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1a
1a-17a Cheveley Park, Durham
£1,150,000
1a-17a Cheveley Park, Durham
£1,150,000
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 investment opportunity comprises 17 two-bedroom residential apartments situated above shops in Durham's Belmont area. The flats are mostly tenanted, producing a current income of £69,720 per annum, with four apartments vacant. The apartments are located near Durham City Centre, offering excellent transport, leisure, and retail facilities. The property has potential for improvement, with current rents below market levels, and an estimated earning value of £94,620. Alternatively, the apartments could be sold individually, creating a potential profit. The seller owns the freehold interest and is willing to create a new long lease for the flats and ancillary areas. A service charge of around £1,000 per apartment is expected in the first year, subject to final confirmation.