Floorplan
MapResidential development for sale
Key information
Features and description
- For Sale by Modern Auction – T & C’s apply, subject to reserve price, buyers fees apply
- Freehold block of 12 self-contained apartments (10 two-bed, 2 three-bed)
- Producing £66,000 per annum on a full repairing and insuring lease
- Lease term to March 2029 – hands-off corporate tenancy
- Strong South Bank location close to Teesworks regeneration zone
- Modern specification with independent kitchens, lounges and bathrooms
- Excellent transport links and nearby retail including Burger King, Taco Bell, Greggs, Asda and Tesco
Freehold Residential Investment – Block Of 12 Apartments, Middlesbrough Road, South Bank, TS6
Freehold Block Of 12 Modern Apartments (10 Two-Bed, 2 Three-Bed) Let To A Corporate Tenant Producing £66,000 Per Annum On A Full Repairing And Insuring Lease To March 2029. Positioned In South Bank, TS6, Close To The Teesworks Regeneration Zone, New Retail Developments, Transport Links And Major Employers, Offering A Hands-Off Investment With Strong Income And Excellent Growth Potential.
Investment Summary
Freehold Residential Investment – Block Of Apartments
Let To A Corporate Tenant On A Lease From 1 September 2024 To 31 March 2029 (Approximately 3.5 Years Unexpired).
Passing Rent: £66,000 Per Annum.
Basis: Tenant Responsible For Repairs, Decoration, Rates, Utilities And Insurance Rent (Full Repairing And Insuring).
Use: Operating As Individual Units Under ASTs (As Permitted By Lease).
Security Of Tenure: Excluded (Landlord And Tenant Act 1954).
Guide Price: £700,000+.
Gross Yield Circa 9.4% At Guide
Property Features & Location Highlights
12 Self-Contained Apartments:
10 × Two-Bed Units
2 × Three-Bed Units
Each With Its Own Kitchen, Lounge And Shower Room / Bathroom
Modern Specification, Independently Metered, Suitable For Multi-Let Or Serviced Accommodation Models
Ideal Hands-Off Investment With A Corporate Tenant
Strong Location:
Situated On Middlesbrough Road, South Bank, TS6
Close To The Teesworks Regeneration Zone – One Of The UK’s Largest Industrial And Employment Developments
Near New Retail Openings Including Burger King, Taco Bell And Greggs
Nearby Amenities Include Asda, Tesco, Train Station, Bus Links And Motorway Access
Area Undergoing Major Regeneration, Creating New Jobs, Footfall And Sustained Rental Demand
EPC Rating: B
Rooms
AUCTIONEERS COMMENTS
This property is for sale by the Modern Method of Auction, meaning the buyer and seller are to Complete within 56 days (the "Reservation Period"). Interested parties personal data will be shared with the Auctioneer (iamsold).
If considering buying with a mortgage, inspect and consider the property carefully with your lender before bidding.
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The buyer signs a Reservation Agreement and makes payment of a non-refundable Reservation Fee of 4.5% of the purchase price including VAT, subject to a minimum of £6,600.00 including VAT. This is paid to reserve the property to the buyer during the Reservation Period and is paid in addition to the purchase price. This is considered within calculations for Stamp Duty Land Tax.
Services may be recommended by the Agent or Auctioneer in which they will receive payment from the service provider if the service is taken. Any payment that will be received by the Agent or Auctioneer will be confirmed to you in writing before services are taken. Services are optional.
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