BWM are pleased to bring this excellent investment opportunity to the market. This long leasehold two bedroom , top floor flat forms part of Quayside House an ex Council block of properties privately developed in 2015. The property over looks the Mouth of The River Wear and is part of the High Street West regeneration and development plan. The area is popular with students being half way to both Campus. We have recently purchased an adjoining three bedroom property that was valued at £55k. Service charges and insurance are £40 per quarter.
We have secured the property at £37.5k thus avoiding any stamp duty costs but also allowing room for refinancing in the future. We have a verbal valuation of £45k from a local surveyor for BM Solutions. At this level the investor would be able to recoup £33.75k of their initial outlay. The property has also been accepted to be used for one of end user contracts. NACRO are a Social Justice Charity and housing association. They will take the tenancy on for a fixed 36 month period with the option to extend. Maintenance is covered and they furnish the property. Average length of contract we have been informed is five years.
The property is well presented throughout has new kitchen and bathroom , new boiler , full double glazing and was rewired in 2015. At present there are no additional capital costs. Further photos available on request.
Please contact REX to register your interest early as this house will generate a lot of interest.