Property description
FOUR BED STUDENT PROPERTY WITH BUILDING PLOT TO THE REAR, SOUGHT AFTER LOCATION OFFERING AN INITIAL YIELD OF 5.9, INCREASING WITH DEVELOPMENT
Located in the very popular student area of Whinney Hill close to the Mountjoy Centre, Bill Bryson Library, Elvet Riverside and Old Elvet departmental buildings. The finish is to a very high standard due to a recent renovation ensuring this investment requires no immediate capital expenditure to get the most from this asset.
The property is currently let until 30th June 2016 at an annual rent of £24,960.00, which is a yield of 5.9%. The property is valued at a level to include the development opportunity that comes with the land to the rear of the property. The owners have approved plans to add a three-bedroom property on land at the bottom of the back garden which would potentially have cathedral views. A three-bed property in this location could, in our opinion, achieve an annual rent of £19,500.00 using the precedent set by the rent achieved by this property. This would take the yield to 11.1% excluding build costs.
The property comprises on the ground floor, a large living room, kitchen and a double bedroom. To the rear is a very large garden with the development plot located at the bottom of the garden. On the first floor, there are three double bedrooms and a bathroom.
Copies of the full planning permission plans for the proposed development to the rear of the property are available upon request and viewings can be arranged by contacting durham@elvetestates.co.uk or by calling 0191 375 7000.
Property Features :
- Property with Land
- Student Investment
- Four Double Bedrooms
- Recently Refurbishment
- Fully Let Until June 2016
Property Info: