A conversion of four off-market 1 x bed flats available

Total Purchase Price: £98,000

Rent: £1,340 PCM

Gross Yield: 12.5-13%

Refurb: £15,000-20,000

 

Stamp duty: £2,940

Broker fee: £600

Solicitor fee: £900

Sourcing fee: £5,000

 

Comparables

Flats sold within a 1/4 mile:

1 Bed apartment sold for £69,500 in June 2020

1 Bed apartment sold for £61,000 in February 2020

1 Bed apartment sold for £51,250 in February 2020

1 Bed apartment for rent at £390 PCM

4 Bed house sold on same street requiring full refurb for £80,000 in March 2020

4 Bed house sold on same street requiring updating for £106,000 in December 2019

 

Queen Street is a couple of roads back from the popular Redcar seafront. It’s currently an exciting time to

be living and investing in Redcar. After the steelworks were shut in 2015 the land around it has sat idle,

but new investment has seen plans for the development of the land, which is said to be creating an

estimated 20,000 jobs. With all this work due to start, Queen Street may well benefit from contractors

and workers, and the 1-bed apartments should be a perfect set up for them.

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Location