Property Information
Address:
Stockton-on-tees TS17 0AS Stockton-on-Tees
Price: Property no longer available.
Size: SOA
Primary Category: Shop
All Categories:
Shop,
Property Ref/Movehut: MH256474
Property Ref/Agent: 4877231
*Please use the agent ref when calling the agent directly.
Property description
A modern residential freehold and ground rent investment, located in the busy residential suburb of Thornaby approximately 3 miles south east of Stockton on Tees. The A19 and A66 dual carriageways link the town with the A1(M). The estate is situated just off the principle north south thoroughfare through the town enabling excellent access to Thornabys Pavilion shopping centre and other main amenities such as an Asda superstore. A number of recent residential developments make up the properties immediate surroundings.Developed in 2007 the property comprises of 27 no 2 bedroom apartments split over two three storey blocks of brick construction with pitched tiled roofs. The self-contained site is secured by an electric security gate and includes allocated and some visitor car parking. The apartments have all been developed to a good specification and access to each apartment is via a communal shared entrance with a security access system to the building.Twenty of the apartments are have been sold off on long leaseholds on a 999 year term at an initial annual ground rent of 75 subject to 25 yearly RPI linked reviews. Of the 7 unsold apartments, 5 are let on Assured Shorthold Tenancies at rents of between 480 and 515 per calendar month. There is opportunity with the remaining 2 vacant apartments to significantly increase the current rental roll of 31,560 per annum.Offers are sought in the region of 450,00 for the freehold interest subject to long leasehold interest described above. This price would reflect an initial yield of 6.89% and a reversionary yield of 9.51% after letting the vacant flats and after purchasers costs have been taken deducted at the standard rate.furthermore, offers will be considered separately for the freehold ground rent investment in its own right and the long leasehold interests in the 7 remaining apartments. DISCLAIMER: Misrepresentation Act. The property details have been produced in good faith, are set out as a general guide and do not constitute the whole or part of any contract. All liability, in negligence or otherwise, arising from the use of the details is hereby excluded.
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