A collection of four freehold apartments has come up in a prime Chelsea townhouse, on Walpole Street.
Priced at £3.95 for the lot, selling agent JLL says that “it is an interesting investment opportunity, with refurbishment potential and possible long-term capital appreciation”. Flats need “varying degrees of modernisation”.
All four self-contained units near the Saatchi Gallery have been rented out for many years; three one-beds are currently on ASTs, with the two-bed upper maisonette now vacant.
- Basement: 638 sq ft one-bed with street access (current tenancy ends on the 8th September 2018)
- Ground floor: 409 sq ft one-bed with patio garden (current tenancy ends on the 16th June 2018)
- First floor: 405 sq ft one-bed with two sets of French windows on to a balcony (current tenancy ends on the 14th September 2018, with a mutual break clause in December)
- Upper maisonette: 1,021 sq ft two-bedroom apartment (currently vacant).
Tim des Forges, Director of Residential at JLL: “This conversion in Walpole Street is a great opportunity for an astute buy-to-let landlord looking to expand their portfolio with an unbroken freehold conversion in this ever popular area. With tenants in situ, the new owner can either continue ‘as is’ or refurbish as the flats become vacant in order to maximise returns. Alternatively, it could make a great living arrangement for a family with older children wanting their own space.
“The apartments are in need of varying degrees of modernisation, so it is a project that can either be done as a whole or in stages.” Should work be done to the expected standard for the area, it could command a rental income of £133,900 per annum representing a rental yield of almost 3.4%.