Sunderland, SR1 1HW | Investment Property for Sale | VES-SR1-056

Opportunity to purchase a 53-unit broken block in Sunderland with 3-year rent guarantee from developer

£3,426,475

53-unit Block

VES-SR1-056

INITIAL INVESTMENT

£1,013,913

Based on

deposit: £856,619

stamp duty: £102,794

mortgage fees: £1,500

conveyancing fees: £53,000

GROSS RENT

£308,383

GROSS YIELD

9.0%

ADD TO FAVOURITES

Guaranteed rent

A fixed rental income, paid each and every month without all of the normal stresses involved in letting a property.

You still get rent even if the property isn’t tenanted. See property description for more details.

The block

TENURE

Leasehold

NO OF UNITS

53

TENANCY STATUS

Vacant

FURNISHED

Yes

TOTAL SQ FT

10,498

PRICE SQ FT

£326

GROUND RENT

£7,950

SERVICE CHARGE

£45,527

--Vendor is open to selling individual units too--

Leasehold information

  • Length of lease: 250 years
  • Year lease started: upon completion
  • Service charge: is a forecast only at the moment

Property information

  • 53 x self-contained luxury studio apartments
  • Ideal for students and young working professionals
  • Furniture pack is included in the purchase price, see details below
  • Each apartment comes with free WiFi in all communal spaces
  • Communal areas include:
    • dedicated study areas
    • resident's gym
    • cinema room
    • on-site laundry facility
    • games room
  • A letting and managing agent has been appointed for the building.

Rental assurance

The developer is contracted to provide a 3-year rental assurance at 9% net rental return, which excludes ground rent.

Rental payments for units in this building will be made quarterly in arrears.

Furniture pack includes

  • Queen-size bed with base and mattress and built-in storage space
  • Wardrobe
  • Desk with chair
  • Coffee table with chair
  • Fully fitted kitchenette complete with:
    • integrated microwave/oven
    • fridge freezer
    • twin induction hob

Purchase process

Step 1: Reservation

Reservation agreement completed & £2,000 non-refundable fee paid per unit and deducted from the deposit on exchange

Step 2: Solicitors instructed

Solicitors instructed, legal pack sent out & anti-money laundering process completed

Step 3: Simultaneous exchange & completion

100% of the price, minus the reservation fee, is paid to your solicitor, the purchase is complete & Title Deeds registered with the UK Land Registry

Location information

  • Central location in Sunderland
  • 0.65 miles from the main University of Sunderland campus
  • 0.44 miles from the Sir Tom Cowi campus
  • 0.29 miles from Sunderland metro station

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 Sunderland

Sunderland is a city in the north east of England located on the east coast. It lies around 15 miles south-east of Newcastle upon Tyne and roughly 14 miles north of Durham.

The A19 runs north-to-south along the western edge of the city, joins up with the M1 motorway to Edinburgh north of Newcastle and south through Teesside. The A1231 starts in the city centre and runs to the A1 via Washington, connecting Sunderland with London via Doncaster, Peterborough and Cambridge.

Sunderland railway station operates both national rail services as well as metro services. There are 5 direct trains to London King’s Cross on weekdays taking around 3.5 hours. From Newcastle, a 30-minute metro ride away, regular services go to Edinburgh, Glasgow, Leeds, Manchester Piccadilly, Liverpool Lime Street and Birmingham.

The city boasts a number of attractions for visitors and locals alike, such as the 14th century Hylton Castle, the National Glass Centre, Sunderland Museum and Winter Gardens, as well as the beaches of Roker and Seaburn. For anyone interested in outdoor pursuits the Hadrian’s Wall Path starts in Wallsend, approx. 13 miles outside of Sunderland, and runs for 84 miles on the east coast to Bowness-on-Solway.

Being one of the UK’s competitive business locations Sunderland is home to a number of well-known companies such as Barclays, Nike, EDF Energy, BAE Systems, Nissan, Northern Rock (now part of Virgin Money UK) and Johnson Controls, to name a few.

Borough Road,

Sunderland,

Tyne and Wear,

England,

SR1 1HW

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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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