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54 & 56 Park Lane , Wallsend , NE28 6QX

54 & 56 Park Lane , Wallsend , NE28 6QX

This is large, mid-terrace property and was previously 2 separate flats but has been approved for conversion into a licensed 8-bedroom property. Our view is that it can be bought for around £80k and although it does require full refurbishment it will provide strong income and is ideally located at the end of Wallsend High Street and nearby the metro station. North Tyneside Council have approved this property to be added to their HMO list. Please see figures below:

  • Purchase Price £80000.
  • Refurbishment £34000.
  • Fees £7500.
  • Stamp Duty £2400.
  • Legals £1000.
  • Gross outlay £125000.
  • After works value £135000.
  • Funds back on refinancing £101250.
  • Annual rent £16250.
  • Gross Yield 13.%
  • No maintenance costs

*Please note that annual rent of £16250 is guaranteed by 5-year Government contract.

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This is large, mid-terrace property and was previously 2 separate flats but has been approved for conversion into a licensed 8-bedroom property. Our view is that it can be bought for around £80k and although it does require full refurbishment it will provide strong income and is ideally located at the end of Wallsend High Street and nearby the metro station. North Tyneside Council have approved this property to be added to their HMO list. Please see figures below:

  • Purchase Price £80000.
  • Refurbishment £34000.
  • Fees £7500.
  • Stamp Duty £2400.
  • Legals £1000.
  • Gross outlay £125000.
  • After works value £135000.
  • Funds back on refinancing £101250.
  • Annual rent £16250.
  • Gross Yield 13.%
  • No maintenance costs
  • *Please note that annual rent of £16250 is guaranteed by 5-year Government contract.
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