Residential Investment In Teesside For Sale

Norton, Teesside, UK

Asking Price:: £535,000

Turnover:: £52,060

Net Profit:: Not applicable

Income £52,060 per annum.
2x residential investment blocks.
Self-contained 1 bed flats.
4 flats per block, 8 flats in total.
Lease in place till October 2028.
Annual 3% fixed rent increase.
Large footprint with lawned areas.
ASKING PRICE £535,000.

Property Information

Property:: Freehold

Location:

The properties are located on David Road in Norton, which is a sought-after suburb of Stockton on Tees within the conurbation of Teesside, North East England.

Teesside is a well-connected region of North East England with mainline rail services from Darlington and Middlesbrough plus road links via the A19 and A66 trunk roads.

International connecting flights are available at Teesside Airport together with a selection of internal domestic destinations.

The region is also home to the North York Moors National Park and iconic Transporter Bridge which spans the River Tees.

Premises Details:

This investment opportunity comprises two detached, two storey freehold buildings each of which contain four separate one bed flats, providing a total of eight. Each of the eight flats has its own front door and there are no communal internal spaces.

The accommodation is in excellent condition, and each spacious flat has a separate lounge, double bedroom, kitchen and bathroom together with a good-sized entrance lobby or landing. Electric heaters are installed throughout, and hot water is via an immersion heater within each flat.

Externally there are lawned areas and the flats have a pleasant aspect to the rear, overlooking the Lustrum Beck.

The current tenant provides accommodation and care solutions for vulnerable children, young adults and families. One of the flats is occupied by their staff, ensuring an on-site presence for their clients but also ensuring the fabric of the property is monitored.
Each flat comprises the following;

Entrance Lobby / Landing
Lounge
Double Bedroom
Kitchen
Bathroom

Occupational Leases

There are two concurrent leases, one for the block containing flats 56, 58, 60 & 62 and the other for the flats 64, 66, 68 & 70.

The tenancy is in the name of ROC Family Support Limited (CRN 04246122). Each lease is 5 years from 7th October 2023 and the total rental income per month is £4,338.32p.

The rent is payable monthly in advance, and the tenancy allows for an annual rent increase of 3% per annum. The tenant is responsible for internal repairs and the landlord is responsible for the external repairs.