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£800,000

15 bed block of flats for sale Cleveland Centre, Linthorpe Road, Middlesbrough TS1

15 beds
10 baths
10 receptions
  1. Property photo 1 of 18. External

Property location

Nearby amenities

  • Ayresome Primary School0.3 miles
  • Newport Primary School0.4 miles
  • Middlesbrough0.6 miles
  • Transporter Bridge South Side0.9 miles

Features and description

  • Investment Opportunity
  • 10no. Residential Apartments
  • £70,620pa Income 2020-21
  • £72,600pa Proposed Income 2021-22
  • 8.8% Gross Yield, rising to 9%
  • 7no. 1 bed Apartments
  • 3no. 2 bed Apartments
  • Central Middlesbrough Location
  • Close to Teesside University
  • EPC Ratings Available on Request
Fully let self-contained block of 10 apartments located in Middlesbrough Town Centre. The block comprises of 7no. 1 bedroom apartments and 3no. 2 bedroom apartments with a total gross rental income of £70,602 and rising to £72,600 for the 2021-22 academic year.

Location

Middlesbrough is a town located on the south bank of the River Tees in the North East of England, it lies 125 miles south of Edinburgh and 215 miles north of London. The town is part of the Teesside conurbation along with Stockton, Redcar & Thornaby, with a total combined population of 376,633 (2011 Census).

Middlesbrough is well served by public transport with plentiful local bus services throughout the north east as well as regional rail links to Newcastle and Darlington for access to main line services on the East Coast main line to London and Edinburgh. Middlesbrough is served by the A19 and A66 trunk roads linking to the A1 for access north and south. Teesside Airport is also nearby, with links to Amsterdam, London, Belfast and Aberdeen as well as summer holiday destinations after recent investment by the local government to boost connections.

Teesside University has its main campus in Middlesbrough town centre, with ambitions to grow its student numbers with £300m to be spent on the campus between 2017 and 2027.

The town was historically a centre for heavy industry along the River Tees, with some industry still in place and major plans for regeneration helped by confirmation that the Treasury North is to be based in Middlesbrough as well as other investments in the renewable energy industry planned. The local James Cook hospital is also a major employer in the town.

Situation

Southfield Lane Lofts is located on Linthorpe Road in Middlesbrough’s town centre, on the edge of Teesside University’s Middlesbrough campus. The property is surrounded by local and national chain high street retail offerings, the Cleveland Centre & Captain Cook square shopping centres and many major supermarkets are a short walk away.

Middlesbrough bus and train stations are within 12 minutes’ walk, Albert Park is located just to the south of the property and James Cook University hospital can be reached in under 20 minutes by public transport.

Description

The subject property comprises ten self-contained apartments access from two communal entrances. Within the development there are 7no. 1 bedroom apartments and 3no. 2 bedroom apartments of varying size and layout (please see rental schedule for further detail). Each apartment briefly comprises of open plan living/kitchen area, bedroom and bathroom, electric heaters and telephone intercom system.

The apartments are all individually metered with their own utility supply and induvial water heaters providing mains powered hot water.

Tenancies

Please see Tenancy Schedule for full schedule of rents. The residential element is fully let to summer 2021 and 80% pre-let for the 2021-22 academic year.

Quoted rents include a £15pppw contribution for electricity and water.

Tenure

Freehold

The ground floor commercial unit is subject to a 999-year long leasehold

Method Of Sale

The property will be offered for sale by private treaty; however, we reserve the right to conclude marketing by an informal tender process.

Asking Price

The property is offered for sale with an asking price of £800,000, representing an attractive 8.8% gross yield, rising to 9% for the 2021-22 academic year.

2 floor plans available

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