Property description
Rare to the market investment opportunity
25% Below Market Value
£390 pcm Monthly Rental Income
£15k Refurbishment required
14% Cash Purchase Rental yield
26% Mortgage Rental Yield
(Based on 80% ltv BTL Interest only mortgage @ 3.9% -refurb not inc in figures)
Figures are for illustration purposes only
Local area:
There are a lot of exciting things happening in County Durham, which makes now an excellent time to purchase an investment property at a reduced price. The economic boost in the local area bound to have a knock on effect on the property values thus impacting on capital growth. Please see details below:Bridge St is located within a two minute walk from Bishop Auckland Town Centre, where work is starting on a £60m project to renovate Auckland Castle and the Market Place. Substantially funded by Jonathan Ruffer, a London-based investment manager, and National lottery Heritage funds it represents one of the most ambitious heritage-led regeneration projects in England in recent decades. The core of the scheme is the restoration and expansion of the castle, for 900 years the residence (and since 2010 just the office) of the Bishop of Durham.Durham County Council has granted planning permission for the castle restoration. Further development being approved and work has begun building the venue for an open-air, £24m history and light show. The Eleven Arches project will feature open-air shows and historical re-enactments in the grounds of Auckland Castle, Bishop Auckland from 2016, which aims to attract 800,000 visitors a year, create jobs and boost the economy.7 Miles from Bishop Auckland in Newton Aycliffe, an £82m Hitachi train factory has been officially opened in September 2015. The Hitachi plant will employ 730 workers assembling high-speed Intercity trains for the East Coast and Great Western main lines. It has been hailed as an economic boost, with many local companies involved in the plant's construction.At the opening ceremony Prime Minister David Cameron said it was a \"show of confidence\" in the region. \"This is Hitachi's first factory in Europe and their massive investment is a sign of their commitment to the United Kingdom and a real show of confidence in our economy and of confidence in the North East,\"
Local Amenities:
Primary Schools: Prince Bishops, Coundon GrangeSecondary: King James Acadamy, GreenfieldCollege: Bishop Auckland CollegeUniversity: Durham University (ranked in the top 5 in the UK)Doctors: Auckland Medical GroupHospital: Bishop Auckland General hospitalShopping: Convenience store opposite, Asda/ Morrisons, town centre with major banks - 2 miles Shopping complex: M&S, Next, TK Max- 3 miles
Approx year built:
1920
Type of property:
End terrace
Structure:
Brick
Roof:
Tile
Tenure:
Freehold
External:
Rear yard with gated access to double driveway
Approx rebuild cost:
£140k for insurance purposes