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£485,000
Bedrooms
Bathrooms
Situated on Queen Street, this block of Six 1 & 2 Bedroom Flats, along with a large ground floor restaurant (Currently on a long lease).
The property boasts a substantial yearly income of 46,380, highlighting its potential as a lucrative investment. There is a further development opportunity to the rear of the property, allowing for potential expansion for a 2 bed, 2 bathroom, 3 storey conversion , which could significantly increase its value and income potential.
In summary, this block of flats on Queen Street is not only a well-structured property with ample living space but also a promising investment with the potential for further development. Whether you are an experienced investor or looking to enter the property market, this opportunity should not be overlooked.
Queen Street lies within the heart of Scarborough town centre and links Castle Road to Newborough and is a mixed use locality with a number of commercial operators such as Boyes Superstore, Scarborough Snooker Centre and The Lanterna Restaurant being located within the vicinity. Scarboroughs famous South Bay is a 5 minute walk from the subject premises.
Description & Accommodation: - The property comprises a mid terrace, brick constructed block currently laid out as large restaurant, six flats, arranged over, ground, first, second floors, being held under a pitched and slated roof. The flats are accessed via a communal entrance door from Queen Street.
Current Rental figures
Restaurant 1,200 p.c.m - 5 years remaining
Flat 1 - 425 p.c.m EPC - C
Flat 2 - 475 p.c.m EPC - C
Flat 3 - 425 p.c.m EPC - C
Flat 4 - 495 p.c.m EPC - C
Flat 5 - 420 p.c.m EPC - D
Flat 6 - 425 p.c.m EPC - C
All let on shorthold assured leases
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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