It's not much to look at, but this is a cracking opportunity for someone who's can see past what's there already. It's in Far Cotton - a very lettable area. This is the sort of thing I'd buy myself if I had funds available now.
Currently it's set over 3 floors, and has 4 lettable rooms, 2 of which are self contained. The Local Authority has closed it as it's not legal.
The purchaser needs to close off the top floor (which is the main thing making it illegal) and generally refurbish the rest. Once done, he or she will be let with 3 (maybe 4) self contained units which will rent for £425 each. They will also own the freehold.
It needs to be a cash purchase and I reckon a spend of £20k is required - although it you're in the trade already you could probably get this down. The purchaser needs to have about £145k available to complete the job.
If you're interested, please email me - richard.baker@belvoirnorthampton.co.uk
