3 Bed Flat, Refurb/BRRR, South Shields, NE33 4AA, £59,950

Chichester Road, South Shields, NE33 4AA - 22 views - a year ago

Leasehold
Cash
Refurb/BRRR
ROI: 15%
~93 m²
+6 photos

ValuationFair Value

Sold Prices£35K - £123K
Sold Prices/m²£479/m² - £1.6K/m²

 

 

Square Metres

~93 m²
Price/m²£645/m²

Value Estimate

£61,149

 

 

End Value (After Refurb)

£93,000

Uplift in Value

+55%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£14,988

Stamp Duty & Legal Fees

£2,999

Refurb Costs

£35,501

Bridging Loan Interest

£1,574

Total Cash In

£56,811

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£93,000

Mortgage (After Refinance)

£69,750

Mortgage LTV

75%

Cash Released

£24,788

Cash Left In

£32,023

Equity

£23,250

Rent Range

£515 - £3,500

Rent Estimate

£1,268

Running Costs/mo

£564

Cashflow/mo

£704

Cashflow/yr

£8,445

ROI

15%

Gross Yield

25%

Local Sold Prices

46 sold prices from £35K to £123K, average is £74K. £479/m² to £1.6K/m², average is £942/m².

PriceDateDistanceAddressBeds 
£60K01/210.08 mi24, Northcote Street, South Shields, Tyne And Wear NE33 4BY3
£65K12/200.15 mi48, Marlborough Street North, South Shields, Tyne And Wear NE33 4DA3
£47K09/210.17 mi19, Canterbury Street, South Shields, Tyne And Wear NE33 4DQ3
£60K06/210.17 mi21, Marshall Wallis Road, South Shields, Tyne And Wear NE33 5PD3
£95K05/230.18 mi1, Garrick Street, South Shields, Tyne And Wear NE33 4JT3
£40K12/200.21 mi150, Eglesfield Road, South Shields, Tyne And Wear NE33 5PX3
£80K08/230.22 mi79, Bewick Street, South Shields, Tyne And Wear NE33 4JU3
£56K12/200.24 mi92, Collingwood Street, South Shields, Tyne And Wear NE33 4JY3
£92K09/230.24 mi115, Canterbury Street, South Shields, Tyne And Wear NE33 4DD3
£82K06/210.25 mi157, Imeary Street, South Shields, Tyne And Wear NE33 4ES3
£87.5K07/230.26 mi18, Armstrong Terrace, South Shields, Tyne And Wear NE33 4LE3
£105K03/230.29 mi140, Westoe Road, South Shields, Tyne And Wear NE33 3PF3
£88K07/210.29 mi9, Oxford Avenue, South Shields, Tyne And Wear NE33 4TW3
£55K08/230.32 mi124, Mortimer Road, South Shields, Tyne And Wear NE33 4UQ3
£65K10/230.32 mi186, Western Approach, South Shields, Tyne And Wear NE33 5DP3
£82.5K11/210.41 mi22, Readhead Avenue, South Shields, Tyne And Wear NE33 3AW3
£55K03/210.41 mi22, Readhead Avenue, South Shields, Tyne And Wear NE33 3AW3
£123K06/230.42 mi12, St Vincent Street, South Shields, Tyne And Wear NE33 3AR3
£112K09/230.44 mi96, Birchington Avenue, South Shields, Tyne And Wear NE33 4SA3
£88K11/200.44 mi96, Birchington Avenue, South Shields, Tyne And Wear NE33 4SA3
£35K02/230.47 mi440, John Williamson Street, South Shields, Tyne And Wear NE33 5HW3
£83K02/210.5 mi99, St Vincent Street, South Shields, Tyne And Wear NE33 3AS3
£75K08/210.51 mi40, Coleridge Avenue, South Shields, Tyne And Wear NE33 3HA3
£70K02/210.55 mi1, Candlish Street, South Shields, Tyne And Wear NE33 3JW3
£90K08/230.55 mi63, Osborne Avenue, South Shields, Tyne And Wear NE33 3BX3
£57K12/200.59 mi45, Lyndhurst Street, South Shields, Tyne And Wear NE33 2TA3
£90K12/210.6 mi252, St Vincent Street, South Shields, Tyne And Wear NE33 3BH3
£58K04/230.64 mi7, Whitehall Street, South Shields, Tyne And Wear NE33 4SU3
£72.5K08/220.66 mi46, Richmond Road, South Shields, Tyne And Wear NE34 0QL3
£75K01/210.67 mi32, Erskine Road, South Shields, Tyne And Wear NE33 2TH3
£58K10/200.69 mi18, Eccleston Road, South Shields, Tyne And Wear NE33 3BS3
£65.5K09/210.7 mi3, Whitehead Street, South Shields, Tyne And Wear NE33 5LZ3
£73K01/210.7 mi10, Ashley Road, South Shields, Tyne And Wear NE34 0PD3
£90K08/210.77 mi11, Tadema Road, South Shields, Tyne And Wear NE33 3BG3
£90K01/210.77 mi48, Crofton Street, South Shields, Tyne And Wear NE34 0QP3
£63K02/230.77 mi22, Hatfield Square, South Shields, Tyne And Wear NE33 2RD3
£60K02/230.79 mi82, Gordon Road, South Shields, Tyne And Wear NE34 0QR3
£65K12/220.82 mi59, Brownlow Road, South Shields, Tyne And Wear NE34 0QT3
£49.7K01/210.82 mi123, Talbot Road, South Shields, Tyne And Wear NE34 0RG3
£80K11/210.92 mi49, Alnwick Road, South Shields, Tyne And Wear NE34 0LB3
£41K01/210.93 mi92, Nora Street, South Shields, Tyne And Wear NE34 0RB3
£80K09/220.94 mi83, Egerton Road, South Shields, Tyne And Wear NE34 0RD3
£73K04/210.94 mi85, Egerton Road, South Shields, Tyne And Wear NE34 0RD3
£75K01/210.96 mi47, Boldon Lane, South Shields, Tyne And Wear NE34 0AR3
£75K11/200.96 mi175, Sunderland Road, South Shields, Tyne And Wear NE34 6AD3
£116K04/230.99 mi37, Roman Road, South Shields, Tyne And Wear NE33 2HA3

Local Rents

39 rents from £515/mo to £3.5K/mo, average is £895/mo.

RentDateDistanceAddressBeds 
£87512/240.06 mi-3
£2,00005/240.08 mi-3
£2,00007/240.08 mi-3
£72003/240.12 miGordon Street, South Shields, Tyne And Wear, NE333
£79505/240.17 mi-3
£75005/240.18 mi-3
£1,80006/240.2 mi-3
£1,50012/240.2 mi-3
£60005/240.2 mi-3
£59502/250.21 mi-3
£65005/240.23 mi-3
£3,50003/250.25 mi-3
£1,80005/240.25 mi-3
£1,80004/240.25 mi-3
£69512/240.27 miRavensworth Terrace, South Shields3
£77506/240.36 miRobert Street, South Shields3
£72505/240.36 mi-3
£90006/240.36 miPalace Close South Shields3
£57505/240.38 mi-3
£85012/240.4 mi-3
£99905/240.41 miLaygate, South Shields, Tyne and Wear, NE333
£59005/240.46 miJohn Williamson Street, South Shields, Tyne And Wear, NE333
£88012/240.47 mi-3
£85012/240.47 miFitzpatrick Place, Tyne And Wear, NE333
£62503/250.5 mi-3
£51501/250.5 mi-3
£70003/250.5 mi-3
£66503/250.51 mi-3
£2,25005/240.54 mi-3
£2,25007/240.54 mi-3
£2,25001/250.54 mi-3
£2,20004/250.54 mi-3
£2,50006/240.55 mi-3
£2,35006/240.55 mi-3
£1,40001/250.58 mi-3
£1,80006/240.6 mi-3
£1,50001/250.6 mi-3
£1,50003/250.6 mi-3
£89505/240.62 miErskine Road, South Shields, Tyne and Wear, NE333

Local Area Statistics

Population in NE33

27,262

Population in South Shields

79,432

Town centre distance

0.45 miles away

Nearest school

0.10 miles away

Nearest train station

0.27 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+19%

Sales demand

Seller's market

Capital growth (5yrs)

+8%

Property History

Listed for £59,950

April 24, 2024

Description

  • Prime Location For Local Amenities +
  • No Onward Chain ! +
  • Priced To Reflect Modernisation Throughout +
  • Ideal Investment Opportunity +
  • Reference : 448740 +

VACANT POSSESSION CASH BUYERS ONLY! This upper floor flat in the Chichester area presents a prime investment opportunity and is ready for someone to put their own stamp on. Property will make a great rental opportunity and also a first time home. Ready for modernisation, the property boasts three bedrooms, a spacious lounge, rear kitchen, and a shower room. Conveniently located near bus links and the Chichester metro for commuting, with South Shields Town Center just a short distance away and Dean Road providing access to local shops. Don't miss the chance to transform this well-proportioned living space, property is priced to sell and viewings come recommended !
ENTRANCE
Via composite door into Hallway.
HALLWAY
Stairs to first floor landing.
FIRST FLOOR LANDING
Door into lounge and doors into all Bedrooms.
LOUNGE 4.47m (14'8) x 3.99m (13'1)
Double glazed window, radiator, dado rail and door into Kitchen.
KITCHEN 4.5m (14'9) x 2.44m (8')
Fitted with a basic range of floor units, integrated oven and hob with overhead steel extractor hood, plumbing for washer, space for fridge freezer, two double glazed windows, lino to floor, part tiling to walls, COMBI boiler is located here and radiator. Door leading down to UPVC door to yard and door into Shower Room.
SHOWER ROOM
Shower cubicle, pedestal hand wash basin, low flush W.C., radiator, double glazed window and laminate flooring.
BEDROOM ONE 4.42m (14'6) x 3.89m (12'9)
Double glazed window, fitted wardrobes with overhead storage and radiator.
BEDROOM TWO 3.45m (11'4) x 2.31m (7'7)
Double glazed window and radiator.
BEDROOM THREE 2.44m (8'0) x 2.26m (7'5)
Double glazed window and radiator.
EXTERNALLY
Yard to rear.
Tenure
We will provide as much information about tenure as we are able to and in the case of leasehold properties, we can in most cases provide a copy of the lease. They can be complex and buyers are advised to take legal advice upon the full terms of a lease. Where a lease is not readily available we will apply for a copy and this can take time.
Broadband & Mobile Coverage
The Ofcom website states the average broadband download speed of 10 Mbps and a maximum download speed of 1000 Mbps at this postcode: NE33 4AA and mobile coverage is provided by EE, Three, O2 and Vodafone. The checker results are predictions and should not be regarded as guaranteed.
Council Tax
The GOV.UK website states the property is Council Tax Band: A
Disclaimer
The property has a Leasehold title registered against it with a term of 10 years from 1 December 2014 to 30 November 2024. We are instructed by the Freeholder who has informed us the Leasehold title will be terminated to coincide with the sale of the property. Meaning the property will be Freehold upon sale, however the Freehold title is subject to a lease of flat 17. We await official confirmation from solicitors.
The Agent Of The North
Andrew Craig is The Agent of the North and as Chartered Surveyors we can help you with all your Residential and Commercial property needs. Sales, Conveyancing, Lettings, Property Management, Surveys and Valuations. Call now on
Money Laundering Regulations
Please note that any offers will require you to be financially verified, meaning you'll need to provide us sight of a mortgage in principle, proof of deposit funds, and proof of cash. You'll also need to provide us with full chain details including agents and solicitors down the chain. To comply with Money Laundering Regulations all buyers will be required to provide us with proof of identification before we can issue acceptance letters and solicitors are instructed.
Material Information
The information provided about this property does not constitute or form part of an offer or contract, nor may it be regarded as representations. All interested parties must verify accuracy and your solicitor must verify tenure and lease information, fixtures and fittings and, where the property has been recently constructed, extended or converted, that planning/building regulation consents are in place. All dimensions are approximate and quoted for guidance only, as are floor plans which are not to scale and their accuracy cannot be confirmed. Reference to appliances and/or services does not imply that they are necessarily in working order or fit for purpose. We offer our clients an optional conveyancing service, through panel conveyancing firms, via Move With Us and we receive on average a referral fee of one hundred and ninety four pounds, only on completion of the sale. If you do use this service, the referral fee is included within the amount that you will be quoted by our suppliers. All quotes will also provide details of referral fees payable.

EPC Rating: C

Agent Details

Andrew Craig, South Shields

0191 625 0766

Next Steps?

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