140-144 Norton Road, Stockton-On-Tees, Durham, TS20

Investment Consideration:
Gross Initial Yield: 14.51%
Rental Income: £27,580 p.a.
VAT is NOT applicable to this property
Comprises 5 self-contained flats arranged over first floor and attic
Property benefits from communal area fire system and emergency lighting
Located opposite large newbuild residential village and close to secondary school
Within 0.5 miles to Stockton Train Station with occupiers nearby include takeaway shops, pharmacy, laundrette, tyre shop and others.

Property Description:
The property comprises 5 x 1-Bed Flats arranged over first floor and attic. Property has been recently refurbished to a high standard and benefits from communal area fire system and emergency lighting.

The property provides the following accommodation and dimensions:
Flat 1: 1 Bedroom, Kitchen/Living Room, Bathroom - 33 sq m (355 sq ft)
Flat 2: 1 Bedroom, Kitchen/Living Room, Bathroom - 27 sq m (290 sq ft)
Flat 3: 1 Bedroom, Kitchen/Living Room, Bathroom - 28 sq m (301 sq ft)
Flat 4: 1 Bedroom, Kitchen/Living Room, Bathroom - 24 sq m (258 sq ft)
Flat 5: 1 Bedroom, Kitchen/Living Room, Bathroom - 57 sq m (614 sq ft)
Total area size: 169 sq m (1,818 sq ft)

Tenancy:
Flat 1 is let on AST to an Individual for a term of 12 Months from 3rd August 2022 at a current rent of £5,640 p.a. Deposit held of £470.
Flat 2 is let on AST to an Individual for a term of 12 Months from 22nd August 2022 at a current rent of £5,640 p.a. Deposit held of £470.
Flat 3 is let on AST to an Individual for a term of 12 Months from 13th July 2022 at a current rent of £6,000 p.a. Deposit held of £500.
Flat 4 is let on AST to an Individual for a term of 6 Months from 6th December 2022 at a current rent of £5,100 p.a. Deposit held of £375.
Flat 5 is let on AST to an Individual for a term of 12 Months from 14th January 2023 at a current rent of £5,200 p.a. Deposit held of £433.33.

Tenure:
To be held on a new 999 Year lease from completion with ground rent of peppercorn.

Location:
Stockton-on-Tees is a major commercial centre located approximately 30 miles south of Newcastle upon Tyne and 4 miles west of Middlesbrough. The town benefits from excellent road communications, being two miles west of the A19 link road and one mile north of the A66 dual carriageway, which links the A19 with the A1(M) Motorway. The property is located opposite large newbuild residential village and close to secondary school, within 0.5 miles to Stockton Train Station. Occupiers nearby include takeaway shops, pharmacy, laundrette and others.