Spring Road, Headingley, Leeds, LS6

A RARE & EXCITING INVESTMENT OPPORTUNITY TO ACQUIRE A FREEHOLD BUILDING COMPRISING EIGHT FLATS WITH EXCEPTIONAL FUTURE INCOME AND DEVELOPMENT POTENTIAL. Freehold. Council Tax Band E.

THE BUILDING
Presented to the market with the benefit of NO ONWARD CHAIN, this is a rare opportunity to purchase a substantial semi-detached villa configured into 8 flats and currently part let producing a gross annual income of £27120. The property benefits from a long-established letting history, with gross rental income previously exceeding £60,000 per annum when fully let. Offering strong potential for rental growth, refurbishment and further development, this substantial property presents an exciting opportunity for investors seeking to maximise long-term returns. The building is held on a single Freehold title.

The property is laid out over 5 floors, which includes an undeveloped basement with potential to convert into a self-contained unit (STPP). The basement is currently used exclusively for storage by our sellers.

There is a 2-bed self-contained flat occupying the whole of the ground floor, which has been previously let at £900pcm.

The first floor comprises 3 x studios each with their own kitchen, a shared bathroom and a separate WC for the residents on this floor. Two flats on this floor have previously let for £660pcm - £680pcm.

There are another 3 x studios on the second floor, each with their own kitchen, plus a shared bathroom for the residents on this floor. One flat on this floor has previously let for £550pcm.

A self-contained 1-bed flat is located on the third floor.

There is a very low maintenance courtyard garden at the front bordered by a low-profile wall with railings above. A driveway leads to the rear where there is a sizeable rear garden/off road parking for several cars. Access to the basement is via an external door at the rear.

The property is very well maintained by the current owner, with general spruce up work such as redecoration, new carpets etc readily done between tenancies. Our sellers currently hold a HMO licence, which is due for renewal.

10 Spring Road is for sale as a going concern, and we highly recommended anyone who is seriously interested to arrange an early viewing.

RENTAL INCOME
The property has a proven rental track record, having previously generated gross annual rental income of over £60,000 when fully let. It is currently rented at 50% capacity (our sellers decided to keep the remaining flats vacant following their decision to sell) providing an immediate income stream alongside the opportunity to unlock its full letting potential. We believe there is an opportunity to increase the overall rental income by upgrading some of the fixtures and fittings if desired.

The gross rental income includes water rates and council tax (except for Flats 1 and 8 which are Council Tax Band A).

Each flat has its own electric meter, and these are read each month by our sellers – our sellers then receive one bill for the whole building and each tenant’s contribution is worked out accordingly.

Flats 1 and 8 have their own gas meter and therefore the tenants in those flats pay their own gas bills.

There is a separate gas meter for the water heater that provides the communal bathrooms with hot water; the cost of running this is included in the rents for Flats 2-7.

The water, heating and council tax payments as noted above are estimated to be just under £5,000 per annum.

INVESTMENT POTENTIAL
With high demand for rental accommodation in Headingley, the building offers exciting prospects for investors seeking to enhance returns through selective refurbishment, rental optimisation and potential expansion of the existing accommodation (STPP). The combination of established rental use, a desirable location and further development possibilities make this a particularly compelling long-term investment opportunity.

Beyond its existing eight flats, the property offers two particularly attractive opportunities for prospective purchasers to investigate:

BASEMENT CONVERSION: The substantial basement provides potential to create an additional self-contained residential flat, increasing the number of lettable units and potentially enhancing rental income, subject to the necessary consents.

DETACHED COACH HOUSE: Our sellers inform us that planning permission was previously granted for the construction of a detached coach house within the grounds. Although this permission has now expired, the historic approval may be of interest to purchasers considering a fresh planning application for a similar dwelling.
Both opportunities offer the possibility of adding value, subject to feasibility, planning and all necessary approvals. Please see a collection of AI generated impressions within this brochure.

LOCATION
The property is located approximately 2.2 miles from Leeds city centre, in the sought-after north Leeds suburb of Headingley, where there is a vibrant mix of leisure and shopping amenities. This is a very popular letting area much favoured by professionals seeking the convenience of living so close to the city centre. There are two train stations within a 10-15 minutes’ walk of Spring Road, as well as buses running regularly along Headingley Lane and Cardigan Road. Keen walkers can probably reach the city centre in around a 30 minutes’ walk, either along Headingley Lane or via Woodhouse Ridge, a green corridor that carries you out of the city and into the countryside.

EPC RATINGS
Flat 1 – D
Flat 2 - C
Flat 3 - C
Flat 4 - D
Flat 5 – C
Flat 6 – C
Flat 7 – D
Flat 8 - C

MATERIAL INFORMATION
TENURE
The building is held on a single Freehold title.

SERVICES
The property has mains gas, electricity, water and drainage/sewerage, which were connected and working at the time of our inspection.

BROADBAND/MOBILE SIGNAL & COVERAGE
BROADBAND is available in this area / MOBILE SIGNAL & COVERAGE is available in this area.

FLOOD RISK & PLANNING PERMISSION
FLOOD RISK – not known to be an issue / PLANNING PERMISSION – none in the immediate area.

COUNCIL TAX BAND E