Bridlington, YO15 2PN | Investment Property for Sale | VES-YO15-003

Opportunity to purchase a 3 unit broken block in Bridlington generating £15,420 rent pa & gross yield of 7.8%

£197,000

3 unit broken block

VES-YO15-003

INITIAL INVESTMENT

£89,210

GROSS RENT / YIELD

£15,420 / 7.8%

NET RENT / YIELD

£11,844 / 6.0%

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The block

TENURE

Share of Freehold

NO OF UNITS

3

TENANCY STATUS

Tenanted

FURNISHED

No

TOTAL SQ FT

2,129

PRICE SQ FT

£93

Property information

  • 3 unit broken block for sale including the freehold

  • Aggregate monthly rental income £1,285

  • Aggregate gross rental yield 7.8%

  • Lower ground floor flat:

    • 2 bedrooms
    • additional dressing area
    • comes with outside space
    • open plan living/kitchen/diner
    • EPC rating C
    • tenancy started in June 2017
    • £400 monthly rental income
  • Upper ground floor flat:

    • 1 bedroom
    • extra storage room
    • open plan living/kitchen/diner
    • EPC rating C
    • tenancy started in September 2018
    • £465 monthly rental income
  • Third floor flat:

    • 2 bedrooms
    • open plan living/kitchen/diner
    • EPC rating B
    • long-term tenants
    • tenancy started in December 2013
    • £420 monthly rental income

Leasehold information

  • Share of Freehold
  • Service charge: ad hoc

Location information

This property is situated in Bridlington, a coastal town on the Holderness Coast in East Riding, 28.3 miles north of Kingston Upon Hull and 40 Miles east of York, with access to the A165. Bridlington is a minor sea fishing port with a working harbor and a mix of small businesses across manufacturing, retail and service sector.

The property is about 0.8 miles to town centre , which boasts a large leisure centre with swimming pool, several pubs and restaurants and further along the coastline is the Yorkshire Coast Entertainment offering life performances, Bridlington Spa ( Theatre and Variety Venue), Nitelife Entertainments, Promenade Shopping Centre and many high street stores.

Bridlington Railway station is about 0.8 miles away access to the motorway M62 is at 48 miles distance.

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.

Financials

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Rental Income

GROSS RENT PER ANNUM

£15,420

Equivalent of £1,285 per calendar month (PCM).

GROSS RENTAL YIELD

7.8%

Gross rent per annum divided by the purchase price.

NET RENT PER ANNUM

£11,844

Gross rent per annum minus fully managed operating costs.

NET RENTAL YIELD

6.0%

Gross rent per annum minus fully managed operating costs divided by the purchase price.

FULLY MANAGED OPERATING COSTS

£3,576

The total estimated sum of expenses calculated annually assuming a fully managed service.

Click to understand assumptions.

Disclaimer

All financial information is provided as a guideline only, is based on estimates and assumptions and is subject to change. Buyers are advised to seek independent financial advice. Capital at risk.

About East Riding of Yorkshire

  • The East Riding area covers 933 square miles and has around 330,000 residents.
  • The cities of Hull, York, Leeds, Sheffield and Lincoln are all within a one-hour drive, and the area has some of the least-congested motorways in the UK providing easy access to the rest of the country. The East Riding is strategically-located midway between London & Edinburgh, bringing a market of over 40 million people within a 4-hour drive.
  • The East Riding of Yorkshire offers a wealth of opportunities, whether it’s starting or growing a business or looking to relocate a business here.
  • The area has something to offer everyone, from the seaside towns of Bridlington, Hornsea and Withernsea, to the market towns of Beverley, Howden and Driffield.

Property

  • East Riding has approximately 160,810 dwellings and based on market activity, its estimated that 25% are renting in the area.

  • Property prices in East Riding have increased by 2% in the last 12 months and are now £174k (previously £148k in Feb ’15) and range between £73k for a 1-bed flat, up to £378k for a 5-bed detached property. There have been on average 519 sales per month (180 in Jan ’19 versus 651 in Jul ’18).

  • Rents have also increased 2% in the last 12 months and are now £552. Given property prices, rental yield is 4.6% (versus 4.7% in Aug ’18). Rents range between £388 for a 1-bed flat to £1,125 for a 5-bed detached house.

  • More than 9,000 homes have planning approval for development in the East Riding, the latest figures show, with more than a third under construction.

  • The demand for housing in the area's towns and villages saw East Riding Council deal with 6,500 applications and enquiries between April 2017 and March 2018. 23,800 new homes will be built across the East Riding by 2029 under the council’s Local Plan.

Population

  • The East Riding is witnessing a trend that has seen the working age population of the area fall consistently since 2008. This is often commonplace in geographically remote communities, as many high-achieving young people leave rural areas to continue higher education or seek employment.

  • Strategies are being implemented to improve the job supply and demand balance so that younger generations are attracted and retained within the area.

Investment

  • The landscape of the region means that it has an above-average potential to generate renewable electricity for Local Authorities throughout the area. Two major investors in local wind technology are Siemens with a £160m and ABP with a £150m
  • The Humber has identified over £4bn of investment, which is enabling 37 projects with £191.9m of public and private sector investment and creating an additional 13,138 jobs for the local economy.
  • Bridlington, on the coast, has seen £25 million investment into a state-of-the-art leisure facility (May ’16) and a new 80-room hotel, the first one to be built in 80 years in the town.

Businesses

  • East Riding has excellent employment levels and a lower than national average crime rate. The overall unemployment rate is also lower than the national average. A net increase of over 10,000 jobs in the East Riding since 2012 has been extremely positive, outperforming the Humber.
  • A major employer in East Riding is the Defence School of Transport at RAF Leconfield. It trains around 14,000 personnel from the Army, the Royal Air Force and the Royal Marines each year and provides more than 1,000 civilian jobs.
  • The Humber has established a merited reputation as the UK’s Energy Estuary. The East Riding plays an important role in this sector acting as the gateway for gas supply, landing 21% of the national demand for gas.
  • Manufacturing plays a significant role in the economic structure of the East Riding and has reported 10% rise in employment from 2012 to 2016 (1,500 more jobs) which is significantly higher than the regional and national rate
  • Agricultural production; fishing; food and drink manufacturing; and food processing are important sectors of the East Riding economy, in terms of both business and employment numbers compared to the national average. The East Riding also contributes a quarter of the Yorkshire and Humber region’s agricultural GVA.
  • There is a growing visitor economy. Last year 7 million visitors enjoyed Yorkshire bringing £443 million into the local economy.

Schools

  • The East Riding of Yorkshire has 131 primary schools, 19 secondary schools, 3 special schools, 5 independent schools, 1 special independent school and 2 further education colleges in its catchment area.
  • Notable schools include: Focus School – Cottingham Campus is a co-educational school catering for pupils between the ages of 7 and 18 years. This highly regarded school is currently ranked by Ofsted, at number 42 in the whole of the UK.
  • Further Education: Bishop Burton College is a further education college, offering courses in many subjects including Public Services, Landscape, Land Based Engineering and Child Care Studies.
  • Higher Education: The University of Hull is a public university, founded in 1927. The main campus is located in Hull and is home to the Hull York Medical School, a joint initiative with the University of York. There is also a smaller campus in Scarborough, over 15,000 students attend the various campuses.

Connectivity

  • East Riding of Yorkshire is at the eastern end of the M62 Motorway. This provides a direct link to Leeds, the north east’s transport hub of, connecting to the M1 and the south, as well as the A1(M) going north.
  • The region is served by Hull’s Humberside Airport, around 22 miles from Beverley, and offers flights to domestic and international destinations. Sheffield’s Robin Hood Airport is 45 miles away, and Leeds-Bradford Airport is around 60 miles away. Leeds-Bradford Airport offers non-stop flights by 25 airlines to 95 destinations in 32 countries across the world.
  • The region is well-connected for rail travel, with most areas being accessible by rail. The direct Beverley to London service started in spring of 2015, linking the region with central London in two and a half hours

Gladstone Terrace,

Bridlington,

East Riding of Yorkshire,

England,

YO15 2PN

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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.

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