New London Road, Chelmsford, Essex, CM2

LOCATION:

Situated on a plot of approx. 0.284 acres, the property is prominently positioned on the junction of Elm & New London Roads on the immediate outskirts of Chelmsford City Centre.

DESCRIPTION:

A substantial, 3 storey, detached building currently arranged to provide 5 x 1 and 6 x 2 bedroom apartments. On-site parking is available for approx.16 vehicles and there is also a moderately sized communal garden.

For the past four years the property has been let to Property Stop Ltd by virtue of two yearly management agreements. Property Stop Ltd in turn sub-let the property to Chelmsford City Council for use by the authority's housing list applicants. Under the terms of the agreement Property Stop are responsible for all maintenance within each flat including the repair and replacement of appliances – with the landlord retaining responsibility for the upkeep of the communal areas.

The arrangement current provides the freeholder with a fixed and guaranteed income of £93,960 p.a.