Lotherton Drive, Spennymoor, Durham
- PROPERTY TYPE
Apartment
- BEDROOMS
2
- BATHROOMS
1
- SIZE
Ask agent
- 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
- High NET rental yield of 7.0% per annum
- Tenanted at £650.00 per month (£7,800.00 per annum)
- High local rental demand
- Well-proportioned and well-finished property
- EPC Certificate - 'C'
Description
Tenanted Investment Opportunity | £110,000 | 7.0% Gross Yield
Investment Summary
Pure Investor is delighted to present this well-proportioned two-bedroom ‘coach house’ style apartment. The property is currently tenanted at £650.00pcm (£7,800.00 per annum), and the property will be sold with the tenant in situ (no onward chain) ensuring immediate rental income to the new owners. The property is in excellent condition and is currently managed by a local estate agent.
The property presents an attractive opportunity for investors seeking an established rental investment. The current tenant has been reliable and would like to continue their tenancy, providing scope for continuity of rental income following completion.
The property currently generates £650 per calendar month (£7,800 per annum). Based on the asking price of £110,000, this equates to a gross rental yield of 7.1% (7.1% net)
Further benefits include two double bedrooms, a dual-aspect lounge / dining room, a courtyard-style rear garden and allocated parking. An exceptionally long remaining lease of approximately 962 years, peppercorn ground rent and a stated annual service charge of just £75 add to the investment’s appeal.
Property Features
• Two-bedroom coach house style apartment
• Two double bedrooms
• Reliable tenant in situ who wishes to continue
• Current rental income: £650 PCM (£7,800 per annum)
• Gross rental yield: 7.0% at the asking price
• Freehold property
• Dedicated parking space
• Property will be sold with tenant in situ
• Currently managed by local lettings agents offering a genuine ‘hands free’ investment opportunity
• £15 per annum annual grounds maintenance charge (no service charge or ground rent)
Investment Information
Detail Information
Asking Price £110,000
Current Rent £650 PCM
Annual Rental Income £7,800
Gross Yield 7.0% net yield
Tenure Freehold
Occupancy Tenants in situ
Tenant Position Reliable current tenant wishes to continue
Sale Position No upward chain
Leasehold & Management Information
The property is freehold and as such there are no annual ground rent or service charge payments. The only additional fee is a £15 per annum annual maintenance charge.
Location
Spennymoor offers an attractive opportunity for buy-to-let investors, thanks to its relatively affordable property prices and strong demand for rental accommodation from local workers and families. Its proximity to Durham, Bishop Auckland and Newton Aycliffe, alongside access to major employment areas and transport links, makes it a potentially appealing location for investors seeking competitive rental yields and long-term capital growth.
- 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.
- Ask agent
- PARKINGDetails of how and where vehicles can be parked, and any associated costs.Read more about parking in our glossary page.
- Yes
- GARDENA property has access to an outdoor space, which could be private or shared.
- Yes
- ACCESSIBILITYHow a property has been adapted to meet the needs of vulnerable or disabled individuals.Read more about accessibility in our glossary page.
- Ground floor
Lotherton Drive, Spennymoor, Durham
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Visit our security centre to find out moreDisclaimer - Property reference PURLOTHSPENN44. 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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