BWM are pleased to bring this excellent investment opportunity to the market. This long leasehold upper maisonette can be purchased for a 25% deposit on a standard BTL mortgage , refurbished and then let on a long term end user agreement with G4S. The return on capital employed is outstanding and we also have no voids for 48 months.
The property is currently a four bedroom upper maisonette close to Gateshead Town Centre in what we would class as a primary buy to let area. The vendor has owned the property for forty years. It would be our intention to refurbish and modernise the property whilst adding a further bedroom and bathroom. The total cost of these works and full furnishings would be circa £17k. The property would not be licensed but would be registered with Gateshead Council.
Monthly first year costs on this property amount to £160( based on a mortgage at 3.99%) whilst income is fixed at £931 pcm. All internal maintenance is covered by G4 and the property is visited on a monthly basis. Normal market rent for a flat of this size would be £595 pcm and there are no service charges or ground rent.
The property is arranged over two floors and briefly comprises of an entrance lobby which leads to a first floor landing, from the landing there is a open plan lounge with dining area and a kitchen and bathroom beyond, two bedrooms are located on this floor and both overlook the front aspect. Located in the loft there is two further double attic bedrooms. Externally to the rear there is a yard. The property has double glazing installed to the windows and there is gas central to some of the rooms.
Please contact REX to register your interest early as this house will generate a lot of interest.