Westgate House, 252-258 Westgate Road, Newcastle upon Tyne
Offers In Excess Of £2,200,000
• Prime student accommodation investment for sale
• Comprising 7 HMO flats and houses
• Fully let until next year
• Popular location for student accommodation
• Recently renovated accommodation
• Passing rent of £144,351.96 per annum.
• We are instructed to seek offers in excess of £2,200,000 equating to a net initial yield of 6.17% assuming purchasers costs at 6.32%.
The properties are location on Westgate Road in Newcastle upon Tyne City Centre. Westgate Road is a main road that links the A1(M) with Newcastle city centre. The properties are 0.5 miles from Central Train Station and Metro Station as well as St James Metro Station and St James Park Football Stadium and intu Eldon Square.
The subject properties comprise of a prominent unbroken terrace of houses of multiple occupation. The properties have basement facilities which have the potential to be renovated into further HMO accommodation. The properties have been refurbished to a high standard with new kitchen and bathroom facilities in 2018.
The apartments are currently let at a weekly rent of £82.50 per person / per room.
ACCOMMODATION AND TENANCY INFORMATION
Property Rent (PCM) Description
1 Westgate House Basement flat, not yet developed; expected rent when complete c.£500pcm
2 Westgate House £1,118.00 HMO, flat, mix of student and professional
3 Westgate House £1,841.67 HMO, flat, mix of student and professional
4 Westgate House Basement flat, not yet developed; expected rent when complete c.£500pcm
5 Westgate House £1,118.00 HMO, flat, mix of student and professional
6 Westgate House £1,950.00 HMO, flat, mix of student and professional
7 Westgate House Basement flat, not yet developed; expected rent when complete c.£500pcm
8 Westgate House £2,946.64 Large house, HMO, mix of student and professional
9 Westgate House Basement flat, not yet developed; expected rent when complete c.£500pcm
10 Westgate House £975.00 HMO, flat, mix of student and professional
11 Westgate House £2,080.02 HMO, flat, mix of student and professional
Total rent PCM £12,029.33
Total rent per annum £144,351.96
2 Westgate House E41
3 Westgate House E41
5 Westgate House C73
6 Westgate House E47
10 Westgate House E40
11 Westgate House E48
The accommodation is available by way of freehold with a price of offers in excess of £2,200,000 (Two Million Two Hundred Thousand Pounds).
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.
Each party is to bear their own legal costs involved in the transaction.
For general enquiries and viewing arrangements please contact Tim Aisbitt or Neil Hart at Bradley Hall.
Tel: 0191 232 8080