A multi-unit property located in Loughborough with tenants currently situated. They are currently generating steady, rewarding rental returns for the current landlord.

The Windmill Inn, built around 1650, is located in Loughborough's cultural quarter beside All Saints Parish Church. Merrin Court (1-4) consists of former stable buildings from the historic Coaching Inn, with original Tudor footings still visible. The properties are conveniently situated within a five-minute walk of the town centre, bus stops, and easy transport links to the train station and Loughborough University.

→ 1 Merrin Court

• Type: 2/3-bedroom leasehold

• Lease: 91 years remaining, includes a 1/5 freehold share (with four other properties)

• Potential: Opportunity for freehold enfranchisement under new legislation at reduced costs

• Land Registry: Freehold (LT161402), Leasehold (LT252789)

• Size: Approx. 66 sqm

• Tenancy: Let for £625 pcm (bills excluded) on a rolling AST; tenants in place for 14 years with pending rent increase

• Features: Master bedroom forms a flying freehold over the lobby area of 2 Merrin Court; utilities include mains gas, electric, and a wood-burning range

→ 2 Merrin Court

• Type: 1-bedroom property (under same freehold as 3 & 4 Merrin Court)

• Land Registry: LT284854

• Potential: Can be converted into a 2-bed or subdivided into two 1-bed flats to boost rental yield

• Access: Shares a communal lobby (accessible via the Windmill Inn car park or shared courtyard) that forms the lower half of a flying freehold with 1 Merrin Court; main entrance through lobby with a secondary private entrance

• Tenancy: Let for £900 pcm (bills included), with tenancy expiring in August 2025; tenant in situ for over 2.5 years, paying in 6-month installments

• Size: Approx. 60.5 sqm

• Utilities: Mains electric; heating via an Air Source Heat Pump (shared with 3 Merrin Court)

→ 3 Merrin Court

• Type: 1-bedroom property (under same freehold as 2 & 4 Merrin Court)

• Land Registry: LT284854

• Potential: Opportunity to convert into a 2-bed or subdivide into two 1-bed flats at moderate cost

• Access: Shares communal lobby with 2 & 4 Merrin Court; main entrance off the courtyard

• Tenancy: Let for £900 pcm (bills included) on a rolling AST; tenant in situ for 4.5 years (1 year in 4 Merrin Court and 3.5 years in 3 Merrin Court)

• Size: Approx. 70 sqm

• Utilities: Mains electric; heating via an Air Source Heat Pump (shared with 2 Merrin Court)

→ 4 Merrin Court

• Type: Studio property (under same freehold as 2 & 3 Merrin Court)

• Land Registry: LT284854

• Access: Shares communal lobby with 2 & 3 Merrin Court; main entrance off the courtyard

• Tenancy: Let for £675 pcm (bills included); tenant in situ for 3.5 years

• Size: Approx. 19.5 sqm

• Utilities: Mains electric; heating provided by an Air Source Heat Pump (shared with 3 Merrin Court)

Investment details

The properties currently produce an annual gross income of £37,200 which could be increased by the new owner to a market rate of £38,400 with long term tenants currently situated. Considering the purchase price, this will make for a worthwhile addition to an investors property portfolio.

For greater detail on this property's investment potential, please see the Let Property Pack linked below.

If you are interested, please call us.

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