Newland Street, Coleford Offers Over £360,000

The historic market town of Coleford is in the delightful Forest of Dean, close to the Wye valley. Well located for all motorway links (M50 & M48 are within a 12 mile radius) yet enjoys a full range of local facilities to include: Cinema, Post Office, Banks, Library, Shops, 2 Supermarkets, Pubs and Restaurants. Primary and secondary schooling with further education, Leisure Centre (at the college campus) and two separate Golf Courses.

A wider range of facilities are also available throughout the Forest of Dean including an abundance of woodland and river walks. The Severn crossings and M4 towards London, Bristol and Cardiff are easily reached from this area along with the cities of Gloucester and Cheltenham for access onto the M5 and the Midlands.

This is a substantial and imposing Grade II Listed town house arranged as 8 self-contained flats. The original building is believed to date from the late 18th century with a later 2 storey rear extension making it roughly T shaped. The flats are all approached from the rear with external staircases providing access to the upper floors. With all flats currently let this is a well established high income producing investment with the current rent at circa £40,000 per annum. Most of the tenants have been in in occupation for several years although the flats are now at a point where they would benefit from modernisation and improvement. With potential to increase rents once modernised or to break up an sell as well as further development possibilities the property is sure to be of interest to investors and developers.

Coleford is a small market town in the west of the Forest of Dean, close to the Wye Valley. Situated close to the Town Clock the property enjoys ease access to the local shopping and leisure facilities that such a central positions affords.

The property comprises 8 self-contained flats. With several of the tenants having been in the property for a number of years this is a well established investment although it would benefit from modernisation. There is a large mostly unused cellar and large rear garden which both offer some development potential subject to the necessary consents.

The property is sold subject to the existing periodic assured shorthold tenancies. We understand most of the rents are paid weekly with some of the tenants in receipt of housing allowance. The Forest of Dean Local Housing Allowance for 1 beds is £92.05 per week and for 2 beds is £122.36 per week.

OPEN VIEWINGS AVAILABLE ON FRIDAY 15th & MONDAY 18th MARCH 2024 10am – 2pm where a member of Toombs and Toombs staff and the maintenance manager of the building will be available. Please note only 3 or 4 of the block of 8 apartments will be available for internal inspection – this will provide a flavour of overall condition of the block. Serious interested parties will be invited to provide a last and final offer, in writing, with proof of funding by Friday 29th March 2024.

Forest of Dean District Council. Council tax band 'A'.

THE PROPERTY IS BEING SOLD AS SEEN. FOR FURTHER INFORMATION CALL MR DAVID TOOMBS, DIRECTOR, KJT RESIDENTIAL LYDNEY. Please note there is a current order of works on Flats 2 & 3 Caragh House.