Gateshead, NE8 3HY | Investment Property for Sale | VES-NE8-001

Opportunity to acquire an unbroken apartment block (excluding freehold) located in Gateshead

£7,130,000

89-unit Block

VES-NE8-001

INITIAL INVESTMENT

£2,086,900

Based on

deposit: £1,782,500

stamp duty: £213,900

mortgage fees: £1,500

conveyancing fees: £89,000

GROSS RENT

£460,200

GROSS YIELD

6.5%

ADD TO FAVOURITES

The block

TENURE

Leasehold

NO OF UNITS

89

TENANCY STATUS

Tenanted

FURNISHED

No

TOTAL SQ FT

39,500

PRICE SQ FT

£181

GROUND RENT

£31,150

SERVICE CHARGE

£57,227

Block information

  • Converted office to apartment block
  • Freehold not for sale
  • 89 brand new apartments arranged over 9 floors (ground to 8th floor)
  • The block comprises:
    • 80 x 1-bed apartments (estimated size of 400 to 506 sqft)
    • 9 x 2-bed apartments (estimated size of 569 to 631 sqft)
  • Each apartment comes with:
    • Open plan kitchen/living room
    • Fully fitted kitchen and appliances
  • Underground parking for all 2-bed apartments
  • Underground parking for 47 of the 1-bed apartments
  • Lift access to all floors
  • EPC ratings C & D

Leasehold information

  • Length of lease: 125 years
  • Year lease started: 2017

Rental information

  • The property is fully let at the time of listing
  • Aggregate monthly rental income £38,350
  • Aggregate annual rental income £460,200

Available upon request

  • Block breakdown
  • Leasehold information per unit
  • EPCs for all units

Notes

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

The floorplans are examples of a 1-bed, and a 2-bed apartment in this development. Layout and sizes will vary.

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 Gateshead, Tyne and Wear

Gateshead is a town in Tyne and Wear, north-east England, opposite Newcastle upon Tyne on the bank of the River Tyne. There are seven bridges joining Gateshead and Newcastle across the Tyne, including Gateshead Millennium Bridge.

There are a number of major road links which pass through Gateshead, one of them is the A1 which links it to London and Edinburgh, as well as the A184 which links it to Sunderland.

Gateshead centre no longer has a railway station. The closest station is in Dunston where Northern operated trains on the Tyne Valley Line from Newcastle upon Tyne to Carlisle. There are several Tyne & Wear Metro stations serving Gateshead, Newcastle, South Tyneside, North Tyneside and Sunderland. The metro stations at Gateshead Interchange and Gateshead Stadium provide direct access to Newcastle railway station, Newcastle airport, Sunderland, Tynemouth and South Shields.

Some of the local attractions are the Gateshead Millennium Bridge, Tyne Bridge, The Angel of the North, Sage Gateshead (a concert venue), the Baltic Centre for Contemporary Art, Shipley Art Gallery, Saltwell Park, Tanfield Railway, the National Trust owned Gibside (historic estate) and Watergate Forest Park. A great family day out can also be had in Beamish, a recreated 1913 Edwardian town.

Gateshead is also home of the into Metrocentre, the second largest shopping centre in the UK. It houses more than 370 retailers as well as a large number of popular food chains.

The following employers are in the top 50 fastest growing businesses in 2019 in Gateshead: It’s All Good Ltd, Lucion Services, Mediaworks, Northern Gas & Power, Templeman Retailing & Vending Ltd and Washington Metalworks.

Sunderland Road,

Gateshead,

Tyne and Wear,

England,

NE8 3HY

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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.

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