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Cheeke Mews consists of four self-contained apartments located above the shops of Exeter’s Sidwell Street, close to the Bus Centre and John Lewis. All of the flats are generously proportioned, are in good decorative order and are currently rented under Assured Shorthold Tenancy Agreements.
The flats currently generate an income of approx £28,690 (6.0%), although current rental valuations suggest the rents could be increased to provide a gross yield in excess of £32,000. Located close to the city centre and Exeter University, this represents an excellent investment opportunity.
This region of Exeter has recently received much investment, which includes the ongoing redevelopment of the bus station to a leisure facility, as well as the construction of many bespoke student complexes, etc.full description
The building is entered via a gated courtyard from Cheeke Street. An entrance intercom system is provided and an external staircase leads to the entrance to the flats. Flats 1, 2 and 3 can be accessed from the hallway, and further stairs lead to Flat 4.
Flat 1 (40.4 SqM)
Flat 1 is a spacious apartment, with one bedroom, a separate living room, a kitchen and a bathroom. Decorated in neutral colours, the apartment is fitted with a modern kitchen and bathroom.
Flat 2 (43.6 SqM)
A well-appointed two bedroom apartment comprising a generously proportioned living room, kitchen, bathroom and two double bedrooms.
Flat 3 (39.6 SqM)
A further well-proportioned and well-presented one bedroom apartment comprising a living room, kitchen, a good-sized bedroom and a bathroom.
Flat 4 (37.8 SqM)
Further stairs lead from the communal hallway to this apartment, which is well-proportioned and briefly comprises a living room, a spacious bedroom, a kitchen and a bathroom.
About the Apartments
The apartments are finished to a good standard for the current rental market and have modern electric heating, uPVC double glazing, white bathroom suites and are well-presented throughout. All the apartment living rooms have views across the attractive Sidwell Street shopping area, St Sidwell's Church and the John Lewis building.
We are informed that:
Each apartment has its own lease of 113 years from 1996. Ground rent is currently £100 per annum for each apartment, rising incrementally over the course of the lease to a maximum of £200 per annum in 2109.
Maintenance is apportioned appropriately under the terms of the leases and buildings insurance is currently payable at £893.73 pa.
We understand that each apartment is restricted to occupation by one family unit.
About the Location
Exeter is a thriving cathedral city in South Devon and is home to a Russell Group University and the Met Office. Sidwell Street is one of Exeter's leading shopping streets on the universtiy side of the city, where a range of shops, salons, cafes, pubs and clubs can be found. Adjacent streets have recently been the subject of a significant redevelopment project, which comprises mainly student accomodation and private flats. The nearby bus station is scheduled for redevelopment in the near future too.
Further Information / Viewing
Due to Coronavirus restrictions, we are only able to conduct viewings with proceedable buyers who are seriously interested in this property. We are asking potential purchasers to ensure they have familiarised themselves with the property prior to arranging in-person viewings by watching the video tour and reviewing any critical information first.
Current Rental Arrangements
Flat 1. £595 per month. Tenancy start date: Aug 2018
Flat 2. £615 per month. Tenancy start date: Aug 2013
Flat 3. £585 per month. Tenancy start date: April 2018
Flat 4. £595 per month. Tenancy start date: Sept 2018
Total income: £28,690 pa
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