Glendale House, Washington

Residential Block Investment For Sale

7,516 ft²

Guide Price of £950,000

Key Features

Features
Freehold Residential Block For Sale
29no. 1 Bedroom Apartments For Sale
Passing Rent £110,000 per annum
ERV £135,000
Reversionary Yield 13.44%
Transport
Bus stops located outside of property
5.7 miles from Chester-Le-Street train station
0.2 miles from A1(M) via A182
16.2 miles from Newcastle International Airport

Property Description

LOCATION

Washington is a town in the City of Sunderland. Washington is equidistant from the centres of Newcastle, Durham and Sunderland, making it an ideal commuter location with easy access onto the A1(M).

The property is situated in the Town Centre district of Washington close to the Galleries Shopping Centre. The property is on a purpose-built office campus which is adjacent to a roundabout on the A182 dual carriageway.

 

DESCRIPTION

The subject property comprises converted office space offering 29 individual apartments over 4 floors. Each apartment benefits from kitchen/diner, bedroom and bathroom facilities and entrance is via a secure door entry system. The common areas are well-maintained and apartments are let individually on assured shorthold tenancies.

The whole of the property is let and managed by Coast & Country until March 2020 although it is agreed with the vendor that a prospective purchaser can recover possession and re-let directly upon completion of sale.

The passing rent is £110,000 per annum and it is anticipated that rental values in the immediate area for similar properties in the immediate vicinity are in the order of £90 per week equating to £135,000 per annum exclusive of £7 per week service charge for the maintenance of the block.


ACCOMMODATION
The property has the below approximate Gross Internal Area;

Lower Basement    113.4 m² (1,220 ft²)

First Floor                  91.0 m²     (980 ft²)

Second Floor           190.9 m² (2,055 ft²)

Third Floor              303.0 m² (3,261 ft²)

Total                        698.3 m² (7,516 ft²)


EPC RATING            

Apartments assessed separately.

 

ASKING PRICE

The property is available by way of Freehold with a guide price of £950,000 (Nine Hundred and Fifty Thousand Pounds).

 

VAT

All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT.

 

LEGAL COSTS

Each party is to bear their own legal costs involved in the transaction.

 

MONEY LAUNDERING REGULATIONS

In accordance with the Anti-Money Laundering Regulations the Purchaser/Tenant will be required to provide two forms of identification and proof of the source of income.

                

VIEWING

For general enquiries and viewing arrangements please contact Peter Bartley or Joseph I‘Anson at Bradley Hall.

Tel:          0191 383 9999       

Email:      peter.bartley@bradleyhall.co.uk

joseph.ianson@bradleyhall.co.uk


Sign up to my BH to register for property notifications