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34 bedroom apartment for sale
1a-17a Cheveley Park, Durham
£1,300,000
1a-17a Cheveley Park, Durham
£1,300,000
Our Summary
- An excellent investment opportunity comprising of seventeen two bedroom residential apartments, situated over shops in the Belmont area of Durham
- The flats are mostly tenanted and currently produce a good income stream with substantial potential for improvement as leases are renewed or existing rents increased
- However we believe that it may be possible to increase rents to a level where gross income could be improved to above £100,000 pa
- Available rental evidence suggests this but improvements to the flats may be required
Description
This property description presents an investment opportunity in Durham, consisting of 17 two-bedroom residential apartments over shops, mostly tenanted and generating a current income of £69,720 per annum with potential for improvement. The apartments are located in a popular residential area, close to Durham City Centre, and have a small enclosed courtyard and common grounds. The freehold interest in the property, including the apartments and shops, is owned by the seller, who is willing to create a new long lease of the flats. The maintenance and service charge is currently unknown but is expected to be around £1000 per apartment in the first year, subject to final confirmation. The potential buyer can either acquire the apartments collectively or individually, with the possibility of creating a profit overall.