8 bed Flat For Sale £400,000
Melbourne Street, Newcastle Upon Tyne NE1

This is an investment opportunity to purchase two tenanted apartments in the centre of Newcastle. These properties generate £32,532 in rent per annum and have a gross yield of 7.4%.

Leasehold information

• Length of lease: 125 years
• Year lease started: 2004

Block information

• 2 x 4-bed apartments
• Communal entrance with key code access
• Lift access
• Popular with students and young professionals
• The building comes with a communal garden and is serviced & maintained by a management company
• Lift access
• Popular with students and young professionals
• Aggregate monthly rental income £2,423 until June 2020
• Aggregate monthly rental income £2,773 from July 2020

Property information

• 2 x 4-bed apartments
• Each comes with a spacious living room and separate kitchen
• Fully tenanted
• Each apartment has comes with a parking space
• EPC rating C

Rental income

• 1st apartment: Let for £950 pcm until June 2020 and then for £1,300 from July 2020 until June 2021
• 2nd apartment: Let for £1,473 until June 2021

Location information

The property is ideal for families or students occupancy, offering a variety of educational institutions such as the Sacred Heart rc High School, Gosforth Academy and two universities, of which Newcastle University is within 100 meters walking distance and Northumbria University is just on the doorstep.