Built in the 1700's, Camden House, formerly known as 'Brandries Hill House' comprises a four-storey, Grade II Listed building which was converted from a manor house into flats in 1937.
Included within the sale are 7 of the 12 long lease flats in Camden House and 8 shares of the freehold.
Camden House: The main building is Grade II Listed and would benefit from external redecoration works. The communal areas are in fair condition and the flats are in good order (virtual tours available). There are 4 one bedroom, 1 two bedroom & 2 three bedroom flats, all of which are self-contained and well-sized. Let on AST agreements producing £82,740pa, there appears potential for an uplift in rent. The ERV is £100,200pa. The 5 flats not included in the sale are sold off on long leases (see accommodation schedule).
The purchaser will acquire 8 shares of the freehold and will become a director of the freehold management company. Each flat pays a service charge of £1,200pa, and the freehold management company currently charges £2,400pa to the block to cover the management costs. A detailed breakdown of the management costs can be provided upon request.
It is worth noting Flat 1 retains some of the original features from the manor house including the doorway and fireplace. The fire place is an original coade stone chimney piece from 1789 from a design by John Bacon.
We expect the property to appeal to residential investors with an eye on the obvious active management angles, or possibly a simple break-up.
