Description

Great Investment Opportunity

9 X 2 Bedroom Flats

1-9 Tudhoe Lane, Tudhoe Village. Spennymoor. DL16 6LL.

Off Market purpose built freehold block of apartments built circa 10 years ago with excellent returns.
All apartments are two bedrooms in size and range from 32m2 to 48m2 (8 of which are 40m2+).

The apartments are in an exclusive village on the outskirts of Spennymoor, County Durham. They are all consistently rented out at £400 each pcm, although based on conversations with local agents the market value is more like £450 pcm.

The site also comes with 2 separate car park areas (one to the front and one to the rear).

Each apartment comes with double glazing, gas fired boilers and is maintained in a good condition.

All properties will be sold with tenants in occupation and they would be responsible for their own bills.

Location
The property is situated to:
• 0.1 miles away from Tudhoe village High Street
• 4 miles to Durham City Centre
• Bus stop opposite the block of apartments

Rental
All nine flats are rented at present producing a gross rent of £43,200 per annum.

The Vision
• To purchase the property for £530,000 and enjoy immediate cashflow
• Increase rents over time to reach market value
• Potentially look to split titles and sell individual units.
• Supercharge rent by utilising the services of an assisted living provider.

Cashflow Forecast
• Current Income = £3,600 pcm = £43,200 per annum.
• Based on market rents £4,050pcm = £48,600 per annum.

Costs to consider if looking at Finance

• Mortgage Cost (based on 75% LTV @ 3.0%) = £994 pcm
• Management @ 10% + VAT (Optional) = £432 pcm

POTENTIAL CASHFLOW AFTER ALL THE ABOVE COSTS
Managed = £2,174 pcm = £26,091 per annum
Self-Managed = £2,606 pcm = £31,272 per annum.