5 Unit Block
stamp duty: £10,350
mortgage fees: £1,500
conveyancing fees: £5,000
Through our expertise and research, we have found that this property is above the average of this location based on data from REalyse, PropertyData and Zoopla
The higher the yield the stronger the return on investment.
NO OF UNITS
TOTAL SQ FT
PRICE SQ FT
Flat 1 - £991 pcm - 3-bed flat with 1 bathroom, let on a per room basis
Flat 2 - £505 pcm - 1-bed flat with 1 bathroom, let to same tenant since 2017
Flat 3 - £1,100 pcm - 2-bed flat with 1 bathroom, used as a holiday let
Flat 4 - £1,100 pcm - 3-bed flat with 1 bathroom, used as a holiday let from December 2019
Flat 5 - £565 pcm - 2-bed flat with 1 bathroom, let to same tenant since 2018
Total rent pcm - £4,261
Please note: expected rental income during winter months is £4,000 pcm, taking into account low demand for Flat 3 and 4, holiday lets; the current landlord accepts short lets during the months of November - March. The £1,100 reflects the projected annual average.
Prices in FY1 have increased 17% over the last 5 years (-2% over the last 12 months) and are £79k which varies by property type (£50k-£155k). There have been 40 properties sold in the area in the last 12 months.
Rents in FY1 are now at £465 per month. Given prices in the area, gross yield is currently 7.5% which is higher than the national average of 4.7% and Blackpool FY of 5.7%. This property is currently achieving a gross yield of 9.29% which is 19% higher than the area.
Note: Vesta has not visited the property and the materials have been provided by the vendor.
Last updated - Feb 2019
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.
Blackpool is a seaside resort on the coast of the county of Lancashire in north-west England. This town is situated around 15 miles north-west of Preston, 27 miles north of Liverpool and 40 miles north-west of Manchester.
Blackpool North is the main station serving this town and is the terminus stop on the Blackpool branch line operated by Northern and Virgin Trains. Northern runs 1 train per hour to each of these destinations from this station; Preston, Liverpool Lime Street and Manchester Piccadilly via Bolton. A further 4 trains per day to London Euston are run by Virgin Trains.
Blackpool Transport and Stagecoach provide bus services around the town and to destinations within the region also. Blackpool fortunately has access to a tram service that run from Starr Gate to Fleetwood, and there are plans to extend this even further to Blackpool North station by April 2019.
Blackpool is still recognised as one of the major centres of tourism in the UK and there are over a hundred fun-filled and action-packed attractions, throughout the centre of town and surrounding areas.
Attractions such as Blackpool Pleasure Beach, Blackpool tower, SEA LIFE, Blackpool Zoo, Madame Tussauds and many more draws in thousands of tourists every year. This property is also a short walk from Houndshill Shopping Centre which is the main source of retail options in town and has a selection of well-known high street brands.
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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.
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