Harrogate, HG1 2HW | Investment Property for Sale | VES-HG1-001

Opportunity to purchase a 20-unit broken block in Harrogate with the potential to generate 5% gross yield

£7,110,000

20-unit broken Block

VES-HG1-001

INITIAL INVESTMENT

£2,012,300

Based on

deposit: £1,777,500

stamp duty: £213,300

mortgage fees: £1,500

conveyancing fees: £20,000

GROSS RENT

£354,300

GROSS YIELD

5.0%

ADD TO FAVOURITES

The block

TENURE

Leasehold

NO OF UNITS

20

TENANCY STATUS

Vacant

FURNISHED

No

TOTAL SQ FT

18,324

PRICE SQ FT

£388

GROUND RENT

£5,000

SERVICE CHARGE

£26,285

Please note that the sales price already reflects a 15% discount from the bank valuation for the purchase of the whole portfolio. Further large discounts will not be accepted by the vendor.

Financials summary

  • Bank valuation: £8,389,000
  • Bulk buyer discount available: £1,279,000
  • Net purchase price: £7,110,000
  • Aggregate annual rental income: £354,300
  • Aggregate gross yield: 5%

Block information

  • New development of 61 apartments of which Vesta has access to 20 units
  • The units comprise:
    • 19 x 2-bed apartments
    • 1 x 3-bed apartment
  • Spread over 3 floors (ground to 2nd floor)
  • Each main bedroom comes with an ensuite bathroom
  • There is a mix of either a second ensuite bathroom or family bathroom, depending on the unit
  • Underfloor heating in all bathrooms
  • 1 allocated parking space per apartment
  • Outside space like garden terraces and balconies are available to a number of the units
  • Located in a private gated development
  • Lift access to all floors
  • CCTV security system
  • Furniture packs included

Rental information

The expected rents are based on a local agent's recommendation. Once fully let the following is expected:

  • Aggregate monthly rental income: £29,525
  • Aggregate annual rental income: £354,300
  • Aggregate gross yield: 5%

Location information

  • The block is on King's Road, which is regarded as one of the best locations in Harrogate
  • There is an abundance of excellent restaurants, bars and shops nearby
  • Harrogate city centre is 0.5 miles walk from the property

Available upon request

  • Block breakdown
  • Leasehold information
  • EPCs (once available)

Notes

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

At the time of listing there are no EPCs available for this property. However, Vesta will add these as soon as they have been received.

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 Harrogate, North Yorkshire

Harrogate is spa town in North Yorkshire, England and was known as The English Spa in the Georgian era. The town is well connected via the road network, the A61 which runs through town and connects it to Leeds and Ripon. The A59 connects Harrogate to York and Skipton, while the A658 goes to Bradford. Wetherby and the A1(M) can be reached via the A661.

There are four railway stations, all of which are on the Harrogate Line. The stations are Harrogate, Hornbeam Park, Pannal and Starbeck. Northern Trains run services from Leeds to York railway station, whilst London North Eastern Railway runs a 2-hourly service to London King’s Cross.

The closest airport is Leeds Bradford Airport, which is around 10 miles outside of Harrogate. It can be reached via bus service, car or train services. Manchester Airport is also accessible by train via Leeds.

Harrogate is a popular tourist destination, and its visitor attractions include the spa waters, the RHS Harlow Carr gardens, the Royal Pump Room Museum, Valley Gardens Harrogate, Ripley Castle, Knaresborough Castle and Mercer Art Gallery. The Yorkshire Dales national park is around 13 miles outside of town as well as the Nidderdale Area of Natural Beauty. Both offer great opportunities for outdoor activities.

Culture is being provided by Harrogate Theatre, which opened its doors in January 1900 as Harrogate Grand Opera House, whilst the Harrogate International Festivals is Yorkshire’s longest running arts festival which runs a varied programme throughout the year. Harrogate also has two orchestras, the Harrogate Symphony Orchestra and the Harrogate Philharmonic Orchestra.

The local economy is very varied and includes the conference & exhibition industry with Harrogate International Centre, the third largest fully integrated conference and exhibition centre in the UK. Other major conference centres include Great Yorkshire Showground and Pavilions of Harrogate.

Harrogate is also the home of Yorkshire Tea which is being exported by Taylors of Harrogate and Harrogate Spring Water, which is being exported internationally. Other export products include Farrah’s Toffee, Harrogate Blue cheese and Debbie & Andrews Harrogate sausages. There are also a large number of hotels in town for visitors of these centres and the town’s spa.

Springfield Avenue,

Harrogate,

North Yorkshire,

England,

HG1 2HW

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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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