Avocet Apartment, 11 Tunns Yard, Wells-Next-the-Sea, Norfolk

Offer Accepted - Guide Price £235,000

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Property Description

The Property

Avocet Apartment forms the upstairs half of a purpose built, detached building, housing two apartments. Both one bed apartments are currently under the same ownership and could be purchased together. Curlew Apartment, 12 Tunns Yard is situated below.  

Avocet offers around 50 square metres (538 square feet) of flexible living space; comprising a good sized living - dining room with sofa bed to accommodate up to two extra guests, a well equipped kitchen, bathroom encompassing a bath with shower over and double bedroom. Avocet Apartment has been recently painted and furnishings updated.

Outside

Both apartments have completely separate entrances and benefit from a small private communal outside space to the rear of the building, approached via a gate, where it is possible to sit out in the sunshine and enjoy a coffee or glass of wine and read.

Each apartment has an allocated, private parking space, just up the lane from the building itself.

Holiday Let Opportunity

Income 2018 - 2019: £15,739      

Occupancy 2018 - 2019 : 28 weeks

Capacity : Sleeps up to 4

Avocet Apartment is an extremely successful holiday let, with over ten years letting history behind it and many repeat guests.

With the benefit of an elevated first floor position, just two minutes walk from the quay in Wells, allocated parking and a small outside space (shared with Curlew Apartment); it is a super investment opportunity.

Currently marketed by Norfolk Hideaways, who have their Head Office in Wells-next-the-Sea; the apartment has a housekeeping team in place who manage all the changeovers. The apartment is available as a turnkey, which means that there would be no need to change marketing photographs on change of ownership and no disruption to ongoing bookings.  

In the longer term, there is scope to re-invest some of the income back in to the apartment, which would result in an increase in rental prices, occupancy and therefore income.

Together, over the last five years, Avocet & Curlew Apartments have achieved an average of £30,471.92 per annum (gross rental income) with an occupancy of an average of 29.5 weeks per apartment.

The Location

The apartments are found on Tunns Yard, which whilst being just a minutes walk from the quay in the centre of town, is still a quiet lane with very little through traffic. From your front door, you can walk in to town to the shops - there is a bakery, fishmonger, butcher and great fruit & veg shop on Staithe Street and you can also stroll out along the sea wall to the beach in about 15 to 20 minutes.

Wells-next-the-Sea is an ever increasingly popular holiday destination in North Norfolk. The sandy beach with its pretty painted beach huts and pine woods behind, is ever popular, scooping the coveted title of British Beach of the Year from The Times in 2016 and there is a great beach cafe just off the beach at the car park.

In town there is a great choice of restaurants, cafes, pubs and two famous fish & chip shops to choose from and an ever improving choice of shops and boutiques to browse. The addition of the new Maltings building, North Norfolk's landmark cultural centre, a good sized Co-op supermarket and self service petrol station have also been a great benefit to the town.

Wells-next-the-Sea is located around 10 minutes drive from Holkham Hall and 20 minutes from Brancaster, Holt or Fakenham.

Other Information

Services:

Mains electricity, water and drainage

Energy efficiency rating: EPC rating of D.  Full EPC details are available on request

Council Tax: North Norfolk District Council. To be confirmed / Currently Business Rated

Agents Note:

Avocet Apartment has a lease with 96 years remaining in place (125 years from 1 Jan 1991). The freehold for the building is owned by the current owner of both Avocet & Curlew Apartments.

A 50% share of the freehold is included in the sale of each flat when sold separately.

Location Map


Street View