Wakefield | Investment Property for Sale | VES-WF-003

Opportunity to purchase a 46-unit block in Wakefield with the potential to generate £318,300 gross rent pa

£3,800,000

46-unit Block

VES-WF-003

INITIAL INVESTMENT

£1,111,500

Based on

deposit: £950,000

stamp duty: £114,000

mortgage fees: £1,500

conveyancing fees: £46,000

GROSS RENT

£318,300

GROSS YIELD

8.4%

ADD TO FAVOURITES

The block

TENURE

Freehold

NO OF UNITS

46

TENANCY STATUS

Vacant

FURNISHED

No

TOTAL SQ FT

TBC

PRICE SQ FT

£0

Please note that this is an off-market opportunity that is available to qualified buyers only.

Please get in touch and quote the reference number above to speak to a member of our sales team who can advise on the information that will be required from you in order for us to be able to share more detailed and confidential information related to the opportunity.

Opportunity to acquire a permitted development rights scheme in Wakefield which has a change of use from a business centre to residential apartments with commercial units on the ground floor. Freehold is included.

The apartment block comprises 46 units spread over four floors:

  • 7x studios (332 average sqft)
  • 29x 1-bed apartments (416 average sqft)
  • 10x 2-bed apartments (574 average sqft)

All but four of the studios and apartments are located on the first, second and third floors, whilst the ground floor will comprise the remaining four residential units, a lobby and several commercial units. The aggregate net internal area of the studios and apartments is 20,139 sqft. The commercial units will be retained by the developer with a peppercorn ground rent.

Targeted practical completion of Q1 2021. Please note that the developer is currently undertaking the strip-out of the building so there may be some changes to the design and layout if required by the structural engineer.

The total estimated rental value (ERV) of the scheme is £26,525 pcm (£318,300 pa) based on the following:

  • Studios = £475-£500 pcm
  • 1-bed apartments = £525-£575 pcm
  • 2-bed apartments = £725 pcm

Note that the ERV’s have been provided by a lettings agent who is expected to undertake the rental management.

Wakefield is a cathedral city in West Yorkshire, on the eastern edge of the Pennines. In 2017, the city was ranked as the tenth-fastest growing city economy in the UK. Part of the success is credited to the city’s location; its excellent transport links makes Wakefield one of the most accessible places in the UK. Three of the country’s main motorway networks meet just outside the city (the M1, M62 and A1(M)), as well as a main trainline to London and other major UK cities. Wakefield and the surrounding area has become home to large corporations such as such as Teva, DHL, Warburton’s, Haribo and Coca Cola. This transport and infrastructure has made Wakefield a prime location for businesses to invest in.

The property is located near the city centre of Wakefield (a 10 minutes walk to the city centre and the cathedral) and within a stone’s throw of three retail parks to the south of the city (Beck Retail Park, Cathedral Retail Park and Westgate Retail & Leisure Park), which provide excellent amenities and employment. Businesses located here include Argos, B&Q, Carpetright, Cineworld, Currys PC World, Kwik-Fit, Laura Ashley, Matalan and Sainsbury’s, as well as well known restaurant chains including KFC, McDonalds, Pizza Hut and Subway. Trinity Business Park is also a short walk away.

The development is situated on the A642, which provides excellent road links to Leeds to the north (22 minutes by car), Huddersfield to the west (35 minutes) and Barnsley to the south (21 minutes). The property is also close to the city’s two railway stations; Wakefield Westgate (11 minutes walk) and Wakefield Kirkgate(12 minutes walk), which provide direct services to Leeds (11 minutes by train), Doncaster (24 minutes), Sheffield (48 minutes), London King’s Cross (2 hours 3 minutes) and many other major UK cities including Birmingham, Edinburgh and Newcastle, as well as other local towns such as Huddersfield and Pontefract. Leeds Bradford Airport is 19 miles north of Wakefield (around 42 minutes drive).

Wakefield District’s economy is worth £6.5 billion making it the fourth largest in the Leeds city region. A significant amount of regeneration work is planned including in the Civic Quarter, Kirkgate, Merchant Gate and Wakefield Waterfront. In 2018/19, the total amount of inward investment tracked by Wakefield First was worth over £250 million.

Vendor is seeking offers in the region of £3,800,000

Please contact our sales team for further details.

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 Wakefield, West Yorkshire

Wakefield is a cathedral city in West Yorkshire on the eastern edge of the Pennines.

Wakefield is very well connected with the intersection of the M1 and M62 motorways nearby, connecting it with London to Leeds and Liverpool to Hull respectively. The A61, A638 and A642 roads cross here and the A636 and A650 roads start in the city.

Leeds Bradford Airport is around 19 miles north of the city.

The city has two railway stations, one is Wakefield Kirkgate station which lies on the Hallam, Pontefract and Huddersfield lines. It also runs some services to London King’s Cross. Wakefield Westgate station runs services to Leeds, Doncaster as well as stations towards London King’s Cross. Other train services go to Newcastle, Edinburgh, Birmingham and the South West. There are limited trains to Sheffield, Derby and Leicester. Trains to London take less than two hours.

Wakefield has a lot to offer for all ages such as The Hepworth Wakefield, Yorkshire Sculpture Park, National Coal Mining Museum for England, National Trust Nostell, Pontefract Castle. Other adventurous activities include windsurfing across the lake at Pugneys Country Park, Gravity Trampoline Park or the snow slopes at Snozone.

For outdoor enthusiasts there are 69 managed parks and wildlife areas in the district, perfect for cycling, walking and wildlife spotting. In 2017 Wakefield was ranked as the tenth-fastest growing city economy in the UK. Part of the success is credited to the city’s location, with excellent transport links, ongoing regeneration and popular tourist attractions. A push to further develop the education sector is expected to bring further boost to the city.

Point of reference - not exact location,

Wakefield,

West Yorkshire,

England,

WF1 1QS

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