4' 7" (2.18m x 1.4m)
leasehold information:
Service charge - £810 per annum
Ground rent - £150 per annum
Lease length - 125 years from 25 March 2005
Lease, ground rent, maintenance details and tenancy details have been provided by the seller and their accuracy cannot be guaranteed. Should you proceed with the purchase of this property, these details must be verified by your Solicitor.
