Opportunity to purchase a 5-unit block in Bishop Auckland with the potential to generate £28,800 gross rent pa
£805,000
5-unit Block
VES-DL14-003
INITIAL INVESTMENT
£235,500
Based on
deposit: £201,250
stamp duty: £27,750
mortgage fees: £1,500
conveyancing fees: £5,000
GROSS RENT
£28,800
GROSS YIELD
3.6%
The block
TENURE
Freehold
NO OF UNITS
5
TENANCY STATUS
Vacant
FURNISHED
No
TOTAL SQ FT
4,252
PRICE SQ FT
£189
Block information
- Conversion of a Grade II listed building from office/community accommodation into:
- 4 x 2-bed apartments
- 1 x 1-bed apartment
- The property is being converted and renovated to a high standard with a full back to brick conversion and a new roof
- There will be 6 designated parking spaces
- Completion and sign-off expected by the end of September 2020
- The units are estimated to achieve £400 - £500 rent pcm each
- The photos shown are of the works in progress and are not of the finished property
- Council tax band: tbc
Rental information
Please note that the rental amounts are estimates only and are subject to change.
- Unit 1 - 2-bed - 83 sqm - ERV £500 pcm
- Unit 2 - 2-bed - 88 sqm - ERV £500 pcm
- Unit 3 - 1-bed - 60 sqm - ERV £400 pcm
- Unit 4 - 2-bed - 81 sqm - ERV £500 pcm
- Unit 5 - 2-bed - 83 sqm - ERV £500 pcm
- Total estimated rental income pcm: £2,400
- Total estimated rental income pa: £28,800
Location information
- The property is located near the town centre of Bishop Auckland.
- Bishop Auckland railway station is around half a mile from the property and can easily be reached on foot or by car
- Many local amenities can easily be reached on foot
Note
Please note that Vesta has not visited this property and that all material has been provided by the vendor.
At the time of listing there are no EPCs available for this property. However, Vesta will add these as soon as they have been received.
Need more information?
REQUEST BLOCK DETAILS
Floorplans
Documents available on request, please contact for viewings or further questions.
The information relating to this property is supplied by the vendor and was the latest available information at the time of listing. Certain information may expire or become inaccurate over time.
Vesta makes no warranty as to the accuracy or completeness of the property listing or any associated information. All information should be reviewed by the purchaser and their solicitor.
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.
Kingsway,
Bishop Auckland,
County Durham,
England,
DL14 7JN
What makes us different?
Vesta’s sole purpose is to make buying and selling rental property easy for both landlords and tenants.
Benefits include:
- Buy tenanted property
- Huge choice for all budgets
- View property performance data
Important Note
All information contained in this website is provided as a guideline only, is based on estimates and assumptions, may not be accurate or complete, and is subject to change. We make no representations or warranties with regards to this information, expressed or otherwise. A buyer who relies on such information does so at their own risk. Buyers are advised to seek independent financial advice and should undertake their own due diligence.
Your capital is at risk. Property values may decline and the property might not be able to be rented at amounts sufficient to cover debt interest costs, operating expenses and liabilities, and might not result in a positive cash flow. Property is an illiquid asset and should not be viewed as a short-term investment.
In no event will we be liable for any loss or damage, including without limitation any loss or damage arising directly or indirectly out of or in connection with the use of this website and the information contained therein.
Authorised and regulated by the property ombusdman
Copyright © 2023 Vesta Global Limited. All rights reserved.