Meal Street, New Mills, SK22

A rare opportunity to acquire a residential investment portfolio comprising six self-contained apartments within a single historic building, held under one freehold title, together with three cottages, situated in the heart of New Mills.

The main building, formerly the George Hotel, has been sympathetically refurbished to provide six independent residential apartments, with one property accessed directly from High Street. The prominent frontage is Grade II listed, adding to the property's character and historic appeal.

The portfolio comprises nine residential units in total, offering an attractive combination of established rental income and potential for future growth.

Based on the current rental figures, the portfolio generates approximately £52,080 per annum from the seven occupied properties, representing a gross yield of approximately 5.2% based on the asking price of £1,000,000.

When all nine properties are occupied at their stated rental levels, the total annual rental income would increase to approximately £66,300, representing a potential gross yield of 6.6%.

There is further scope to enhance the income by increasing the rents of the six apartments to £650 per calendar month. If achieved, and assuming the three cottages retain their stated rental levels, the combined annual rental income could reach £73,380, representing a potential gross yield of approximately 7.3%.

The PortfolioSix Apartments

• 27 Meal Street – One-bedroom apartment, previously let at £535 pcm; currently vacant.

• 29 Meal Street – Residential apartment, currently let on a long-term tenancy at £450 pcm.

• 31 Meal Street – One-bedroom apartment with potential to reconfigure to provide two bedrooms, previously let at £650 pcm; currently vacant.

• 33 Meal Street – Residential apartment, currently let on a long-term tenancy at £530 pcm.

• 35 Meal Street – One-bedroom apartment with potential to reconfigure to provide two bedrooms, currently let at £650 pcm.

• 72 High Street – One-bedroom flat, currently let at £495 pcm.

Three Cottages

• 68–70 High Street – Two-bedroom house, currently let at £795 pcm, with potential for conversion into two separate units, subject to the necessary consents.

• 74 High Street – One-bedroom house, currently let at £695 pcm.

• 76 High Street – One-bedroom house, currently let at £725 pcm.

Potential for Rental Growth

The two vacant apartments provide an incoming investor with the opportunity to secure new tenants, while the existing tenancies offer an established income stream across the remainder of the portfolio.

Several apartments are currently let below the potential rental level of £650 pcm. If all six apartments were to achieve this figure, their combined annual rental income would be £46,800.

Together with the three cottages, generating a combined £26,580 per annum at their stated rental levels, this would produce a potential total rental income of £73,380 per annum, representing a gross yield of approximately 7.3% based on the asking price of £1,000,000.

All rental projections are indicative and subject to occupancy, market conditions, tenancy arrangements, achievable rents and any necessary consents. Gross yields are calculated before management fees, maintenance, insurance, void periods, tax and other ownership costs.

A Convenient and Manageable Investment

With six apartments contained within the same historic building and held under a single freehold title, alongside three additional cottages, this portfolio offers an appealing opportunity to acquire multiple residential income streams within one investment.

The properties occupy a prominent position in New Mills town centre, providing convenient access to local shops, cafés, restaurants and transport links, including regular rail services connecting the town with Manchester and Sheffield.

Combining nine residential units, established rental income, a potential gross yield of up to 7.3% and identifiable opportunities for rental growth, this portfolio presents an attractive proposition for investors seeking to expand or diversify their residential property holdings.