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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 of 17 two-bedroom residential apartments located over shops in the Belmont area of Durham. The apartments are mostly tenanted and generate a current income of £69,720 per annum, with potential for improvement through rent increases. The property is situated in a popular residential location, close to Durham City Centre, with excellent transport, leisure, and retail facilities. The apartments are spacious and comprise a hall, living room, kitchen, two bedrooms, bathroom, and WC. The seller owns the freehold interest of the complete property, including shops and apartments, and the preferred method of sale is to create a new long lease of all flats and ancillary areas. The maintenance and service charge details are currently being finalized, with an estimated charge of around £1000 per apartment in the first year.