Block of 8 x 2 Bed Investment Apartments, West Midlands

Description

The OPA are pleased to present an opportunity to acquire this excellent investment opportunity to acquire a portfolio of eight x two-bedroom apartments at Temple Lofts, ideally situated in Birmingham City Centre.

The portfolio offers an attractive opportunity for investors seeking an established rental income stream, with all eight apartments currently generating a combined contracted monthly rental income of £8,210, equivalent to £98,520 per annum.

With a central location and excellent access to Birmingham’s key commercial, retail and transport destinations, Temple Lofts presents potential for various investment strategies, including long-term residential lettings, short-stay accommodation and an aparthotel-style operation, subject to the relevant permissions and requirements.

The portfolio is offered with 102 years remaining on the lease and no service charge or ground rent.

Accommodation

The property comprises a portfolio of eight x two-bedroom apartments, all located within Temple Lofts.

Each apartment offers two-bedroom accommodation, making the portfolio suitable for a range of potential tenants, including professionals, corporate occupiers and visitors to Birmingham.

The eight apartments currently generate the following contracted monthly rental income:

Apartment 1: £1,000 PCM

Apartment 2: £1,000 PCM

Apartment 3: £1,000 PCM

Apartment 4: £1,000 PCM

Apartment 5: £1,110 PCM

Apartment 6: £1,150 PCM

Apartment 7: £1,000 PCM

Apartment 8: £950 PCM

Total Monthly Rental Income: £8,210

Current Annual Rental Income: £98,520

Location

Temple Lofts is situated on Temple Row in the heart of Birmingham City Centre, offering an excellent central location with convenient access to the city’s major commercial, retail, leisure and transport destinations.

The property is ideally positioned close to Birmingham’s Central Business District and Colmore Business District, both established commercial and professional hubs.

Nearby amenities and attractions include St Philip’s Cathedral and Cathedral Square, Bullring and Grand Central shopping destinations, and Birmingham New Street railway station, providing national rail connections and excellent public transport links.

The surrounding area also offers an extensive selection of restaurants, cafés, hotels and lifestyle amenities, making it an attractive location for both residential tenants and short-stay visitors.

Tenure

The property is leasehold and is being sold with tenanted as per the schedule.

Leasehold – 102 Years Remaining , no ground rent and no service charge payable.

Viewings

Please contact The OPA for viewings.

Material Information

The OPA have taken reasonable precautions and exercised all reasonable due diligence by asking the Seller of the Property to provide us in writing a declaration of material information regarding a property to comply with the Consumer Protection from Unfair Trading Regulations 2008. However, certain information may be unavailable/unknown. Any buyer must carry out their own due diligence and rely on their own searches, investigations and enquiries in respect of all matters relating to their proposed purchase of this property, to enable them to make an informed transactional decision before proceeding and entering into the exclusivity agreement on this property.

Council Tax Band

Apt. 1 – Band – D

Apt. 2 – Band – D

Apt. 3 – Band – D

Apt. 4 – Band – D

Apt. 5 – Band – D

Apt. 6 – Band – D

Apt. 7 – Band – D

Apt. 8 – Band – E

EPC

Apt. 1 – EPC – C

Apt. 2 – EPC – C

Apt. 3 – EPC – C

Apt. 4 – EPC – D

Apt. 5 – EPC – C

Apt. 6 – EPC – C

Apt. 7 – EPC – D

Apt. 8 – EPC – D

Material/Construction

Standard construction

Utilities

Mains electricity, gas, water, sewage

Heating

Gas central heating

Broadband

Ask agent

Parking

No parking.

Any restrictive covenants, any easements, servitudes, wayleaves, any public rights of way across property or boundaries

Refer to property pack.

Any flooding in last 5 years

Not known

Is the property listed?

No

Property Accessibility – any step free access inc. ramps/lifts?

No

Any wet room/level access shower?

No

Is the property known to be on a coalfield/mining or directly impacted by effect of other mining activity?

No

Leasehold Properties only (lease length)

N/A

Leasehold Properties only (Ground Rent)

N/A

Leasehold Properties only (Service Charge)

N/A

Any other material information – information that may affect the average consumer’s decision making

Refer to pack.

Agent Notes

Draft details, awaiting vendor approval. Photos provided from prior to tenants taking occupation.

Buyers Fee

Buyer’s Fee of 2% of the Purchase Price, subject to Minimum Fee £3,999 (whichever is greater). All fees inclusive of VAT. T&Cs apply.

Please request Information Pack, Buyer’s Guide & FAQs.

You will be required to enter an “Exclusivity Agreement” with the Seller, granting you, the Buyer, the Exclusive right to purchase the property within the exclusivity period.

Please note the Buyer’s Fee is a non-refundable unconditional Exclusivity Fee in addition to the purchase price payable to the Agent upon offer acceptance. The fee is not subject to a cooling off period and is non-refundable save in accordance with the terms stated in the exclusivity agreement.

Upon offer acceptance you will not be required to exchange contracts, but will be granted an “exclusivity period” in order to exchange and complete on the transaction. This timescale is generally eight weeks, but this will be specified in the Exclusivity Agreement (please note, we may be able to negotiate the timeframe, so please discuss with your OPA representative).

This is a flexible and buyer friendly method of purchase. By signing the Exclusivity Agreement and paying the Buyer’s Fee, this secures the transaction and takes the property off the market. By paying your fee, that amount may be considered as part of the chargeable consideration for the property and be included in the calculation for stamp duty land tax liability.

The OPA’s “Secure It Now Exclusivity Package” – this is a legally binding agreement between you and the seller. When the offer is accepted, the buyer pays the Exclusivity Fee to the Agent and enters into an “Exclusivity agreement with the Seller”, granting the buyer an exclusivity period, which is usually up to 8 weeks to complete on the purchase of the property. During the exclusivity period, the buyer has the exclusive right to purchase the property, no other offers can be accepted, and during this period the buyer must complete the sale transaction. If the buyer fails to complete in this period, the fee is non-refundable.

This property is being offered under The OPA’s “Secure It Now Exclusivity Package”

This is an innovative secure and straightforward way to purchase this property.

Here are the benefits for you:

Secure your dream property straight away

Similar to a “normal” or “conventional” sale with a few measures to protect the buyer and the seller

No competitive bidding

No risk of being gazumped

Minimises risk of fall throughs

Secure It Now Exclusivity Package – How does it work?

You can now secure the purchase with a buyer’s “Secure It Now Exclusivity Agreement”. By entering into the exclusivity agreement and paying the Exclusivity Fee, this buys:

A legally binding contract granting the buyer exclusive rights to purchase the property within a given timeframe (usually 56 days/8 weeks, however, please confirm seller’s required timescale).

Paying the Exclusivity Fee ensures that the seller takes their property off the market as soon as the sale is agreed and reserves it exclusively for you.

This prevents the risk of gazumping.

Helps you avoid losing money and wasting time which most buyers like you may face with the traditional estate agent’s approach.

You get a fixed exclusivity period (approximately 8 weeks) to complete, safe in the knowledge that you will not be gazumped or outbid by another buyer.

Steps to Purchase

Step 1 – Register your interest.

Step 2 – Arrange your finances, carry out your due diligence, ask questions, get legal/financial advice if required. Request and review the property pack. You are advised to get legal advice prior to offering on the property.

Step 3 – Arrange a viewing (if you require a viewing). If you do not require a viewing and offer without a viewing, you are doing so at your own risk.

Step 4 – Make an offer.

Step 5 – Secure your purchase using our buy and Secure It Now Exclusivity package.

Step 6 – Exchange and completion.

Next Steps – Do Not Miss Out:

Important Notes

Buyers should carry out their own due diligence/investigations, and if required seek independent legal/financial advice.

The Exclusivity fee is a non-refundable fee and unless otherwise stated and agreed in the special conditions of the Exclusivity Agreement, this is unconditional, not subject to survey or valuation, lending or anything else. The fee is not subject to a cooling off period and is non-refundable save in accordance with the terms stated in the exclusivity agreement.

Buyers should carry out their own due diligence/investigations and if required seek independent legal/financial advice prior to entering the Exclusivity Agreement.

Please be advised that this property may have been owned by the current seller for under six months, or the seller may have the exclusive right to sell the property. If you require any further clarification, please speak to a representative of The OPA.

Money Laundering Regulations

1. Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.

2. These particulars do not constitute part or all of an offer or contract.

3. The measurements indicated are supplied for guidance only, and as such must be considered incorrect.

4. Potential buyers are advised to recheck the measurements before committing to any expense.

5. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility, and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them.

6. No persons in the employment of The OPA has any authority to make or give any representation or warranty whatever in relation to this property. No services, fixtures, fittings or appliances, including central heating, have been tested by the Agent at the time of writing. All references to parts of the fabric, material, decoration, external or internal features or grounds of the property are made without any warranty as to their conditions or effectiveness. Where definite checks have been made, such results will be made clear at the appropriate place in the particulars of sale. Every effort has been made by the Agents to obtain accurate information from the correct sources. However, intending purchasers and other readers are asked to make their own arrangements regarding verification of any statements expressed in these particulars of sale.

Any reference to, or use of any part of the property is not a statement that any necessary planning, building regulations or other consent has been obtained. All photographs shown are indicative and cannot be guaranteed to represent the complete interior scheme or items included in the sale. No person in our employment has any authority to make or give any representation or warranty whatsoever in relation to this property.

Misrepresentation Act 1967

The OPA for themselves and for the vendors or lessors of this property whose agents they are, give notice that:

(1) These particulars do not amount to, nor amount to any part of, an offer or contract.

(2) None of the statements contained in these particulars should be relied on as statements or representations of fact, therefore all prospective purchasers or tenants must satisfy themselves as to their accuracy.