Leeds, LS15 8EF | Investment Property for Sale | VES-LS15-001

Opportunity to purchase a 7-unit block in Leeds generating £38,760 rent pa & 6.5% gross yield

£599,950

7-unit block

VES-LS15-001

INITIAL INVESTMENT

£176,486

Based on

deposit: £149,988

stamp duty: £17,999

mortgage fees: £1,500

conveyancing fees: £7,000

GROSS RENT

£38,760

GROSS YIELD

6.5%

ADD TO FAVOURITES

Long-term tenant

Tenants that stay for long periods feel they have a stake in the property and are more likely to treat it as though it was theirs.

Benefits include:

  • Steady income
  • Minimised wear and tear
  • Fewer void periods

The block

TENURE

Freehold

NO OF UNITS

7

TENANCY STATUS

Tenanted

FURNISHED

No

TOTAL SQ FT

3,586

PRICE SQ FT

£167

Property information

  • 2 semi-detached houses next to each other
  • Comprising of 7 apartments:
    • 6 x 1-bed
    • 1 x 2-bed
  • The external was recently fully painted
  • Further development opportunity, see details below
  • All bills are paid by tenants, other than property management and maintenance
  • Aggregate monthly rental income £3,230
  • Aggregate gross rental yield 6.5%

Development opportunity

The vendor has advised us that planning permission has been granted to create two further 2-bed, 2-bath garden flats. In addition, there is a large gravelled car park area at the rear of the property which has the potential to be developed subject to necessary planning permissions and consents.

Rental breakdown

  • Apartment 1 - £500 pcm - 1-bed apartment - Let since 07/07/2011
  • Apartment 2 - £550 pcm - 2-bed apartment - Let since 03/07/2019
  • Apartment 3 - £425 pcm - 1-bed apartment - Let since 26/10/2019
  • Apartment 4 - £450 pcm - 1-bed apartment - Let since 03/11/2017
  • Apartment 5 - £425 pcm - 1-bed apartment - Let since 04/12/2019
  • Apartment 6 - £430 pcm - 1-bed apartment - Let since 19/11/2012
  • Apartment 7 - £450 pcm - 1-bed apartment - Let since 01/08/2015

Note

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

All EPCs are available upon request.

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 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.

Austhorpe Road,

Leeds,

West Yorkshire,

England,

LS15 8EF

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