2 Bed Flat, Cash/Bridging Only, Consett, DH8 8TU, £69,950

Derwent Mews, Blackhill, Consett, Durham, DH8 8TU - a year ago

Sold STC
Leasehold
Cash
ROI: 4%
~68 m²
+7 photos

ValuationUndervalued

Sold Prices£34K - £280.8K
Sold Prices/m²£582/m² - £3.9K/m²

 

 

Square Metres

~68.11 m²
Price/m²£1K/m²

Value Estimate

£72,049
BMV3%

 

 

End Value (After Refurb)

£84,798

Uplift in Value

+21%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£17,488

Stamp Duty & Legal Fees

£4,698

Refurb Costs

£26,141

Bridging Loan Interest

£1,836

Total Cash In

£51,913

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£84,798

Mortgage (After Refinance)

£63,599

Mortgage LTV

75%

Cash Released

£11,136

Cash Left In

£40,776

Equity

£21,200

Rent Range

£475 - £750

Rent Estimate

£550

Running Costs/mo

£395

Cashflow/mo

£155

Cashflow/yr

£1,860

ROI

4%

Gross Yield

9%

Local Sold Prices

20 sold prices from £34K to £280.8K, average is £59.3K. £582/m² to £3.9K/m², average is £1.1K/m².

PriceDateDistanceAddressBeds 
£47K06/230.02 mi27, Derwent Mews, Blackhill, Consett, County Durham DH8 8TU2
£90K05/220.02 mi19, Derwent Mews, Blackhill, Consett, County Durham DH8 8TU2
£34K02/230.13 mi16, Church Road, Consett, County Durham DH8 8NT2
£58.5K07/210.42 mi20, Greenacres Road, Consett, Durham DH8 0LU2
£58.5K07/210.42 mi20, Greenacres Road, Consett, Durham DH8 0LU2
£51K08/220.43 mi28, Greenacres Road, Consett, County Durham DH8 0LU2
£67.5K11/220.43 mi19, Greenacres Road, Consett, County Durham DH8 0LU2
£60K12/220.43 mi31, Greenacres Road, Consett, County Durham DH8 0LU2
£63K06/220.43 mi32, Greenacres Road, Consett, County Durham DH8 0LU2
£81K09/210.54 mi23, Briton Terrace, Consett, Durham DH8 5EH2
£42K06/210.57 mi7, Stephen Street, Consett, Durham DH8 5LZ2
£42K06/210.58 mi7, Stephen Street, Consett, Durham DH8 5LZ2
£87K04/230.69 mi62, Seagent Place, Shotley Bridge, Consett, County Durham DH8 0TR2
£280.8K09/210.75 mi1, Peile Court, Shotley Bridge, Consett, County Durham DH8 0SH2
£52.5K11/210.83 mi22, Gladstone Street, Consett, Durham DH8 6AQ2
£58.5K12/200.84 mi14, Gladstone Street, Consett, County Durham DH8 6AQ2
£58.5K12/200.84 mi15, Gladstone Street, Consett, County Durham DH8 6AQ2
£70K10/210.85 mi6, Southernwood, Consett, County Durham DH8 6GD2
£119K12/210.86 mi2, Derwent Place, Consett, County Durham DH8 0JD2
£101K11/211 mi4, Oley Meadows, Shotley Bridge, Consett, County Durham DH8 0JF2

Local Rents

10 rents from £475/mo to £750/mo, average is £688/mo.

RentDateDistanceAddressBeds 
£70012/240.05 mi-2
£70003/250.05 mi-2
£70012/240.05 miDerwent Mews, Blackhill, Consett, DH82
£47512/240.14 mi-2
£52503/250.53 mi-2
£67510/240.53 mi-2
£50012/240.54 miBeverley Gardens, Consett, County Durham, DH82
£60012/240.57 miEmma Street, Consett, Durham, DH82
£75012/240.6 mi-2
£75003/250.6 mi-2

Local Area Statistics

Population in DH8

38,324

Population in Consett

38,379

Town centre distance

0.54 miles away

Nearest school

0.30 miles away

Nearest train station

6.60 miles away

 

 

Rental demand

Balanced market

Rental growth (12m)

+9%

Sales demand

Seller's market

Capital growth (5yrs)

+14%

Property History

Price changed to £69,950

December 6, 2024

Listed for £75,000

May 3, 2024

Floor Plans

Description

  • Two Bedroom First Floor Flat +
  • No Onward Chain +
  • Driveway and Garage +
  • Approximate Floor Area 60 Sq Mtrs/ 646 Sq Ft +
  • Council Tax Band A +
  • EPC Rating C +

CASH BUYERS ONLY. Previously receiving £550pcm, this would earn around under 9.4% yield per annum.

A well-proportioned first floor apartment which is situated is within a pleasant cul-de-sac development. With the remainder of its 999 year lease, the flat has recently benefitted from new double glazed windows and combination boiler as well as boasting a garage, driveway with parking for two vehicles and an addition allocated parking space to the front of the building.

Internally, the accommodation briefly comprises of and entrance lobby with stairs up to the first floor landing, two storage cupboards, an open plan lounge/dining room, fitted kitchen with ample wall and base units, two well-proportioned bedrooms and a good-size bathroom with large corner bath with over bath shower. Externally the property also benefits from an external storage cupboard next to the property entrance door as well as a gravelled garden area. Parking is provided to the side of the property via the double driveway and garage as well as the additional allocated space to the front.

Derwent Mews is a pleasant development located within the village of Blackhill. The property is within walking distance of the villages many amenities and Consett Town Centre is around one mile from the property for access to many more amenities and facilities. Excellent transport links are accessible from the village to the regional cities of Durham and Newcastle, which are both within 15 miles of the property. And for those who enjoy walking and cycling, access to the Derwent Walk is next to the estate

IMPORTANT NOTE TO POTENTIAL PURCHASERS & TENANTS:
We endeavour to make our particulars accurate and reliable, however, they do not constitute or form part of an offer or any contract and none is to be relied upon as statements of representation or fact. The services, systems and appliances listed in this specification have not been tested by us and no guarantee as to their operating ability or efficiency is given. All photographs and measurements have been taken as a guide only and are not precise. Floor plans where included are not to scale and accuracy is not guaranteed. If you require clarification or further information on any points, please contact us, especially if you are traveling some distance to view. POTENTIAL PURCHASERS: Fixtures and fittings other than those mentioned are to be agreed with the seller. POTENTIAL TENANTS: All properties are available for a minimum length of time, with the exception of short term accommodation. Please contact the branch for details. A security deposit of at least one month’s rent is required. Rent is to be paid one month in advance. It is the tenant’s responsibility to insure any personal possessions. Payment of all utilities including water rates or metered supply and Council Tax is the responsibility of the tenant in most cases.

QCO240145/2

Agent Details

YOUR MOVE Chris Stonock, Consett

01207 265949

Next Steps?

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