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North East Pre-tenanted Property |
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- Latest figures from the land registry show annual growth figures for the area are almost double the national average growth for similar property types
- Property remains very affordable for the key first time buyer market with average terraces valued at £70,847, so there is still great growth potential.
- Average local salary is £345.50 per week: 87 % of the national average. Yet the average property price is just 45% of the national average indicating that the property prices are still massively undervalued.
- All areas we invest in have employment figures above that of the national average
- Our properties are all below the stamp duty threshold
- Crime figures in our areas are 3 per 1000 population compared to the national average of 6.4
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Regeneration and Infrastructure developments
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These are a selection of recent regeneration and infrastructure projects going on in the North East areas we invest in:
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Fujitsu opened their new £300 million plant at Newton Aycliffe
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Darlington Education Village is a £40 million, a PFI (Private Finance Initiative) project to accommodate 1400 pupils, opened 2006
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Central Park which is a 80 acre brown field site to include 600 new homes, around 2,000 jobs; hotel and conference facilities, a range of leisure and community facilities, a new site for Darlington College - in total a combined investment of £170 million
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Morton Palms Business Park is a new 28 acre mixed use development.
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Darlington centre has planning agreed for a new £90 Million development for an extensive new shopping centre.
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Westpark the site covers 120 acres and is a 10 year plan to build new housing, school, hospital, retail outlets and sports centre already under construction
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Durham Tees Valley Airport is undergoing £14 million of works to increase passenger numbers from 750,000 to 3 million
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Sourcing property - Sourcing properties in the best areas with the best growth opportunities and area that attain the best renting opportunities.
Refurbishing – We carry out all necessary refurbishment works to a high standard. All refurbishment work and costs are included in the purchase price.
Solicitor and Mortgage broker service – we have an experienced team of solicitors and brokers who can complete your purchase in as little as 3 weeks
Lettings - Full vetting of tenants including employment references and credit checks. All our property comes with existing tenants so there is no void period, you get rent revenue from day 1 guaranteed.
Management - Once the tenant is in place we carry on the full management of the property. Our local maintenance team all work evenings and weekends.
Exit Strategy - If you wish to sell the property we offer a brokerage service to sell the property on for you.
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Auckland Terrace, Shildon
Purchase Price: £ 85,000
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Comparables
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Comparable figures are based on the prices that similar properties in the area have been sold for. This information is supplied by the Land registry.
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Address
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Purchase Price
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Date Purchased
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52, Main Street, Shildon,
DL4 1AH
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£ 90,000
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July 26, 2007
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16, Church Street, Shildon,
DL4 1DX
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£ 90,000
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September 28, 2007
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38, Scott Street, Shildon,
DL4 2DX
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£ 96,000
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September 28, 2007
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Initial buying costs
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Deposit based on an 85% LTV Mortgage
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£ 12,750
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2.5 % Finder’s Fee payable to ProProperty
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£ 2,125
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Solicitors and Legal fees (estimate)
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£ 800
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Mortgage broker costs and valuation (estimate)
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£ 800
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Total
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£ 16,475
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Monthly Cash flow position
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Gross Monthly Rent (£95/wk)
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£412
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Less 12% management fee
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£ 49
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Monthly Mortgage cost *
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£319
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Monthly profit
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£44
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Annual profit
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£528
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