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£1,850,000 offers in excess of

24 bedroom block of apartments for sale

Forth Place, City Centre, Newcastle upon Tyne

£1,850,000 offers in excess of

24 bedroom block of apartments for sale

Forth Place, City Centre, Newcastle upon Tyne

Description

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Property features

  • Investment Opportunity
  • Unbroken Freehold
  • 12 Residential Units
  • 8 Garages
  • 100% Occupancy 2018/19
  • £126,894pa Rental Income 2018/19
  • 83.33% Pre-Booked for 2019/20
  • £128,771pa Projected Rental Income 2019/20

Property description

An unbroken freehold block of twelve residential apartments and eight garages, currently fully let producing a gross rental income of £127,469pa increasing to £129,859pa for the 2019/20 letting period.

Description - An unbroken freehold block of twelve residential apartments and eight private garages, currently fully let producing a gross rental income of £127,469pa increasing to £129,859pa for the 2019/20 academic year.

Two communal entrances provide access to the property from the Thornton Court elevation with secure telephone entry systems to all apartments. The property comprises of 1no. 1-bedroom apartment, 10no. 2-bedroom apartments and 1no. 3-bedroom apartment. There are also 8 self-contained garages which are fully let.

The property originally dates to 1919 as a dairy and was converted to residential apartments in the late 1990s, and recently all kitchens and bathrooms within the development have been refurbished by the current owner. It is set out over three levels with residential accommodation at raised ground, first and second floors, built of brick construction with part pitched slate and part flat roof. There is a roof terrace accessible only to Flat 9 and internal courtyard accessible to Flats 2 and 3. Each apartment has its own boiler providing gas-fired central heating, each kitchen is fitted with integrated appliances including electric hob & oven, fridge-freezer and washing machine.

Location - The property is located in Newcastle, a city located on the north bank of the River Tyne in the North East of England, it lies 103 miles south of Edinburgh and 277 miles north of London. Newcastle is the largest city in the north east of England and forms part of the Tyneside conurbation, which is the eighth largest urban area in the United Kingdom.

Tyneside is connected by the Tyne & Wear Metro, a light railway system allowing easy access to nearby Sunderland and Gateshead, as well as Newcastle International Airport. Newcastle Central Station is a main station on the East Coast Main Line connecting the city to Durham, York, Leeds, Edinburgh and London as well as other cross-country services to Birmingham, Manchester, Liverpool, Glasgow and Plymouth. Newcastle International Airport is the UKs 10th largest airport and provides regular flights to London, Paris, Amsterdam and Dubai.

Situation - The subject property is located on the corner of Forth Place and Thornton Court in the Citys Historic Grainger Town conservation area, situated between Waterloo Street and Clayton Street West and a short walk from Newcastle Central Station.

The position of the property in Newcastles city centre means that the prime retail, leisure and office districts of the city are within easy walking distance.

Newcastle Rental Market - According to census data from the Office of National Statistics (ONS), the population of Newcastle increased 5.3 percent between 2001 and 2011 rising from 266,200 to 280,200. Newcastle City Council has targeted a further increase to 293,400 by 2021.

Since the year 2000, student numbers at Newcastle University have increased by 70%. At Northumbria University, student numbers are now at 114% above the levels seen in 2000.

Newcastle is home to a number of national and international employers with many companies opening new offices in the area, in locations such as Newcastle Helix and the Stephenson Quarter. Major employers are based all over the city centre and workers can easily walk into the heart of the shopping district for food & drink, leisure, retail and transport links.

Newcastle Helix is a £250 million project from Newcastle University and Newcastle City Council the largest development of its type in the UK. The 24-acre flagship site is a centre for technology, urban sustainability, science, business and commerce. Working with companies such as Siemens, Red Hat, Northern Powergrid and Northumbrian Water, the scheme aims to bring skilled workers to the local area.

Supply of new residential apartments to Newcastles city centre over the last 15 years has been minimal, with focus being towards Purpose-Built Student Accommodation (PBSA) developments and in particular studio accommodation which demand a much higher rent, as opposed to cluster properties (source: Knight Frank). This has left a shortfall of good quality affordable private rental and student cluster accommodation in Newcastle city centre.

Private sector rents in NE1 currently average £715pcm (1 bed), £1,050pcm (2 bed) and £1,225pcm (3 bed), with Thornton Court providing competitive rents in the marketplace which is supported by the strong track record of 100% occupancy levels year on year, whilst still providing potential rental growth opportunities. (Source: ( ... ))

Tenure - Freehold.

Vat - We await confirmation of the position regarding VAT.

Energy Performance Certificates (Epcs) - EPCs are available upon request, ratings range from D68 to C80.

Floorplans - Floorplans are available upon request.

Method Of Sale - The property will be offered for sale by private treaty, however we reserve the right to conclude marketing by an informal tender process.

Viewing Information - The property is available to view strictly by appointment through Sole Agents Walton Robinson.

Asking Price - We are instructed to seek offers over £1,850,000, which reflects a Gross Yield of 6.89 %, increasing to 7.02% in the 2019/20 period.

Contact - Contact

Chris Wilkin
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Richard Ponton
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Agents Note - We are required under the Estate Agency Act 1979 and Provision of Information Regulations 1991 to point out that the client we are acting for on the sale of this property is a connected person as defined by the Act.

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