£38K One-bedroom flat in Newcastle City Centre with 16.1% re
£38k purchase price (24% BMV) and £510 pcm fully managed rental income on long term lease (16.1% pa)
A second-floor, one-bedroom flat in Newcastle, priced at just £38k with a market value of £50k—offering you a 24% discount!
This concrete-built ex-council property was renovated in 2016 and requires only a modest uplift. The flat is just a 15-minute walk from the town center and includes access to a charming communal garden.
With an LHA rate of £488 per month, the property offers a solid rental yield of 15.2% annually. Opt for a 3 or 5-year lease at £510 per month (with bills and maintenance being covered by the company) and enjoy an even higher rental yield of 16.1% annually.
This property is ready to move, but it's available to cash buyers only.
Total Sourcing Fee £4,000
Total Sourcing Fee split into:
1. Holding Fee £250
(Due Now)
2. Confirmation Fee £1,750
(Due After 7-Day Due Diligence Period)
3. Completion Fee £2,000
(Due on Completion of the Property Purchase)
Photos
The Area (NE4 7SH)
Mix of residential & commercial properties, including ex-council flats, small businesses, & local am
The flat is a 15 minute walk from Newcastle Railway Station and city centre. It’s a 5 minute walk to the local convenience store and bus stop to the city centre and other areas of Newcastle.
Due Diligence
Value £50k - recent sold prices
Value £50k - properties for sale
Value £50k - properties for sale
There are no recent sold prices for this postcode, but a similar one-bedroom flat sold nearby for £61k in September 2023. Click the image above to review the sold price data.
Value £50k - properties for sale
Value £50k - properties for sale
Value £50k - properties for sale
There are 2 one-bedroom flats that have sold STC within 0.25 miles, with offers in excess of £55k and offers in excess of £60k. Please click the image above to see the listings.
Rental Value £488 pcm
Value £50k - properties for sale
3 or 5 year lease for £510 pcm
The LHA Rate for the area is £112.77 x 52 / 12 = £488.67 pcm. Please click the image above to see the data.
3 or 5 year lease for £510 pcm
3 or 5 year lease for £510 pcm
3 or 5 year lease for £510 pcm
Mears are interested in renting the property on a 3 or 5 year lease paying £510 pcm. They will pay all bills and cover any maintenance costs. Please click the image above to see Mears' website.
We are finalising the details with Mears and I will share the formal offer once I have it.
EPC
3 or 5 year lease for £510 pcm
Lease Details
The flat has an EPC rating of C. Click the image above to see the EPC certificate.
Lease Details
3 or 5 year lease for £510 pcm
Lease Details
Lease Details
There are approximately 111 years remaining on the lease. Ground rent is £10 per annum and service charge £460 per annum.
Newcastle Homes manage the block & community area. There is a 24-hour concierge service on site.
The block
Condition of the Flat
Condition of the Flat
The block is a concrete build, has communal gardens for the residents to use and it is permit parking only.
Condition of the Flat
Condition of the Flat
Condition of the Flat
The property was fully renovated in 2016. It has full double glazing, is central heated with a reliable boiler and has been re-wired. It requires painting and new carpets estimataed to cost £2k-£4k in total. You are welcome to get quotes during your 7-day Due Diligence period.
Disclaimer
Condition of the Flat
Disclaimer
Every effort has been made to ensure the information provided is accurate and factually correct. However, it is important that you conduct your own due diligence and seek independent financial and legal advice, as we are not able to provide such services.
Next Steps
Here are the 3 steps required to secure this property
1. Fully Refundable £250 Holding Fee & 7-Day Due Diligence Period: Upon payment of the Holding Fee, the property will be taken off the market, granting you a 7-day period to conduct due diligence, including a property viewing. If you choose not to proceed, a full refund will be issued, provided you notify us in writing within 7 days.
2. £1,750 Confirmation Fee & Conveyancing: If you decide to proceed, you’ll need to pay the Confirrmation Fee, and the conveyancing process will begin.
3. £2,000 Completion & Completion Fee: Upon completion of the property purchase, the Completion Fee will be due.
If the vendor withdraws from the sale or legal issues prevent the purchase, a full refund will be provided. However, if you opt not to proceed for any other reason, the refund will not be available.
I'm an experienced & fully compliant property sourcer:
Anna Pearce Ltd - 11384195
PRS reg - PRS037164
ICO reg - ZB402574
HMRC - XXML00000183615
