Newcastle-upon-Tyne, NE1 2JR | Investment Property for Sale | VES-NE1-001

Opportunity to purchase an apartment in Newcastle generating £11,400 rent pa and a gross yield of 5.2%

£220,000

Apartment

VES-NE1-001

INITIAL INVESTMENT

£66,000

Based on

deposit: £55,000

stamp duty: £8,500

mortgage fees: £1,500

conveyancing fees: £1,000

GROSS RENT

£11,400

GROSS YIELD

5.2%

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 property

TENANCY

Tenanted

TENURE

Leasehold

GROUND RENT

£250

SERVICE CHARGE

£2,600

4 bedrooms

1 bathroom

1 reception room

760

Fully Furnished

Leasehold information

  • Length of lease: 125 years
  • Year lease started: 2004

Property information

  • Located on the 3rd floor
  • Fully let 4-bed apartment
  • Comes with a spacious living room and separate kitchen
  • Comes with a parking space
  • EPC rating C
  • Lift access
  • Popular with students and young professionals
  • The building has a communal garden and is serviced and maintained by a management company

Rental income

  • Let for £950 pcm until June 2020 and then for £1,300 pcm from July 2020 until June 2021
  • Gross rental yield from July 2020 will be 7.1%, based on new rental income

Location information

The property is ideal for families or students occupancy, offering a variety of educational institutions such as the Sacred Heart RC High School, Gosforth Academy and two universities, of which Newcastle University is within 100 meters walking distance and Northumbria University is just on the doorstep.

Tenancy

RENT

£11,400 p.a. / £950 pcm

TENANCY DEPOSIT

£0

TENANCY TYPE

AST

TENANCY AGREEMENT STARTED

7 months ago

TENANCY AGREEMENT ENDS

6/30/2021

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 Newcastle, North East

Newcastle is a city in Tyne and Wear in the north east of England, it is situated 14.8 miles north of Durham, 103 miles south of Edinburgh and 277 miles north of London.

This area is serviced by Newcastle railway station which lies on the East Coast Main Line and is managed by London North Eastern Railway. London North Eastern operates high-speed inter-city services southbound to London, one of which is a semi-fast train making only 2 stops before arriving at London’s King Cross. There are 3 trains every 2 hours northbound to destinations in Scotland. Crosscountry provides additional services to Scotland to the north and at least 2 trains per hour to Birmingham southbound, from which trains continue to stops all over the south-west and south coast. TransPennine Express provides services to Manchester/Liverpool via Leeds with Newcastle acting as the terminus. Northern also runs several local commuter and regional services to locations in the northeast. Newcastle also benefits from the Tyne & Wear Metro which is an underground railway service connecting Tyne & Wear across two lines and transporting around 37 million passengers per year.

Newcastle is notorious for its buzzing nightlife and was voted in the top three of Tripadvisor Travellers’ Choice Destination Awards for European Nightlife destinations. The Bigg Market and Quayside are at the heart of the pubs, bars and nightclub district and a wide variety of restaurants offering cuisines from across the globe. Newcastle also has a rich history of culture through the arts such as theatre, music venues, museums and galleries. Newcastle city centre has several major shopping areas, the largest of these being the Eldon Square Shopping Centre which boasts over 150 stores and services.

There are many job opportunities in Newcastle city centre and the economy includes many corporate headquarters in fields such as learning, digital technology, retail and tourism. Big employers such as Greggs, Virgin Money, EE, Npower and many more all have their headquarters here.

Over 42,000 students that live in Newcastle, spread across the various campuses of University of Newcastle and Northumbria University. This location could also be perfect for a young family looking for local schooling options, with Christ Church CofE Primary in close proximity and offering education to the age of 11. For those that may be looking for further education Gateshead College provides courses, subjects and apprenticeships for those that are 16+.

Melbourne Street,

Newcastle upon Tyne,

Tyne and Wear,

England,

NE1 2JR

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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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