Polsloe Road, Exeter
£600,000 (Tenant Fees)

A superb opportunity to acquire a freehold block of four self-contained apartments offering excellent asset management potential and the chance to create a high-yielding residential investment. The property has already benefited from significant capital expenditure, including a brand-new roof and comprehensive repointing of the building, meaning many of the major external works have already been completed.

Internally, one of the ground floor apartments has already undergone a substantial programme of refurbishment, providing an excellent example of the standard that can be achieved throughout the remainder of the building. The three remaining apartments would benefit from modernisation, presenting an incoming purchaser with the opportunity to significantly enhance both the rental income and overall capital value. To help demonstrate the property's potential, a series of CGI images have been produced to illustrate how the apartments could look following refurbishment.

Once all four apartments have been modernised to a similar standard, the building is estimated to generate a gross rental income of approximately £73,450 per annum, making this an attractive proposition for investors, developers and portfolio landlords alike.

Externally, the property benefits from valuable off-road parking together with a private garden, both of which are highly sought-after features for tenants and add further appeal to the investment.

Opportunities to purchase an entire block of apartments with the major structural works already completed are increasingly rare. This is an ideal purchase for those looking to undertake a straightforward refurbishment project with strong income growth potential, whether as a long-term investment, value-add opportunity or future refinance. Early viewing is highly recommended to fully appreciate both the current accommodation and the considerable potential on offer.

The Apartments
Apartment Breakdown

Flat 1 – Ground Floor Garden Apartment
A spacious and well-proportioned two-bedroom, two-bathroom apartment benefiting from direct access to the private garden and allocated parking. This apartment has already undergone significant refurbishment works and demonstrates the quality that could be achieved throughout the remainder of the building. Once let, the apartment is expected to achieve £28,600 per annum, with the tenant responsible for all utility bills and council tax.

Flat 2 – First Floor Apartment
A generous one-bedroom apartment with the added benefit of a separate cot room or home office, making it ideal for professionals requiring additional workspace or those working from home. Following refurbishment, the apartment is expected to achieve £16,250 per annum, with the tenant paying all utility bills and council tax.

Flat 3 – Studio Apartment
A well-designed studio apartment benefiting from a separate fitted kitchen, creating a more practical and desirable layout than a traditional open-plan studio. Once modernised, the apartment is anticipated to generate £13,000 per annum, with the tenant responsible for all utility bills and council tax.

Flat 4 – One Bedroom Apartment
A spacious one-bedroom apartment offering excellent proportions and scope for cosmetic improvement. Following refurbishment, the apartment is expected to achieve £15,600 per annum, with the tenant paying all utility bills and council tax.

The projected combined gross rental income for the building is approximately £73,450 per annum, with each apartment individually metered and tenants responsible for their own utility bills and council tax, providing a straightforward and efficient investment with minimal landlord outgoings.

Disclaimer
CGI Images: Any computer-generated images (CGIs) included within the marketing material are provided for illustrative purposes only to demonstrate the potential appearance of the apartments following refurbishment. They do not represent the property's current condition and should not be relied upon as an exact specification or finish.

Rental Income: The projected gross rental income of approximately £73,450 per annum is an opinion provided by Francis Louis based on the proposed refurbishment works, anticipated standard of finish and current market conditions at the time of marketing. This figure is not guaranteed, and prospective purchasers should rely on their own investigations and professional advice regarding achievable rental values and investment returns.