Easington Lane, DH5 0HG | Investment Property for Sale | VES-DH5-001

Opportunity to purchase a property in Easington Lane generating £4,800 rent pa & gross yield of 6.9%

£70,000

Terraced House

VES-DH5-001

INITIAL INVESTMENT

£22,100

Based on

deposit: £17,500

stamp duty: £2,100

mortgage fees: £1,500

conveyancing fees: £1,000

GROSS RENT

£4,800

GROSS YIELD

6.9%

ADD TO FAVOURITES

The property

TENANCY

Tenanted

TENURE

Freehold

2 bedrooms

1 bathroom

2 reception rooms

883

Unfurnished

Property information

  • Spread over 2 floors
  • Separate lounge and dining room
  • Rear garden, accessed via the rear lobby, running the length of the extension and is paved
  • Small and gated front garden
  • The property was extended at the back and houses the kitchen, small entrance and downstairs WC
  • The property underwent extensive refurbishment in 2018, see below for details
  • EPC rating D
  • Periodic tenancy, achieving £400 pcm

Rental information

  • The current rent is £400 pcm and the vendor believes that this can be increased to £425 - £435 pcm
  • The tenants are aware that a rent increase in future is likely.
  • The vendor informs us that the tenants have always paid on time and that the 6-monthly inspections always report that the property is being kept in good order, clean and tidy.
  • The tenants wish to remain at the property for the foreseeable furture.

Refurbishment information

The refurbishment works in 2019 included:

  • New damp course, plastering, skimming and decorating throughout
  • New kitchen, boiler and bathroom suite
  • New double glazed kitchen window
  • New downstairs toilet and sink
  • New doors (internal and external)
  • Re-gassed double-glazed windows
  • New carpets and decoration throughout
  • Repointing, repair and repainting external facades and courtyard brick wall
  • Front garden looking out to the allotment landscaped and new gate installed
  • New back yard gate

Required works

  • This winter the extension roof has suffered some damage after heavy storms and investigations revealed that the roof pitch had been incorrectly calculated when laid. As a result, the roof needs to revert back to a new flat roof and some protection to the external walls of the extension (weathershield coating) is requried.
  • Several quotes have been obtained with an estimated cost for the roof and wall repairs of £2,500 and £500 respectively but due to workload and Covid restrictions at the time, the work could not be carried out. This needs to be done sooner rather than later.
  • Some cosmetic work will also be required in the kitchen, entrance and downstairs toilet post winter leaks. The cost of the cosmetic work will be in addition to the above.
  • The vendor is happy to offer a £5,000 price reduction of the asking price in order to cover the cost of the repairs.
  • Please note that photos 12 -16 show the extension roof and the damage that was caused.

Location information

  • The property is located close to all local amenities and major road links
  • Hetton-le-Hole and Houghton-le-Spring are a short commute away

Note

Please note that Vesta has not visited this property and that all material has been provided by the vendor.

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 Easington Lane, City of Sunderland

Easington Lane is the southernmost point of the City of Sunderland and a village in between Houghton-le-Spring and Easington Village.

The village lies around 8 miles north-east of Durham and 10 miles north of Sunderland. The A1 (M), a major north-south road connecting London with Edinburgh, is accessible via Junction 62 in Carrville, around 7 miles from Easington Lane.

Easington Lane doesn’t have its own railway station, however, the closest stations are in Durham, Horden, Seaham, Chester-le-Street, South Hylton and Sunderland.

Sunderland

Sunderland is a city in the north east of England located on the east coast. It lies around 15 miles south-east of Newcastle upon Tyne and roughly 14 miles north of Durham.

The A19 runs north-to-south along the western edge of the city, joins up with the M1 motorway to Edinburgh north of Newcastle and south through Teesside. The A1231 starts in the city centre and runs to the A1 via Washington, connecting Sunderland with London via Doncaster, Peterborough and Cambridge.

Sunderland railway station operates both national rail services as well as metro services. There are 5 direct trains to London King’s Cross on weekdays taking around 3.5 hours. From Newcastle, a 30-minute metro ride away, regular services go to Edinburgh, Glasgow, Leeds, Manchester Piccadilly, Liverpool Lime Street and Birmingham.

The city boasts a number of attractions for visitors and locals alike, such as the 14th century Hylton Castle, the National Glass Centre, Sunderland Museum and Winter Gardens, as well as the beaches of Roker and Seaburn. For anyone interested in outdoor pursuits the Hadrian’s Wall Path starts in Wallsend, approx. 13 miles outside of Sunderland, and runs for 84 miles on the east coast to Bowness-on-Solway.

Being one of the UK’s competitive business locations Sunderland is home to a number of well-known companies such as Barclays, Nike, EDF Energy, BAE Systems, Nissan, Northern Rock (now part of Virgin Money UK) and Johnson Controls, to name a few.

Derwent Street,

Easington Lane,

Houghton le Spring,

Tyne and Wear,

England,

DH5 0HG

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