North Street, Leeds, West Yorkshire, LS2

Attention Buy-to-Let Investors!

A tenanted two-bedroom apartment with a balcony in LS2, priced at offers over £125,000.

Comparable stock in neighbouring blocks is currently listed at £140,000 to £145,000 - this is a £15,000 to £20,000 discount on day one, with a sitting tenant and income from completion.

The tenant has been in the same property for four and a half years without a break. Rent arrives, void risk is low, and there is nothing to do on entry.

The income uplift exists when the investor wants it - current rent of £819 per month sits £280 below the market rate for a comparable property, a gap worth £3,370 per year.

Leeds General Infirmary and St James' University Hospital sit within one mile, between them employing over 20,000 NHS staff.

Key workers on stable incomes, shift patterns that make city centre living a practical necessity rather than a lifestyle choice and a chronic undersupply of quality rental housing near both campuses.

Tenant demand in this postcode is structural, it does not depend on a single employer or a single market cycle. The same location puts the property within one mile of Leeds city centre and Leeds Beckett University.

Leeds station is 0.71 miles. Leeds Beckett University is within one mile. The bus stop is 0.07 miles from the front door.

The First Direct Arena is less than a 10-minute walk (0.5 miles) from the front door and hosts over 200 events per year. Perfectly located for a short term rental on platforms such as Airbnb.

Leeds city centre Airbnb average: £105 per night at 60% occupancy. Arena proximity pushes this higher on event nights. Subject to freeholder consent.

The service charge is £2,760 per year and the ground rent is £150.

At current rent, net yield on asking price is 5.53%. At market rent, 8.23%, higher if you use the short-term let route.

The lease runs 975 years from 2002, which removes the leasehold concern for any buy-to-let lender.

Mortgage buyers are welcome. Estimated total cash required on a buy-to-let mortgage is approximately £42,000.

Property Brochure, Floor plan, EPC, and Key Facts for Buyers are below.

Contact Seven Generations Property Brokers for more details and to register your interest.


PROPERTY FACTS

Tenure: Leasehold - 999 years from June 2002, 975 years remaining
Ground rent: £150 per annum
Service charge: £2,760 per annum
Council tax: Band C - Leeds City Council
EPC: C (current) / B (potential) - compliant with 2030 MEES without further spend
Heating: Electric Room Heaters
Hot Water: Electric Immersion
Floor Area: 602 sqft
Parking: None
Outdoor space: Private balcony off bedroom two
Current tenancy: £819pcm - tenant in-situ 4.5 years
Broadband: Ultrafast up to 1,000 mb/s available
Mobile coverage: O2, EE, Three, Vodafone - indoor signal on all four networks
Satellite/Fibre TV: BT and Sky available. Virgin Media not available at this address
Flood risk: Very low - rivers and seas; very low - surface water
Radon: Band 3 - 3-5%
Conservation Area: No
Chain: No upward chain
Restrictions / Rights of Way: None known


SERVICED ACCOMMODATION
References to the property's proximity to short-term let demand drivers are location observations only. Serviced accommodation use has not yet been approved by the freeholder and must not be assumed as a permitted use. Prospective buyers must satisfy themselves as to the terms of the lease before proceeding on this basis.

ANTI-MONEY LAUNDERING
We are required by law to verify the identity of all prospective buyers. A non-refundable identity verification fee applies once an offer has been accepted and is payable before the property can be marked Sold Subject to Contract.

RESERVATION FEE
A reservation fee of 2.5% + VAT of the agreed purchase price is required to secure this property. This fee removes the property from the market and grants the buyer exclusive access to proceed to exchange, eliminating gazumping and competing offers during the conveyancing period.

REFERRAL FEES
We may introduce buyers to third-party conveyancing and financial services. We may receive a referral fee for such introductions. Use of these services is entirely optional.

ACCURACY OF PARTICULARS
Measurements are approximate. Services, appliances, and heating systems have not been tested by Seven Generations Property Brokers. Property details are based on vendor-supplied information and publicly available data which should be independently verified by the buyer's professional advisers. These particulars do not form part of any contract.