Scholars Way, Brook Street, Bury
- PROPERTY TYPE
Flat
- BEDROOMS
2
- BATHROOMS
2
- SIZE
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Key features
- Income from day one - tenant already in situ and fully up to date on rent, no void period or re-letting hassle
- 8.00% gross yield at asking price, rising to an estimated 9.50% at achievable market rent
- 979-year lease remaining - removes lease-length risk that can affect mortgageability and resale
- Low holding costs - ground rent of just £175 per annum
- EPC rating B - efficient, low running costs, attractive to future tenants
- Rental upside built in - comparable lettings in the same development support an increase from £800 to £950 pcm
Description
The apartment benefits from a long 979-year lease, removing any concerns over lease length that can affect mortgageability or resale, alongside a modest ground rent of £175 per annum and a service charge of £1,748.48 per annum.
The current passing rent is £800 pcm (£9,600 per annum), reflecting an 8.00% gross yield at the asking price. Comparable lettings within the same development support potential rental income of up to £950 pcm (£11,400 per annum), which would take the gross yield to 9.50%, or a net yield of 7.90% after ground rent and service charge.
This is a rare chance to acquire an established, income-producing asset in a well-regarded development, backed by comparable sales and rental evidence from within Eden Court itself. Early viewing is strongly recommended.
Key Facts:
Two bedroom apartment
Leasehold - 979 years remaining
Ground rent: £175 per annum
Service charge: £1,748.48 per annum
EPC rating: B
Tenant in situ, rent up to date, £800 pcm
Potential rent up to £950 pcm
- 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.
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- 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
Scholars Way, Brook Street, Bury
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Visit our security centre to find out moreDisclaimer - Property reference 10SCHOLARS WAY. 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 Pure, Manchester. 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.
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