Auction Property Investment 

Euston Road, Morecambe

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Features

  • Online Auction: 27 & 28 January 2021
  • Part income producing investment
  • Full rental potential of £28,080 pa
  • Potential gross yield of approx. 14%
  • 3 x 1 bedroom flats & 3 x studio flats
  • Freehold mid-terrace property
  • Reasonable condition throughout
  • Four flats currently vacant
  • Good rental location
  • Approx. 10 mins walk to train station

Address

172 Euston RoadMorecambeLancashireLA4 5LE
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Property Details

•For Sale By Online Auction: 27th & 28th January 2021
•Part income producing residential investment
•Full rental potential of £28,080 once fully let
•Potential gross yield of approx. 14%
•3 x 1 bedroom flats & 3 x studio flats
•Eden Project North set to bring new investment to the area

A mid-terrace property comprising of six self-contained flats. There are 3 x 1 bedroom flats and 3 x studios.

Currently, four of the units are empty and two are occupied. The vendor has not re-let the four vacant flats because of their intention to sell the property.

The property occupies a predominantly residential location on the northern side of Euston Road, close to the junction with Kensington Road. Morecambe train station is 0.5 miles to the west and is accessible on foot in approximately 10 minutes.

Morecambe is the chosen location for 'Eden Project North'. The £85 million project will be centred around Morecambe Promenade at the former Bubbles swimming pool complex.

Description

The property is arranged over ground, first and second floors. There are two self-contained units to each floor.

To the front of the property there is an area of outside space, behind a low level brick wall with a gated entrance leading to the ground floor entrance. The rear of the property has vehicular access off Kensington Road.

Accommodation

Flat 1 (rear ground floor studio) - Vacant
Flat 1a (front ground floor 1 bed) - Tenanted at £415 pcm
Flat 2 (front first floor 1 bed) - Vacant
Flat 2a (rear first floor studio) - Tenanted at £390 pcm
Flat 3 (rear second floor studio) - Vacant
Flat 4 (front second floor 1 bed) - Vacant

There is a secure cellar used by the seller for storage.

Investment Analysis

Once fully let, the property has the potential to generate a total income of £28,080 pa, representing a gross yield of approx. 14% based on the guide price. During Covid-19 each flat has the potential to generate £415 pcm, however, after Covid Universal Credit will reduce to £390 pcm for each flat.

Tenure

Freehold

Services

We understand the property to have mains gas, electricity, water and drainage. Prospective purchasers are advised to make their own investigations.

Guide Price

£200,000+

Buyer's Premium

2% (min. £3,600) inc. VAT

Viewings

Viewings by appointment only. Please contact a member of John Pye Property on 0115 970 6060 or email [email protected] to arrange an appointment.

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