Opportunity to purchase a 21-unit block with freehold in Leek
£2,000,000
21-unit Block
VES-ST13-001
INITIAL INVESTMENT
£582,500
Based on
deposit: £500,000
stamp duty: £60,000
mortgage fees: £1,500
conveyancing fees: £21,000
GROSS RENT
£113,400
GROSS YIELD
5.7%
The block
TENURE
Freehold
NO OF UNITS
21
TENANCY STATUS
Vacant
FURNISHED
No
TOTAL SQ FT
8,084
PRICE SQ FT
£247
Block information
- An office to residential development
- Works are expected to complete on 30 April 2021
- The building comprises 21 x 1-bedroom apartments
- Spread over 4 floors (ground to 3rd floor)
- Each apartment comes with:
- Open plan kitchen/living room
- 1 x Bedroom
- 1x Bathroom
- Lift access to all floors
- Secure bicycle storage
- Proposed parking for 26 cars
Rental information
The expected rents are based on an estimated average of £450 pcm per apartment from the LHA. Once fully let the following is expected:
- Aggregate monthly rental income: £9,450
- Aggregate annual rental income: £113,400
- Aggregate gross yield: 5.7%
Location information
- The block is within minutes of the town city centre with all its amenities and shops
- There is good access by road into Cheshire, in particular, Macclesfield and Congleton
Available upon request
- Block breakdown
- 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.
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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 Leek, Staffordshire
Leek is a market town in Staffordshire and lies around 10 miles north-east of Stoke-on-Trent.
Both the A53 and the A523 go through the town connecting it to Buxton and Shrewsbury as well as Ashbourne, Macclesfield and Poynton, respectively.
The closest railway station is in Congleton, around 10 miles outside of Leek. It lies on the Manchester to Stoke-on-Trent branch of the West Coast Main Line and offers hourly train services to Manchester Piccadilly via Macclesfield and to Stoke-on-Trent.
Leek lies just on the south-westerly edge of the Peak District National Park which offers a wide variety of nature walks, visits to villages or plenty of activities including camping, horse riding, climbing, caving, fishing and water sports.
The town itself is also a popular destination as many Victorian period buildings are still standing. Leek has historic links with the Napoleonic Wars and the Arts and Crafts movement, and there are a number of buildings associated with William Morris who came to Leek to study dyeing and printing techniques in the 1870s.
One can find numerous independent shops in the town centre offering an alternative shopping experience to other city centres. There are traditional butchers, bakers, greengrocers, delicatessen and cafes. The Victorian Butter Market offers a traditional indoor market whilst the Market Place is an outdoor market, with both offering wares ranging from fine foods, collectables, antiques and general goods. There is also a regular Sunday market offering local produce.
Education in Leek is provided by a small number of first and middle schools as well as Leek High School, Westwood College and Leek School of Art, which is part of Buxton & Leek College.
Fountain Street,
Leek,
Staffordshire,
England,
ST13 6JR
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