1a-17a Cheveley Park, Durham

An excellent investment opportunity comprising of seventeen two bedroom residential apartments, situated over shops in the Belmont area of Durham. The flats are mostly tenanted and currently produce a good income stream with substantial potential for improvement as leases are renewed or existing rents increased. Current income is £69,720 per annum, with four flats vacant. The apartments are located in a popular residential location, in close proximity to Durham City Centre, with it's excellent transport, leisure and retail facilities.
Accommodation
There are seventeen apartments in two blocks, over shops, each being very spacious and we understand comprising of hall, living room, kitchen, two bedrooms, bathroom and wc. There is also a small enclosed courtyard to each flat and externally there are common grounds and car parking facilities. We have only inspected one apartment internally and cannot therefore provide full internal details of accomodation for all apartments however we have available a layout drawing for inspection, from which we have taken accommodation details.
Income
We can supply a schedule of rents and tenancy dates which shows current income of £69,720 pa. Our research of recent nearby lettings suggests that many of the rents are now below market levels. Our clients have produced a schedule showing a current ERV of £94,620. However we believe that it may be possible to increase rents to a level where gross income could be improved to above £100,000 pa. Available rental evidence suggests this but improvements to the flats may be required. Potential buyers must carry out their own research and satisfy themselves regarding the full rental value of the units.
Alternatively, a buyer may be able to dispose of the apartments individually, thereby possibly creating a profit overall.
Tenure
Our client owns the freehold interest of the complete property including shops and apartments. We are advised that the preferred method of sale is to create a new long lease of all of the flats and the ancillary areas, such as walkways and staircases. During negotiations it will be established how the property is to be conveyed and draft documents will then be provided by the seller.
Maintenance and service charge
We await full details of the proposed management and service charge contract. We are informed at this stage that the charge in the first year, per apartment, will be around £1000 subject to final confirmation. Details of the charge and the responsibilities of the parties need to be agreed during negotiations. There is an asbestos management plan for the development and we await a copy from our clients.
Viewing
Strictly by appointment via joint sole agents Andrew Craig.
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Material Information
The information provided about this property does not constitute or form part of an offer or contract, nor may it be regarded as representations. All interested parties must verify accuracy and your solicitor must verify tenure and lease information, fixtures and fittings and, where the property has been recently constructed, extended or converted, that planning/building regulation consents are in place. All dimensions are approximate and quoted for guidance only, as are floor plans which are not to scale and their accuracy cannot be confirmed. Reference to appliances and/or services does not imply that they are necessarily in working order or fit for purpose. We offer our clients an optional conveyancing service, through panel conveyancing firms, via Move With Us and we receive on average a referral fee of one hundred and ninety four pounds, only on completion of the sale. If you do use this service, the referral fee is included within the amount that you will be quoted by our suppliers. All quotes will also provide details of referral fees payable.

EPC Rating: See details
Tenure
We will provide as much information about tenure as we are able to and in the case of leasehold properties, we can in most cases provide a copy of the lease. They can be complex and buyers are advised to take legal advice upon the full terms of a lease. Where a lease is not readily available we will apply for a copy and this can take time.
EPC
EPC ratings vary between E-G. We have a schedule of each EPC for inspection by potential buyers.