1-3 Market Place, Workington, Cumberland, CA14 4AX
- PROPERTY TYPE
Flat
- BEDROOMS
7
- BATHROOMS
7
- SIZE
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- TENUREDescribes how you own a property. There are different types of tenure - freehold, leasehold, and commonhold.Read more about tenure in our glossary page.
Freehold
Key features
- large block of 6 flats
- rare investment opportuinity
- town centre location
- fully FRI in place for 6 years and 11 month achieving a net of £43,200 per annum
Description
Prime Residential Investment Opportunity Fully Let Block of 6 Flats
An exceptionally rare opportunity to acquire a fully tenanted block of six self-contained flats, ideally located in the historic town of Workington, on the edge of the Lake District.
Investment Highlights
Fully let investment with all units secured on 6-year 11-month Full Repairing and Insuring (FRI) leases, including maintenance and bills
Immediate, hands-off income with long-term tenancy agreements in place
Recently refurbished (June 2024) to a high standard throughout
All furniture, fixtures, and white goods included in the sale
Refurbishment & Specification
The entire building underwent a comprehensive renovation prior to handover, including:
Full electrical rewire
New integrated fire safety system
Intercom access installed in each flat
Brand-new kitchens and bathrooms
Full redecoration throughout
New carpet flooring in all flats
Durable industrial laminate flooring in communal areas
Asset Value & Growth Potential
Valued at £500,000 (May 2024) prior to lease agreements
Projected commercial valuation: £606,000 (February 2026)
Offered below market value, presenting a strong yield and potential for a money-out" investment strategy
Tenure & Flexibility
Freehold ownership
Potential to split into individual leasehold titles for future resale or asset optimisation
Accommodation Overview
1 Market Place Entrance
Ground Floor
Communal entrance hall with staircase and rear fire exit
Flat 1:
1 bedroom
Large open-plan living/dining/kitchen area
1 bathroom
First Floor
Flats 2 & 3 (identical layouts):
Large bedroom
Spacious reception/living room
Large kitchen
Bathroom
Second Floor
Flats 4 & 5 (identical layouts):
Large bedroom
Reception/living room
Large kitchen
Bathroom
3 Market Place Entrance
Flat 6:
2 bedrooms (1 double, 1 single)
Large reception room
Bathroom
Private access to hallway
Energy Performance
EPC ratings range from C to D across all units
Sale Details
Offered via auction
Next auction date: 28 May 2026
Pre-auction offers will be considered
This is a turnkey, income-generating asset in a desirable location, combining strong rental security with clear upside potential. Opportunities of this scale and readiness are seldom available.
UNCONDITIONAL LOT Buyers Premium Applies Upon the fall of the hammer, the Purchaser shall pay a 5% deposit and a 5%+VAT (subject to a minimum of £5,000+VAT) buyers premium and contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot. The auction conditions require a full legal completion 28 days following the auction (unless otherwise stated).
Brochures
Legal DocumentsOnline Bidding- COUNCIL TAXA payment made to your local authority in order to pay for local services like schools, libraries, and refuse collection. The amount you pay depends on the value of the property.Read more about council Tax in our glossary page.
- Band: A
- PARKINGDetails of how and where vehicles can be parked, and any associated costs.Read more about parking in our glossary page.
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- GARDENA property has access to an outdoor space, which could be private or shared.
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- ACCESSIBILITYHow a property has been adapted to meet the needs of vulnerable or disabled individuals.Read more about accessibility in our glossary page.
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Energy performance certificate - ask agent
1-3 Market Place, Workington, Cumberland, CA14 4AX
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About Town & Country Property Auctions, Oswestry
4 Willow Street, Oswestry, SY11 1AA
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Visit our security centre to find out moreDisclaimer - Property reference 344951. 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 Town & Country Property Auctions, Oswestry. 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.
Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Town & Country Property Auctions, Oswestry on 0117 463 3986.
*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.
Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”
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