York Street, Pelaw, Gateshead, NE10

Two bedroom ground floor flat offered for sale with no onward chain.

The property is currently tenanted at £525 PCM (£6,300 per annum); however, the tenant has advised they are in the process of securing alternative accommodation and intend to serve notice once their move has been finalised.

The property is therefore expected to be sold with vacant possession, although interested parties should make their own enquiries regarding the anticipated timescales.

Based on current market conditions, similar properties in the area can achieve rental incomes in the region of £700 - £800 per calendar month, depending on condition and specification.

At £700 PCM, the property could generate an annual rental income of £8,400, representing a potential gross yield of 10.5% based on the asking price of £80,000. At £800 PCM, the annual rental income would be £9,600, representing a potential gross yield of 12.0%.

The property benefits from a valid EPC until November 2027, a CP12 gas safety certificate until October 2026, and an EICR valid until August 2030.

The accommodation comprises an entrance lobby leading into the hallway, which features a useful storage cupboard. There is a double bedroom to the front elevation and a second bedroom to the rear. The lounge benefits from an additional storage cupboard and provides a comfortable living space.

The kitchen is fitted with a built-in oven, electric hob with extractor fan above, plumbing for a washing machine, and space for a fridge freezer. The bathroom is fitted with a white suite comprising a bath with shower over, WC and wash hand basin, together with partial wall tiling and an extractor fan.

To the rear, a lobby provides access to the shared rear yard. Externally, the front garden has been designed for low maintenance, while the rear yard is shared and offers rear access.

Further benefits include double glazed windows throughout and gas central heating via a combination boiler.

Leasehold Information: The property is held on a 154-year Tyneside lease from 2 November 2018 to 9 February 2173, with approximately 146 years remaining. No ground rent or service charges are payable. All lease details should be verified by the purchaser's solicitor.

MAKING AN OFFER Please note that all offers will require financial verification including mortgage agreement in principle, proof of deposit funds, proof of available cash and full chain details including selling agents and solicitors down the chain. Under New Money Laundering Regulations we require proof of identification from all buyers before acceptance letters are sent and solicitors can be instructed.

IMPORTANT NOTE TO POTENTIAL PURCHASERS & TENANTS:
We endeavour to make our particulars accurate and reliable, however, they do not constitute or form part of an offer or any contract and none is to be relied upon as statements of representation or fact. The services, systems and appliances listed in this specification have not been tested by us and no guarantee as to their operating ability or efficiency is given. All photographs and measurements have been taken as a guide only and are not precise. Floor plans where included are not to scale and accuracy is not guaranteed. If you require clarification or further information on any points, please contact us, especially if you are traveling some distance to view. POTENTIAL PURCHASERS: Fixtures and fittings other than those mentioned are to be agreed with the seller. POTENTIAL TENANTS: All properties are available for a minimum length of time, with the exception of short term accommodation. Please contact the branch for details. A security deposit of at least one month’s rent is required. Rent is to be paid one month in advance. It is the tenant’s responsibility to insure any personal possessions. Payment of all utilities including water rates or metered supply and Council Tax is the responsibility of the tenant in most cases.

QLF260260/2