Tower Road, Newquay
£395,000

SUPERB INVESTMENT OPPORTUNITY! BLOCK OF FOUR SELF CONTAINED FLATS BETWEEN FISTRAL BEACH AND THE TOWN CENTRE. 1 X 2 BED MAISONETTE AND 3 X 1 BEDROOM FLATS, ALL LET ON AST'S. PARKING TO THE REAR, SOLD AS A GOING CONCERN.

LOCATION: Newquay town centre as a place to live, rent or holiday is red hot in 2022, never more popular. With high street amenities and Newquay Bay nearby, you can choose a different beach for each day of the week, all of which are within a short walk from this property. The most revered beach of all is the world famous Fistral beach. Homes in close proximity to Fistral beach like those on Tower Road are highly sought after and rarely sold.

The coastline in Newquay has always been stunning and the town itself has reinvented itself over the last decade, making Newquay one of the locations of choice in Cornwall. The vibrant town centre now has a good range of food, drink, and retail outlets of all types from trendy bars, fine dining restaurants, and balanced mix of independent and national shops.

Tower Road is one of the closest centrally located streets to both the town centre & Fistral beach, practically sandwiched between the two. Consisting of beautiful period townhouses that make great homes and highly lucrative investments.

SUMMARY: This superb block of modern apartments is ideally located between Fistral Beach and the town centre, a great place to attract tenants as the landlord has consistently done during their 12 years of ownership. Sold owing to retirement this is an ideal opportunity for buy to let investors to acquire this freehold block for four self contained flats.

A pretty looking period house (originally) converted and sold with planning permission granted and building regulations approved for the conversion. With three one bedroom flats and one two bedroom maisonette as well as off street parking to the rear. Sold as a going concern investment, fully let on an AST basis.

As you approach the front entrance there is a stone chipped courtyard garden with beautiful period tiled walkway. The communal entrance into the main building provides access to three of the apartments with the fourth accessed separately from the rear.

One the ground floor to the front there is a one bedroomed apartment which has bay windowed living room, good sized double bedroom, large kitchen, and shower room to the rear.

On the first floor to the rear there is a one bedroomed apartment which is a studio style having separate kitchen, bedroom/sitting room, and bathroom.

To the front on the first and second floor is the two bed maisonette with a wonderful size bay windowed lounge/diner, large fitted bathroom, galley style kitchen as well as two bedrooms on the second floor, the rear of which enjoying sea views.

To the rear of the building there is access to the final flat, a self contained one bedroom which benefits from its own private entrance. This has a good size kitchen as well as bedroom, living room and shower suite.

The property benefits from two/three off street tarmacked parking spaces to the rear, UPVC double glazing throughout and modern, eco style electric radiators.

The property is sold as an ongoing, fully let investment. Flat 1 currently lets at £560 pcm, Flat 2 at £550, Flat 3 at £435 pcm, and Flat 4 at £600 pcm. These rents include water which costs the landlord approximately £100 pcm but all other utilities are the responsibility of the tenants. The communal electricity for the hallways etc costs approximately £36 per quarter, paid by the landlord.

The vendor has enjoyed many years of letting to several of the tenants in situ including one of whom is a family member, as such we are of the opinion that these are well under the current achievable market rents for residential flats of this type in the Newquay area. Landlords could therefore look to improve the yield with rent increases to suit their needs and to meet current market values.

Newquay Property Centre can provide a full overview of the open market prices on demand and outline our services as residential letting agents.

WHAT WE LOVE: We see many conversion apartment blocks, but rarely like this with both planning consent and building regulations present and in place.