Leeds, LS10 1JG | Investment Property for Sale | VES-LS10-001

Opportunity to purchase an apartment in Leeds generating £10,200 rent pa and a gross yield of 6%

£170,000

Apartment

VES-LS10-001

INITIAL INVESTMENT

£77,400

GROSS RENT / YIELD

£10,200 / 6.0%

NET RENT / YIELD

£5,834 / 3.4%

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The property

TENANCY

Tenanted

TENURE

Leasehold

GROUND RENT

£200

SERVICE CHARGE

£1,800

2 bedrooms

1 bathroom

1 reception room

632

Fully Furnished

Leasehold information

  • Term of lease: 150 years
  • Year lease started: 2003

Property information

  • Furnished apartment

  • Located on the 4th floor

  • Comes with a juliet style balcony offering dock side views

  • The property has been updated within the last 5 years, including:

    • Redecoration throughout
    • Supplied new sofas
    • Redone bathroom
  • Currently let and managed by an agent

  • EPC rating C

Location information

Magellan House is part of the Clarence Dock development on Leeds Dock. Clarence Dock is within a short walk to shops, cafes and restaurants. It is also home to several technology and media businesses such as Google’s Digital Garage, EE, SKY and several entrepreneurs and SMEs.

Note

The listings particulars haven't yet been reviewed by the vendor and are therefore not final.

Tenancy

RENT

£10,200 p.a. / £850 pcm

TENANCY DEPOSIT

£1,065

TENANCY TYPE

AST

TENANCY AGREEMENT STARTED

14 months ago

TENANCY AGREEMENT ENDS

Periodic

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

£10,200

Equivalent of £850 per calendar month (PCM).

GROSS RENTAL YIELD

6.0%

Gross rent per annum divided by the purchase price.

NET RENT PER ANNUM

£5,834

Gross rent per annum minus fully managed operating costs.

NET RENTAL YIELD

3.4%

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

FULLY MANAGED OPERATING COSTS

£4,366

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 Leeds

Leeds is a city in West Yorkshire. It is situated around 9 miles east of Bradford, 33 miles north of Sheffield and 39 miles northeast of Manchester.

This city is serviced by Leeds railway station, which acts as the terminus station of the East Coast Main Line and is the third busiest railway station outside of London. This station is managed by Network Rail and operates services by London North Eastern Railway, CrossCountry, TransPennine Express, Northern and East Midland Trains. This station is also used by the Metrotrain network in West Yorkshire and operates the following lines; Leeds Branch of the East Coast Main Line to London King’s Cross, Midland Main Line to London St Pancras, Airedale Line to Keighley/Skipton/Carlisle, Hallam Line to Castleford/Wakefield/Barnsley/Sheffield and many more. CrossCountry offers routes between Scotland, the Midlands and the south west of England.

The city of Leeds has an extensive retail area which is identified as the principal regional shopping centre for the whole of the Yorkshire and the Humber, generating on average £1.93bn turnover annually. There are several indoor shopping centres in the city centre such as the Merrion Centre, St John’s Centre, The Core and The Victoria Quarter to name a few. Between these shopping centres there are well over 1,000 retail stores spread across a combined floorspace of 3,660,000 square feet. The heart of this retail centre is around the largely pedestrianised Briggate where one can find all well-known British high street stores including Marks & Spencer, House of Fraser, Debenhams and Harvey Nichols. The Victoria Quarter is one of the more notable shopping centres due to its collection of around 70 high-end luxury retailers such as Louis Vuitton and Vivienne Westwood spread across two Victorian arcades.

Leeds has one of the most diverse economies of all of the UK’s main employment centres and has recently seen the largest growth in private-sector jobs in the whole of the UK. Leeds is hailed as the largest centre outside of London for financial and business services. Leeds has over 30 national and international banks that operate from the city including Barclays, Santander and RBS, as well as the headquarters of Yorkshire Bank and First Direct. Other major companies that are based in the city include William Hill, ASDA, Direct Line and many more. Leeds is also the UK’s third-largest manufacturing centre and 50% of the UK’s manufacturing firms are within a two-hour drive of Leeds.

For all these reasons and more Leeds has become a very popular location for young professionals and many graduates stay on in Leeds once they have finished their studies. Recent years have even seen an influx of graduates from all over the country due to the high number of graduate apprenticeship programmes and this demographic is the perfect target for HMOs in the city.

Magellan House, Armouries Way,

Leeds,

West Yorkshire,

England,

LS10 1JG

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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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