46 Melville Street, Ryde
£795,000

Sold STC
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  • Investment Opportunity
  • Character Block of Apartments
  • Current Income £45,000 per annum
  • 8 of 11 Flats included in Sale
  • All units Currently Let
  • Potential For Further Development
  • Convenient Central Position
  • Sea Views From Some Units
  • Parking Area
  • Freehold Purchase

Stunning 'Wrafton House' is a particularly attractive character building well worthy of its Grade II listing. The building has enjoyed a successful rental history being split in to individual flats arranged over 4 floors. This sale includes 8 of the 11 flats and the freehold title of the whole building. 3 Flats have been sold off by the current owners on new leases attracting a £600 per annum service charge payable to the seller as freeholder & managing agent. Wrafton House sits within it's own substantial lawned grounds not only creating a pleasant environment for the building but also offering potential for further development. The 8, all currently let, flats for sale combined generate an annual turnover of approximately £45,000.
The town centre is literally a few hundred yards away which means that tenants will have access to a strong selection of facilities and amenities helping with on going tenant retention. Local travel options include buses, trains, taxi ranks and regular passenger connections to the mainland.

Wrafton House - A Rental Investment

Flat 1
One bedroom ground floor flat with courtyard.

Flat 2
Lower ground studio flat

Flat 3
1 bedroom ground floor flat.

Flat 4
Ground floor studio flat.

Flat 5
2 bedroom ground floor flat with garden

Flat 6
1 bedroom first floor flat with sea views

Flat 7
Already sold off.

Flat 8
Already sold off.

Flat 9
1 bedroom second floor flat

Flat 10
1 bedroom second floor flat with great sea views.

Flat 11
Already sold off.

Rental Income
The 8 flats combined generate £45,000 rental turnover per annum. Flats 7,8 & 11 have already been sold off on new leases attracting £600 service charge per annum per flat.

Tenure
Freehold Tenure.

Grounds
This building is surrounded by sizeable lawned gardens and fence/wall boundaries. A tarmac driveway leads from the pillared entrance to the main building. In our opinion the generous lawned grounds offer scope for further development, previous planning applications would allude to this also.

Energy Performance ratings
Each of the 8 flats are either a D or E

Services
Unconfirmed electric, water, drainage and broadband.

Council Tax
All flats are Band A

Agents Note.
Our particulars are designed to give a fair description of the property, but if there is any point of special importance to you we will be pleased to check the information for you. None of the appliances or services have been tested, should you require to have tests carried out, we will be happy to arrange this for you. Nothing in these particulars is intended to indicate that any carpets or curtains, furnishings or fittings, electrical goods (whether wired in or not), gas fires or light fitments, or any other fixtures not expressly included, are part of the property offered for sale.

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46 Melville Street
Ryde, Isle Of Wight PO33 2AE
County: Isle Of Wight
Sale Type: Sold STC
Ref #: 31225682
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