Investment Consideration:
Gross Initial Yield: 7.36%
Rental Income: £5,520 p.a.
Under rented. ERV: £7,000 p.a.
VAT is NOT applicable to this property
Comprises self-contained 2-bedroom flat situated at first floor
Newly replaced roof and refurbished communal areas (£40,000)
Town centre location with occupiers nearby including Morrisons, Costa Coffee, Specsavers, Co-Op Food, Boots, Hays Travel and more.
Property Description:
Comprises self-contained 2-bedroom flat at first floor, accessed from the rear via communal alleyway from the main street. The property provides the following accommodation and dimensions:
First Floor Flat 4 - 73 sq m (786 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom
Tenancy:
Flat 4 is at present let on AST to an Individual for a term of 6 Months from 10th October 2022 (holding over) at a current rent of £5,520 p.a. Deposit held of £460.
Tenure:
Long Leasehold. To be held on a 125 Year lease from completion at a ground rent of peppercorn.
Location:
Barnard Castle is located just north of the A66, approximately 16 miles West of Darlington and draws on an extensive, wealthy hinterland. The popular Market Town is situated in North Yorkshire with an affluent residential population. The property occupies a prominent location in Horsemarket opposite Costa Coffee and Boyes Department Store and close to Coop, Heron Foods, Holland & Barrett, Boots, and more.
