Leek, ST13 6JR | Investment Property for Sale | VES-ST13-001

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%

ADD TO FAVOURITES

Sold STC

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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.

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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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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