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

Opportunity to purchase a 89-unit block in Gateshead which generates £460,200 gross rent pa

£7,135,000

89 unit block

VES-NE8-001

INITIAL INVESTMENT

£2,088,300

Based on

deposit: £1,783,750

stamp duty: £214,050

mortgage fees: £1,500

conveyancing fees: £89,000

GROSS RENT

£460,200

GROSS YIELD

6.4%

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

Please note that this is an off-market opportunity that is available to qualified buyers only.

Please get in touch and quote the reference number above to speak to a member of our sales team who can advise on the information that will be required from you in order for us to be able to share more detailed and confidential information related to the opportunity.

Overview

  • 89 apartments – 80 x 1-beds and 9 x 2-beds
  • Nine floors
  • Underground parking

All apartments have been newly renovated to a high standard in this converted office building. The block is located in a prime location, which has proven popular and reflected in the high occupancy levels it has benefitted from since its live launch. There is the opportunity to increase the rents during tenancy renewals to further improve the yields.

The block is located near a number of local amenities including schools, hospitals and the abundance of bars, shops, and restaurants the city has to offer. Gateshead Town Centre has undergone a significant regeneration project with the introduction of the multi-million-pound Trinity Square. Over £150m was invested in generating lots of new employment opportunities.

Given the shortage of this type of housing in the area and the excellent specification of units, this has proven to be a very attractive proposition for those looking for a place to live in the area.

Please contact our sales team for further details.

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.

Point of reference - not exact location,

Gateshead,

Tyne and Wear,

England,

NE8 1SQ

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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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