No longer on the market
This property is no longer on the market
Map10 bedroom block of apartments
Key information
Features and description
- Investment portfolio
- All properties are tenanted until August/September 2023
- £52,524 annual income
- Pre-let until August/September 2024
- Increasing to £63,656.16 annual income
- Partial new roof
- Council Tax Bands 'A'
- EPC Ratings C-D
Block of 6 flats with tenancies in place until August/September 2023 & pre-let until August/Sept' 2024. Comprising 1 x one-bedroom flat, 1 x studio flat, 3 x two-bedroom flats & 1 x four-bedroom.
We have been advised the rental income for August/September 2022 - 2023 tenancies are total of £52,524 annual income = 6.73% gross yield.
Additionally, we have been advised lets have been agreed from August/September 2023, with an INCREASED rental income. The total pre-let annual income agreed is £63,656.16 = 8.16% gross yield.
Due to selective licensing in the area, licenses are in place for Flats A-E and the license for Flat F is being finalized at present. (Please note, the licenses are not transferable).
The property also benefits from a partial new roof.
EPC Ratings: vary between C-D ratings.
Council Tax Band: A (Newcastle Upon Tyne)
Tenure: Freehold
Rooms
Please note
We have been advised of the following rental income and tenancy information (all information should be verified by your conveyancer):
Flat A
One bedroom, located on the ground floor.
£542 per calendar month / £6,504 per annum.
Increasing to: £700 per calendar month / £8400 per annum.
Flat B
Studio, located on the ground floor.
£477 per calendar month / £5,724 per annum.
Increasing to: £563 per calendar month / £6,756 per annum.
Flat C
Two-bedroom, located on the ground floor.
£758 per calendar month / £9,096 per annum.
Increasing to: £866.68 per calendar month / £10,400.16 per annum.
Flat D
Two bedrooms, located on the first floor.
£700 per calendar month / £8,400 per annum.
Increasing to: £800 per calendar month / £9,600 per annum.
Flat E
Two bedrooms, located on the first floor.
£650 per calendar month / £7,800 per annum.
Increasing to: £737 per calendar month / £8,844 per annum.
Flat F
Top floor, four bedrooms with shower room & bathroom.
£1,250 per calendar month / £15,000 per annum
Increasing to £1,638 per calendar month / £19,656 per annum.
Please note
PLEASE NOTE: All dimensions, references to conditions, descriptions and all other details are given in good faith & are set as a general outline only, any intending purchasers must satisfy themselves as to the correctness of them. As acting agents we have not tested any appliances. Lease details, service charges & ground rent (where applicable), rental income & history, should be checked & verified by your Solicitor prior to exchange of contracts.
Purchasers are advised to make their own enquiries to the relevant authorities regarding the connection of any services. Intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of them.
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