Milton Keynes, MK12 5BN | Investment Property for Sale | VES-MK12-003

Opportunity to purchase a freehold apartment in Milton Keynes expected to earn £9,900 rent pa

Guide price

£160,000

Apartment

VES-MK12-003

INITIAL INVESTMENT

£72,900

GROSS RENT / YIELD

£9,900 / 6.2%

NET RENT / YIELD

£7,604 / 4.8%

ADD TO FAVOURITES

The property

TENANCY

Vacant

TENURE

Freehold

2 bedrooms

2 bathrooms

1 reception room

732

Unfurnished

General information

  • Being sold by online auction
  • Starting price £160,000
  • For more information and legal documents please go to GOTO Online Auctions
  • Auction ends Monday 30th September 2019 at 14:00

GOTO Online Auctions is a new, innovative and pioneering platform for buying and selling property. Open to both cash and mortgage buyers. It provides all the benefits synonymous with traditional auctions, including: speed and certainty of sale, transparency and zero risk of gazumping or double-selling but with the added advantage of being able to bid pressure-free from the comfort of your own home or office via desktop, tablet or mobile phone. GOTO Auctions also offers a Buy-it-Now feature which allows you to place an offer and purchase before the Auction end date.

Property information

  • Top floor flat
  • Currently vacant
  • Expected monthly rental income £825
  • Master bedroom has ensuite
  • Open plan kitchen/living space
  • EPC rating D

Auctioneer's comments This property is for sale by Online Auction which is a flexible and buyer friendly method of purchase. The purchaser will not be required to exchange contracts immediately after the fall of the virtual hammer, however the buyer will be given 56 working days in which to complete the transaction, from the date the Draft Contract is received by the buyer’s solicitor, with the aim being to exchange contracts within the first 28 working days. By giving a buyer time to exchange contracts on the property, means normal residential finance can be sort. The Buyer’s Premium secures the transaction and takes the property off the market. Fees paid to the Auctioneer may be considered as part of the chargeable consideration for the property and be included in the calculation for stamp duty liability. Further clarification on this must be sought from your legal representative. The buyer will be required to sign a Reservation form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation form and all terms and conditions can be found in the Information Pack which can be downloaded for free from our website or requested from our Auction Department. Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to make payment of a non-refundable Buyers Premium of £4,800 including VAT plus an administration charge of £354 including VAT, a total of £5,154. This secures the transaction and takes the property off the market. The Buyer’s Premium and administration charge are in addition to the final negotiated selling price.

Floorplans

Documents available on request, please contact for viewings or further questions.

The information relating to the property is supplied by the vendor and the latest available at the date of listing.

Certain information may expire or become inaccurate over time and should be verified by the purchaser’s solicitor.

Financials

VIEW FINANCIALS WITH

Personalise the financials

Edit our market average financial assumptions to see every property using your financial strategy.

Sign In or Sign Up

 to edit financials 

>

Rental Income

GROSS RENT PER ANNUM

£9,900

Equivalent of £825 per calendar month (PCM).

GROSS RENTAL YIELD

6.2%

Gross rent per annum divided by the purchase price.

NET RENT PER ANNUM

£7,604

Gross rent per annum minus fully managed operating costs.

NET RENTAL YIELD

4.8%

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

FULLY MANAGED OPERATING COSTS

£2,296

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 Milton Keynes, Buckinghamshire

  • Milton Keynes is a large town in Buckinghamshire, England, about 50 miles (80 km) north-west of London.
  • Built during the UK Government's push in the 1960’s to relieve housing congestion in London, with a target population of 250,000
  • Over £1 billion of private investment has been committed in the last decade, transforming the city's skyline with new architecture, developing the infrastructure needed and creating an unparalleled air of optimism throughout the city.

Property

  • Milton Keynes property prices have increased in recent years, despite housebuilding keeping pace with the city’s growing population, however the average house prices in Milton Keynes are lower than many of its neighbours, despite ongoing economic success.
  • Business relocation is one of the main drivers on the local property market, with house prices increasing by over 8% per annum, making Milton Keynes one of the ten fastest growing places in the country, according to Hometrack. Average rental yields have also increased, now standing between 4.5% to 5%.

Population

  • At the 2011 Census, its population was almost 230,000; the Office for National Statistics estimates that it will reach 300,000 by 2025.
  • One of Britain’s fastest growing cities by population; the population has grown by over 17% between 2005 and 2015 and expanded its job base by 33,000, a growth of almost 25%.

Business / Economy

  • Milton Keynes has one of the more successful economies in the UK, ranked highly on a number of criteria. Between 2010 and 2016, it’s business base grew by an amazing 34%.
  • One of the UK's top five fastest growing centres, it has benefited consistently from above-average economic growth.
  • It has the fifth highest number of business start-ups per capita and it is home to several major national and international companies.
  • Home to more than 150 head office operations, representing diverse industry sectors including consumer finance, retail, banking, industrial products, financial technologies, IT outsourcing, leisure and social care including.
  • HQs include: Volkswagen Group, National House Building Council (NHBC), Domino's Pizza, Aston Martin Red Bull Racing, Makita, Mercedes-Benz, Xero, Rightmove Group, Suzuki GB, Volkswagen Financial Services and Yamaha Music Europe GmbH.

Schools

  • Milton Keynes College offers bespoke and innovative training courses and apprenticeships for local businesses, such as Red Bull Racing, NiftyLift and the Foreign and Commonwealth Office.
  • Milton Keynes is working towards having its own new university, MK:U. The university, to be led by Cranfield University, will work closely with local businesses to ensure that students gain both a degree and experience relevant to the needs of the local economy.

Connectivity

  • Milton Keynes is located at the very heart of the UK, and is the centre point between London, Birmingham, Oxford and Cambridge.
  • Road and rail connections are just 35 minutes by train from Central London.
  • Milton Keynes is served by international airports such as London Heathrow, London Luton, London Stansted, Birmingham and East Midlands, all of which can be reached in 90 minutes.

Jersey Road,

Wolverton,

Milton Keynes,

Milton Keynes,

England,

MK12 5BN

What makes us different?

Vesta’s sole purpose is to make buying and selling rental property easy for both landlords and tenants.

Benefits include:

  • Buy tenanted property
  • Huge choice for all budgets
  • View property performance data
Learn more >

Questions?

Our sales team is standing by to help.

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.

In no event will we be liable for any loss or damage, including without limitation any loss or damage arising directly or indirectly out of or in connection with the use of this website and the information contained therein.

Copyright © 2019 Vesta Global Limited. All rights reserved.