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Station House, Station Road, Sunderland, SR6 9DG

£50,000

Business rates & charges may apply

Naylors Gavin Black LLP, Newcastle Upon Tyne
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SECTOR

Land for sale

Key features

  • Rarely available residential ground rent investment
  • 4 storey block comprising 28 residential units (predominantly two bedrooms)
  • Well located to the north of Sunderland and within close walking distance of the metro station at Seaburn
  • Ground rent of £3,700 per annum generated from 25 of the 28 apartments let on 250 year ground leases with 10 year RPI linked rent reviews
  • Management annual fee via service charge is currently £5,040
  • Additional fees generated at the point of any flat/assignment
  • Solar - powers common services only. Current surplus exported back to grid without financial benefit. SEG licence could be secured and additional income generated
  • Freehold - £50,000 (7.27% net initial yield on ground rent income alone)

Description

Location

The property has been developed on the old Fulwell Fire Station Site just to the north of Sunderland and close to the coast at Seaburn Beach and Seaburn Metro Station, as well as close to Newcastle Road, thereby giving easy access to all parts of the region.

Description

The property comprises a 4 storey residential block. All two bedroom apartments have access to either a private balcony or patio.

The development comprises 24 x 2-bed apartments and 4 x 1-bed apartments all fitted to an extremely high standard with open plan living space, kitchen/diner and master bedroom.

Externally each apartment benefits from its own parking bay plus there are 9 visitor spaces and an electrical vehicle charge point.

The building is covered by the remaining term of a 10 year structural warranty insurance policy with ICW, expiring 2031.

Tenure Comments

The property is freehold subject to 28 ground leases for a term of 250 years from March 2021 generating an annual rent of £3,700. (See attached tenancy schedule)

All landlords costs of maintenance and the upkeep of common areas and the insurance are covered by way of service charge.

Brochures

Station House, Station Road, Sunderland, SR6 9DG

Open mapStreet View

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Seaburn Metro Station0.4 miles
  • Stadium of Light Metro Station0.7 miles
  • St Peter's Tram Stop1.2 miles

About Naylors Gavin Black LLP, Newcastle Upon Tyne

One Strawberry Lane Newcastle Upon Tyne NE1 4BX

As commercial property specialists for the North East, Naylors have their head office in the heart of Newcastle. The firm was founded twenty years ago by Bill Naylor, managing director, and has retained its independence, growing to become one of the most respected practices in the area.

This is reflected in Naylors being invited to represent the North East through membership of PAI, a prestigious organisation of like-minded professionals covering most of the Uk.

Today, Naylors handle a wide range of commercial and industrial properties in an area that stretches from Yorkshire to Northumberland and beyond. Our client list includes every kind of organisation from public bodies and national chains to local SME companies.

It is the quality of our people that makes the difference. Fully qualified professionals with a commitment to their clients’ interest and the in-depth knowledge to provide a tailor-made service.

Notes

These notes are private, only you can see them.

Disclaimer - Property reference 3290FH. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Naylors Gavin Black LLP, Newcastle Upon Tyne. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

Map data ©OpenStreetMap contributors.

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