Summary - Engravers Cottage, Arwenack Street TR11 3JF
10 bed 6 bath Block of Apartments
**Standout Features:**
- Block of 3 self-contained apartments (2 x 3-bedroom, 1 x 4-bedroom)
- Current annual rental income: £60,023; potential uplift to £75,794 by June 2024
- Prime central Falmouth location, perfect for student rentals
- Long-leasehold interest available at £800,000
- Each apartment can accommodate more tenants with minor renovations
**Property Overview:**
Discover the investment potential of 1 Quay Apartments, a long-leasehold block of three self-contained residential units. Nestled in the vibrant heart of Falmouth, this property features two 3-bedroom apartments and one 4-bedroom apartment, providing a total of 10 bedrooms and 6 bathrooms. Currently generating £60,023 in rental income, there's a clear pathway for growth, with projected earnings reaching £75,794 by mid-2024.
The apartments boast functional layouts with natural light, double glazing, and mains gas heating. The first-floor flat offers 4 bedrooms, while the two upper units each provide 3 bedrooms, kitchens, and spacious living areas. With previous configurations allowing for additional rental capacity, investors can easily convert the 3-bedroom units into 4-bedroom accommodations to enhance income potential.
Although the property is surrounded by a cosmopolitan atmosphere filled with amenities catering to students and young professionals, it's essential to consider that the communal building shows signs of age, constructed before 1900 with no insulation, which may necessitate maintenance for long-term sustainability. The prime postcode (TR11 3JF) is ideal for securing reliable tenants, with a mixture of independent shops, eateries, and good schools in the vicinity, appealing to both families and students alike. Take advantage of an exceptional opportunity to invest in this versatile apartment block; properties of this kind don’t stay on the market for long!
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