Stoke-on-Trent, ST1 4PR | Investment Property for Sale | VES-ST1-001

Opportunity to purchase a freehold block with planning permission to convert into 7 flats in Stoke-on-Trent

£320,000

Development opportunity

VES-ST1-001

INITIAL INVESTMENT

£98,100

Based on

deposit: £80,000

stamp duty: £9,600

mortgage fees: £1,500

conveyancing fees: £7,000

GROSS RENT

£48,000

GROSS YIELD

15.0%

ADD TO FAVOURITES

The block

TENURE

Freehold

NO OF UNITS

7

TENANCY STATUS

Vacant

FURNISHED

No

TOTAL SQ FT

9,149

PRICE SQ FT

£35

Development information

  • This is a development opportunity to convert a nursery school into:
    • 6 x 1-bed apartments
    • 1 x 2-bed apartment
  • Planning permission has been granted
  • The floorplans show the proposed layout which is approved
  • The works have not been started but the vendor can provide a build quote for £231,000 + 5% VAT
  • It is estimated that the gross development value (GDV) after the build is £600,000 to £650,000. This is based on undertaken valuations and surveys.
  • Each apartment will comprise:
    • Open plan kitchen/diner/living room
    • Double bedroom
    • Bathroom
    • Lobby
  • The 2-bed apartment has an additional ensuite bathroom
  • EPC rating: D (of the building as is), new rating expected following completion of works
  • Council tax band: tbc, following works

Expected rental income

It is estimated that once fully let a combined rental income of £3,500 to £4,000 per month is achievable

Location information

  • The property is located in the Hanley are of Stoke-on-Trent
  • Stoke-on-Trent city centre is around 1.2 miles south of the property
  • Stoke-on-Trent railway station is 0.7 miles from the property and can be reached on foot
  • There are a number of local amenities within walking distance

Note

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

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 Stoke-on-Trent, West Midlands

Stoke-on-Trent is a city in the county of Staffordshire in the West midlands of England. The city is situated 15.1 miles south east of Crewe, 20.3 miles south of Macclesfield and 33.5 miles west of Derby.

This area is serviced by Stoke-on-Trent railway station which is a mainline railway station on the West coast main Line and is managed by Virgin Trains. Virgin Trains offers fast train routes to London Euston and another service to Milton Keynes Central both of which are non-stop. Northern operates two services along the Stoke-Manchester Line, of which Stoke acts as the terminus station. East Midland Trains operate services along the Crewe to Derby Line.

The main shopping centre in this city is the Potteries Shopping Centre, which houses around 90 stores and restaurants. Major popular high street brands such as Next, New Look, Gap, HMV all have shops here.

The city has an array of cultural attractions in the area known as The Cultural Quarter, here one can find The Potteries Museum & Art Gallery, the Regent Theatre and the Victoria Hall. Smaller venues such as the Dazed Gallery and AirSpace provide the city’s only contemporary art gallery spaces.

Stoke-on-Trent city council is the biggest employer in the city, followed by the Royal Stoke University Hospital which employs over 7,00 members of staff alone. There are several large employers in town and around 9,000 firms, including bet365, a large Vodafone call centre. Other large employers such as the Michelin tyre company which has a complex in the city including its commercial office, training centre and a truck tyre re-treading facility. The Co-Operative Pharmacy and Sainsbury’s supermarket both have large warehouses in the city.

Havelock Place,

Stoke-on-Trent,

Stoke-on-Trent,

England,

ST1 4PR

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