Waverley Terrace, Isle Of Man

Description
An exciting opportunity to acquire a substantial Victorian freehold investment property in the heart of Ramsey, currently arranged as four self-contained apartments and offering an attractive combination of existing rental income, significant previous capital expenditure and considerable scope for further improvement and income growth.
Set within an imposing period terrace and extending over multiple levels, the property provides unusually generous accommodation for an investment of this nature. The upper floors also enjoy attractive views towards the sea and Ramsey coastline.
Three of the apartments are currently occupied, providing an existing income stream, whilst the substantial vacant duplex apartment presents the incoming purchaser with an immediate opportunity to refurbish, reconfigure and potentially increase the overall rental performance of the building.
Existing Accommodation
The property is presently arranged as four self-contained residential apartments.
Flat 1 – Vacant Two-Bedroom Duplex
A substantial duplex apartment arranged over two floors and extending to approximately 830 sq ft / 78 sq m.
The accommodation includes two generous bedrooms together with kitchen, bathroom, storage and an impressive bay-fronted living room.
The apartment requires further modernisation but represents arguably the property's greatest value-add opportunity.
Its size and existing configuration may also provide scope for further reconfiguration and potentially the creation of additional self-contained accommodation, subject to obtaining all necessary planning, building control and other statutory consents.
Flat 2 – One-Bedroom Apartment
A generously proportioned self-contained apartment currently let at £600 per calendar month.
Flat 3 – One-Bedroom Apartment
A further self-contained apartment currently let at £425 per calendar month.
Flat 4 – One-Bedroom Apartment
A spacious upper-floor apartment currently let at £500 per calendar month, with the upper levels of the property enjoying views towards the coast.
The occupied accommodation therefore currently generates a combined rental income of:
£1,525 pcm / £18,300 per annum.
The existing rents are historic, providing potential for future rental growth where legally and contractually appropriate and following further improvement of the accommodation.
Almost £50,000 of Documented Previous Investment
A particularly important feature of Waverley Terrace is the level of significant work that has already been undertaken to the building.
The vendor has provided records showing £49,624 of expenditure on improvements between 2021 and 2022.
Importantly, this was not simply cosmetic refurbishment. The contractor's records detail substantial structural and remedial works, including replacement and strengthening of floor joists, replacement lintels, treatment of areas affected by historic fungal decay, reinstatement of floors and ceilings and associated plumbing, electrical, plastering and refurbishment works.
Further structural works were subsequently undertaken to Flat 1, including structural support, new joisting and reinstatement works, with a photographic record available.
Professional structural engineering services were also commissioned in connection with the works. These included inspection of the existing construction and structural design relating to a ground-floor steel beam, masonry bearings, a steel splice plate, replacement bay-window lintels and associated remedial works.
Supporting invoices, specifications and photographic records can be made available to genuinely interested purchasers.
Significant Value-Add Potential
Whilst substantial expenditure has already been made on the fabric of the building, there remains an opportunity for an incoming investor to complete the internal modernisation programme and unlock the property's full rental potential.
The existing apartments are particularly generous in size, with individual units extending to approximately 800 sq ft, offering significantly more accommodation than many typical one-bedroom investment apartments.
Of particular interest is the vacant duplex.
Subject to all necessary consents and professional advice, its size and configuration may provide the opportunity for further reconfiguration, potentially increasing the overall number of residential units within the property.
Following comprehensive refurbishment, reconfiguration where permitted and letting at appropriate market rents, there is therefore considerable potential to increase the property's existing £18,300 per annum rental income.
Previous projections have suggested potential gross rental income approaching £48,000 per annum once fully improved and optimised. This is an indicative projection only and prospective purchasers should undertake their own assessment of achievable rents, development costs and statutory requirements.
An Investment with Multiple Opportunities
Waverley Terrace offers an incoming purchaser several potential strategies: retain and improve the existing four apartments; refurbish and re-let the vacant accommodation; review the existing rental levels over time; or investigate further reconfiguration of the vacant duplex, subject to the necessary consents.
The combination of income from day one, substantial previous structural investment and further development potential makes this a particularly interesting proposition for landlords, developers and investors looking to add value.
Conveniently positioned for Ramsey town centre, shops, cafés, schools and everyday amenities, the property is also within easy reach of the promenade, beach and coastline.
Important Information
Any references to potential reconfiguration, additional accommodation, future rental income or development are provided for guidance only. No representation is made that planning permission, building control approval or other statutory consent will be granted. Prospective purchasers should make their own enquiries and obtain independent professional advice.
Viewing is highly recommended to appreciate the scale of the accommodation and the investment potential available.