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£70,000 Guide Price
A rare opportunity to acquire a freehold block of five brick-built garages with flat felt roofs in a well-established Scarborough location. Ideal for vehicle storage, personal or business use, or as a rental investment with potential for future development, subject to consents. Versatile, secure, and highly sought-after.
A rare opportunity to acquire a block of five single garages of traditional brick construction with flat felt roofs and timber doors, situated in a well-established residential area on Cromwell Road, Scarborough.
Each garage is of standard single size and benefits from solid, low-maintenance construction. The units are suitable for a wide range of uses, making them a versatile asset for both owner-occupiers and investors.
In addition to providing secure parking for private vehicles, the garages may be utilised for a range of alternative purposes, including:
Personal or household storage ideal for furniture, tools, bicycles, or seasonal equipment
Business storage offering convenient space for trades requiring storage of materials, equipment, or stock
Rental investment with potential to generate a regular income through individual lettings to local residents or businesses
Hobby or leisure use such as workshop space or a base for classic car enthusiasts (subject to any relevant use restrictions)
Possible longer-term redevelopment or reconfiguration subject to securing the necessary planning consents
The garages are accessed directly off Cromwell Road. The location is well positioned close to residential neighbourhoods, local amenities, and key transport routes, enhancing both convenience and rental appeal.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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