Commercial Property For Sale
Investments
Residential Investment
Norton
£575,000 (Freehold)
REF: NE2171
Introduction
This investment comprises 8x 1 bed flats that are held on 5 year IRI leases dated from October 2023. The rent will be £602.55 per flat per month from 11/25 and the leases provide for rent increases of 3% per annum.
Location
The properties are located on David Road in Norton, which is a sought-after suburb of Stockton on Tees within the conurbation of Teesside, North East England.
Teesside is a well-connected region of North East England with mainline rail services from Darlington and Middlesbrough plus road links via the A19 and A66 trunk roads.
International connecting flights are available at Teesside Airport together with a selection of internal domestic destinations.
The region is also home to the North York Moors National Park and iconic Transporter Bridge which spans the River Tees.
Description
This investment opportunity comprises two detached, two storey freehold buildings each of which contain four separate one bed flats, providing a total of eight. Each of the eight flats has its own front door and there are no communal internal spaces.
The accommodation is in excellent condition, and each spacious flat has a separate lounge, double bedroom, kitchen and bathroom together with a good-sized entrance lobby or landing. Electric heaters are installed throughout, and hot water is via an immersion heater within each flat.
Externally there are lawned areas and the flats have a pleasant aspect to the rear, overlooking the Lustrum Beck.
The current tenant provides accommodation and care solutions for vulnerable children, young adults and families. One of the flats is occupied by their staff, ensuring an on-site presence for their clients but also ensuring the fabric of the property is monitored.
Accommodation
Each flat comprises the following;
Entrance Lobby / Landing
Lounge
Double Bedroom
Kitchen
Bathroom
Occupational Leases
There are two concurrent leases, one for the block containing flats 56, 58, 60 & 62 and the other for the flats 64, 66, 68 & 70.
The tenancy is in the name of ROC Family Support Limited (CRN 04246122). Each lease is 5 years from 7th October 2023 and the rent will be £602.55 per calendar month from November 2025.
The rent is payable monthly in advance, and the tenancy allows for an annual rent increase of 3% per annum. The tenant is responsible for internal repairs and the landlord is responsible for the external repairs.
EPC
Flat #56, 58, 60, 64, 66, 68 & 70 – Rating D.
Flat #62 – Rating E.
Council Tax
Each flat is recorded as Council Tax Band A.
Services
Electric, water and sewerage is all connected. Heating is via wall mounted electric radiators and hot water is supplied via immersion tanks. Each flat is double glazed.
Tenure
The block of flats 56, 58, 60 & 62 is held on the freehold title (CE175785).
The land is held on a freehold title (CE155721) and includes flats 66, 68, 70 & 72 which are held on a 125 year lease from October 2004.
Asking Price
Offers in excess of £575,000 are sought.
Viewings
Strictly be appointment with this office.
Money Laundering
In accordance with Anti Money Laundering Regulations, a Purchaser will be required to provide two forms of identification and proof of the source of income.
If you'd like to know more about how we work, give us a call on 0191 487 8566, we're always happy to help.
Arrange a viewing Download details