Radnor Place, Plymouth

Francis Stuart are pleased to bring to the market this substantial freehold period property arranged as four self-contained one-bedroom flats, extending to approximately 2,278 sq ft across four floors.

This is a strong multi-unit investment opportunity for a landlord looking for four separate rental incomes under one roof, without the shared-living setup of an HMO.

The accommodation comprises one flat on each level, with the first-floor flat also benefiting from a roof terrace. The building is fully electric with no gas supply.

Grade II Listed

No. 6 Radnor Place is Grade II listed and forms part of the terrace at Nos. 1–8 Radnor Place. The terrace dates from the mid-19th century and was added to the National Heritage List for England in 1998.

The Historic England listing notes features including the full-height bowed bays, Classical detailing, panelled entrance doors and original panelled window shutters.

Planning History
Planning permission was granted on 24 April 1984 under reference 84/00556/FUL for alterations and conversion to form four flats, together with a rear extension.

A further 1984 application, reference 84/00007/FUL, also records the alteration and conversion of 6 Radnor Place to form four self-contained flats, with the decision issued on 25 December 1984.

Generous Flat Sizes
One of the important strengths of Radnor Place is the size of the individual flats. These are not small studio-style conversions; each unit provides proper one-bedroom accommodation with good living space.

Lower Ground Flat – 41 m² / 441 sq ft
Ground Floor Flat – 44 m² / 474 sq ft
First Floor Flat – approx. 50 m² / 538 sq ft
Second Floor Flat – approx. 50 m² / 538 sq ft

For investors, the size of each unit is worth noting. Smaller or unusually compact flats can sometimes restrict lender choice, whereas these are well-proportioned one-bedroom flats with sensible internal space.

Rental Income
The current/potential rents are:

Flat 1 – £675 pcm
Flat 2 – £700 pcm
Flat 3 – £700 pcm
Top Floor – potential £795 pcm
Using £795 pcm for the top-floor flat gives a combined projected rental income of:

£2,870 pcm / £34,440 per annum

At the guide price of £350,000, this represents a projected gross yield of approximately 9.8%.

There is also further rental growth available. Based on current market levels, we would expect rents across the building to move towards approximately £750–£795 pcm per flat over time.

If all four flats were eventually achieving £795 pcm, the combined income would increase to:

£3,180 pcm / £38,160 per annum

That would represent approximately 10.9% gross yield against a £350,000 purchase price.

Importantly, we are not relying on inflated future rents to make the investment stack up. The existing income is already strong, with further room for growth for the next landlord.

Established Tenant History
The current landlord has had a long-standing relationship with tenants across various properties for more than 20 years, giving the investment an established rental history.

For the next landlord, there is income already in place with scope to review rents gradually over time.

Heating & EPCs
The building is fully electric with no gas supply.

Two EPCs have currently been supplied:

Basement Flat – EPC D, valid until September 2036.  
Ground Floor Flat – EPC E, valid until September 2032.
Both certificates confirm electric heating and electric immersion hot water.

Remaining two EPCs – requested / to follow.
EICR – requested / to follow.

Investment Summary
Four self-contained one-bedroom flats
Approx. 2,278 sq ft overall
Individual flats approx. 441 sq ft to 538 sq ft
Projected income £34,440 PA
Approx. 9.8% gross yield at £350,000
Potential income £38,160 PA
Potential gross yield approx. 10.9%
Further rental growth available
Established tenant history
Fully electric – no gas
First-floor roof terrace
EICR requested / to follow
Two remaining EPCs requested / to follow
Guide Price: £350,000 - £375,000