OIEO £1,100,000 Available
  • Newly Refurbished
  • Cul De Sac Location
  • Opportunity for additional development
  • Approximate Net Yield of 7.3%
  • Apartments plus three bedroom houses
  • Two Garages
  • Fully Occupied
  • Call to view

Newly Refurbished and Fully Occupied development available at an approximate net yield of 7.3%.

Wel are delighted to present a fantastic investment opportunity, located within short distance to Selafielld Power Station, the development is located in a large cul-de-sac, with two garages and an opportunity for additional development on the site.

The development, new to the market, has been recently renovated to a good standard and is fully occupied with a rent roll of £80,000 per annum.

The development consists of 13 units consisting of 1, 2, 3 and 4 bedroom apartments and 3 three bedroom houses The total gross income for the 2016 was £82,000 per annum. The rent received is excluding utilities and all properties are subject to assured short tenancies with all deposits lodged into a tenancy deposit scheme.

We believe that there is scope for rent increases increasing the current rental income to £100,000 producing a yield of circa 9%.
Address Beds Status Current let Market Value
1 Lingmell Courtyard, Gosforth Road Seascale 3 3 Bedroom Ground Floor £500.00 £ 525.00
2 Lingmell Courtyard, Gosforth Road Seascale 2 2 Bedroom Ground Floor £550.00 £ 600.00
3 Lingmell Courtyard, Gosforth Road Seascale 3 3 Bedroom Apartment £495.00 £ 700.00
4 Lingmell Courtyard, Gosforth Road Seascale 2 2 Bedroom Apartment £450.00 £ 600.00
5 Lingmell Courtyard, Gosforth Road Seascale 3 3 Bedroom Apartment £575.00 £ 700.00
6 Lingmell Courtyard, Gosforth Road Seascale 1 1 Bedroom Apartment £450.00 £ 550.00
8 Lingmell Courtyard, Gosforth Road Seascale 3 3 Bedroom House £575.00 £ 700.00
9 Lingmell Courtyard, Gosforth Road Seascale 4 4 Bedroom House £500.00 £ 750.00
10 Lingmell Courtyard, Gosforth Road Seascale 3 3 Bedroom House £550.00 £ 700.00
11 Lingmell Courtyard, Gosforth Road Seascale 1 1 Bedroom Apartment £395.00 £ 550.00
12 Lingmell Courtyard, Gosforth Road Seascale 1 1 Bedroom Apartment £495.00 £ 550.00
13 Lingmell Courtyard, Gosforth Road Seascale 3 3 Bedroom House £495.00 £ 750.00
14 Lingmell Courtyard, Gosforth Road Seascale 3 3 Bedroom House £600.00 £ 750.00




A covenant of the sale is for Reed Residential to retain the lettings and management for a period of 3 years at a fixed fee of 10% + VAT

Floor plans and EPCs are fully available upon request


Property Misdescriptions Act 1991 - all statements contained within this brochure have been provided in good faith and are understood to be accurate although cannot be guaranteed as we rely on information provided by others. Potential purchasers should satisfy themselves as to the validity of the information contained either by inspection or through their solicitors prior to any exchange of contracts to purchase. Services have not been tested and purchasers are recommended to undertake independent tests on all services and mechanical installations prior to exchange. Details correct at time of going to print.


Notice
Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.