Opportunity to purchase a 8-unit block in Bishop Auckland generating £48,480 rent pa & gross yield of 8.1%
£600,000
8-unit block
VES-DL14-012
INITIAL INVESTMENT
£177,500
Based on
deposit: £150,000
stamp duty: £18,000
mortgage fees: £1,500
conveyancing fees: £8,000
GROSS RENT
£48,480
GROSS YIELD
8.1%
The block
TENURE
Freehold
NO OF UNITS
8
TENANCY STATUS
Tenanted
FURNISHED
No
TOTAL SQ FT
3,326
PRICE SQ FT
£180
Block information
- Spread over three floors (ground to second floor)
- Comprising of:
- 7 x 1-bed apartments
- 1 x 2-bed apartment
- EPC ratings C, D & E
Rental information
- Aggregate monthly rental income: £4,040
- Aggregate annual rental income: £48,480
- Aggregate gross yield: 8.1%
Location information
- The property is located in the Woodhouse Close ward of Bishop Auckland
- Bishop Auckland town centre is 1 mile from the property
- There is a bus stop a few moments walk from the property
- Bishop Auckland railway station can be reached in less than 10 minutes on foot
Note
Please note that Vesta has not visited this property and that the vendor has provided all material.
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About Bishop Auckland
Bishop Auckland is a market town in County Durham in north-east England. It lies around 12 miles north-west of Darlington, 12 miles south-west of Durham and 5 miles south-east of Crook.
The A1(M) is around 8 miles away and connects it to London and Edinburgh. Bishop Auckland railway station is at the end of the Tees Valley line and runs hourly services to Darlington, Middlesbrough and Saltburn and also stops at Teesside International Airport. The airport is just east of Darlington town around 19 miles away. It is one of the UK’s smaller airport and offers flights to seven domestic and five European destinations.
Some of the local attractions include Auckland castle, Binchester Roman fort, Bishop Auckland town hall, Auckland castle deer house, Brancepeth castle, Whitworth park and Low Barns nature reserve and visitor centre. Every April the Bishop Auckland Food Festival takes place in the castle grounds, whilst Kynren tells the epic tale of England and performances take place over several weeks and are also set in the Auckland castle grounds.
Bishop Auckland’s location also offers great opportunities for walking and cycling. There are several short and long walking trails in and around the town as well as cycling routes, some of which go off-road.
In the local high street a number of well-known brands can be found whilst boutiques and specialist shops can be found in Bondgate. In 2019 it was reported that Bishop Auckland was designated to receive up to £25 million in funding from a new Towns Fund which will help to regenerate the town center area.
After the closure of the Durham coal mines the local economy is predominantly centred around manufacturing and engineering, tourism and leisure, construction and real estate, and retail.
Kensington,
Bishop Auckland,
County Durham,
England,
DL14 6HX
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