River View Maltings
Location:
The asset located on the edge of the town center in Graham in a residential area, set on the banks of the River Witham.
The asset comprises a high-quality conversion of a former Grade II listed Maltings building into 54 flats with gated car parking, under-croft parking, and residents gymnasium.
Tenure:
Proco owns the freehold with a ground rent income of GBP 1,350 per annum. Proco also acquire the long leasehold interest in 29 of the flats, all let on a 999-year lease term commencing in 2007.
Floor Area:
2,172.60sqm (23,386 sq ft) in relation to the 29 retain flats
Construction Type and Main Materials:
Solid brick and tile
Age:
The late 1800s built, converted in 2007
Acquire Price:
GBP 2,500,000 (30% off from market value)
Long Term Rent:
GBP 195,000 per annum
Fixed Term Commercial Loan:
LTV 75%
Cash on Cash annual return approximate:
12%
