Summary -
Flat 3,Hills Court,Newport Street,RYDE,PO33 2QY
PO33 2QY
13 bed 12 bath Block of Apartments
Island-centre, long-lease income with steady tenant demand.
- 12 fully let residential units (11 x 1-bed, 1 x 2-bed)
- Gross annual income £98,700; gross yield 5.81%
- 999-year leasehold tenure provides long-term security
- High street location near transport, shops, and seafront
- Above-average service charge £5,428.50 per year
- Little or no private external amenity or garden space
- Area shows higher crime and local deprivation indicators
- Flats modestly sized and simply finished; limited immediate premium uplift
A large, three-storey period building in the heart of town, offered as a fully let 12-apartment investment. The block generates a gross annual income of £98,700 (gross yield 5.81%) from 11 one-bed and 1 two-bed units, with a long 999-year lease and established tenancy roll.
The property benefits from high street location close to transport links (fast mainland services), shops and local employment, supporting ongoing rental demand. Management input is low with proven rental performance; current net operating income after a 5.5% management fee is £93,271.50 per annum.
Notable negatives are factual and material: the building sits in an area with higher crime and area deprivation indices, service charges are above average (£5,428.50), and there is little or no private external amenity space. Individual flats are modest in size and finish, limiting scope for immediate premium refurbishments without additional capital.
This asset suits hands-off or portfolio investors seeking island-centre rental income and long-lease security. There is room to grow rents in line with local market demand or to consider longer-term asset management strategies, subject to the constraints of town-centre footprint and local market conditions.
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