2 Bed Flat, Refurb/BRRR, Cramlington, NE23 2YA, £69,950

8 Oakley Drive, Cramlington, Northumberland, NE23 2YA - 3 views - 4 months ago

Sold STC

Leasehold

Refurb/BRRR

ROI: 3%

~68 m²

+1 photos

ValuationFair Value

Sold Prices	£40K - £125K
Sold Prices/m²	£756/m² - £2.3K/m²

Square Metres	~68.11 m²
Price/m²	£1K/m²
Value Estimate	£69,950£69,950

End Value (After Refurb)	£123,398£123,398
Uplift in Value	+76%+76%

Investment Opportunity

Cash In
Purchase Finance	Bridging LoanBridging Loan
Deposit (25%)	£17,488£17,488
Stamp Duty & Legal Fees	£3,299£3,299
Refurb Costs	£26,073£26,073
Bridging Loan Interest	£1,836£1,836
Total Cash In	£50,445£50,445

Cash Out
Monetisation	FlipRefinance & RentFlip
Estimated Sale Price	£123,398£123,398
Agent Fees (1%)	£1,234£1,234
Bridging Loan	£52,463£52,463
Bridging Loan Interest	£1,836£1,836
Flip Profit	£19,257£19,257

Local Sold Prices

28 sold prices from £40K to £125K, average is £76.5K. £756/m² to £2.3K/m², average is £1.3K/m².

Price	Date	Distance	Address	Price/m²	m²	Beds	Type
£78K	02/21	0.05 mi	10, Otley Close, Cramlington, Northumberland NE23 2YP	£1,560	50	2	Flat
£82K	08/22	0.08 mi	6, Huntingdon Drive, Cramlington, Northumberland NE23 2FA	£1,491	55	2	Flat
£74K	05/22	0.08 mi	10, Huntingdon Drive, Cramlington, Northumberland NE23 2FA	£1,298	57	2	Flat
£125K	03/23	0.12 mi	13, Hertford Grove, Cramlington, Northumberland NE23 2FL	£2,315	54	2	Flat
£74K	04/21	0.15 mi	12, Hickstead Grove, Cramlington, Northumberland NE23 2FF	£1,574	47	2	Flat
£85K	07/23	0.15 mi	6, Hickstead Grove, Cramlington, Northumberland NE23 2FF	£1,518	56	2	Flat
£56K	04/23	0.15 mi	30, Oxford Avenue, Eastfield Green, Cramlington, Northumberland NE23 2YL	-	-	2	Flat
£70.5K	11/20	0.24 mi	7, Portland Gardens, Cramlington, Northumberland NE23 2QD	£1,306	54	2	Flat
£82.5K	04/21	0.32 mi	19, Poole Close, Cramlington, Northumberland NE23 2QB	£1,447	57	2	Flat
£79K	03/21	0.52 mi	23, Reigate Square, Cramlington, Northumberland NE23 1NW	£1,274	62	2	Flat
£112K	11/22	0.54 mi	11, East View Avenue, Cramlington, Northumberland NE23 1DY	£1,600	70	2	Flat
£95K	12/20	0.54 mi	16, East View Avenue, Cramlington, Northumberland NE23 1DY	£1,347	71	2	Flat
£90K	07/21	0.54 mi	5, East View Avenue, Cramlington, Northumberland NE23 1DY	£1,233	73	2	Flat
£100K	10/22	0.54 mi	16, East View Avenue, Cramlington, Northumberland NE23 1DY	£1,418	71	2	Flat
£60K	08/23	0.73 mi	29, Falmouth Walk, Cramlington, Northumberland NE23 1RU	£1,250	48	2	Flat
£77K	04/21	0.76 mi	1, Hastings Terrace, Shankhouse, Cramlington, Northumberland NE23 3JE	-	-	2	Flat
£77K	06/22	0.84 mi	3, Craigend, Cramlington, Northumberland NE23 6LF	£1,540	50	2	Flat
£40K	05/21	0.91 mi	101, Doxford Place, Cramlington, Northumberland NE23 6DX	£756	53	2	Flat
£46K	07/22	0.93 mi	32, Alexandra Way, Cramlington, Northumberland NE23 6EB	£836	55	2	Flat
£89K	11/22	0.94 mi	37, Crofthead Drive, Cramlington, Northumberland NE23 6LG	£1,561	57	2	Flat
£69K	05/22	0.94 mi	25, Alexandra Way, Cramlington, Northumberland NE23 6EA	£1,290	53	2	Flat
£49.5K	11/20	0.94 mi	28, Alexandra Way, Cramlington, Northumberland NE23 6EB	£917	54	2	Flat
£73.5K	11/22	0.96 mi	45, Coomside, Cramlington, Northumberland NE23 6HW	£1,205	61	2	Flat
£76K	11/20	0.97 mi	46, Whitelaw Place, Cramlington, Northumberland NE23 6HY	£1,118	68	2	Flat
£72K	10/21	0.97 mi	105, Cramond Way, Cramlington, Northumberland NE23 6LB	-	-	2	Flat
£95K	01/23	0.98 mi	18, Harwood Close, Cramlington, Northumberland NE23 6AN	£1,484	64	2	Flat
£60K	03/21	1 mi	4, Woodhill Road, Cramlington, Northumberland NE23 6JQ	£1,176	51	2	Flat
£54K	11/21	1 mi	10, Woodhill Road, Cramlington, Northumberland NE23 6JQ	£1,007	54	2	Flat

Local Rents

13 rents from £520/mo to £875/mo, average is £640/mo.

Rent	Date	Distance	Address	Beds	Type
£530	05/24	0.05 mi	-	2	Flat
£875	06/24	0.23 mi	Hazelmere Crescent, Cramlington, Northumberland, NE23	2	Detached House
£600	03/24	0.25 mi	-	2	Flat
£725	06/24	0.29 mi	Drybeck Court, Cramlington, Northumberland, NE23	2	Terraced House
£595	07/24	0.44 mi	Evergreen Court, High Pit Road, Cramlington, Northumberland, NE23	2	Flat
£640	05/24	0.48 mi	-	2	Semi-Detached House
£640	05/24	0.48 mi	-	2	Semi-Detached House
£695	07/24	0.54 mi	East View Avenue, Newcastle	2	Flat
£620	12/23	0.55 mi	-	2	Flat
£520	12/23	0.55 mi	-	2	Flat
£580	08/24	0.55 mi	-	2	Flat
£750	06/24	0.57 mi	Two Bedroom Semi Detached - Chipchase Avenue, Cramlington	2	Semi-Detached House
£750	07/24	0.57 mi	Two Bedroom Semi Detached - Chipchase Avenue, Cramlington	2	Semi-Detached House

Local Area Statistics

Population in NE23	39,16239,162
Population in Cramlington	39,22639,226
Town centre distance	0.91 miles away0.91 miles away
Nearest school	0.30 miles away0.30 miles away
Nearest train station	1.20 miles away1.20 miles away

Rental demand	Tenant's marketTenant's market
Rental growth (12m)	-10%-10%
Sales demand	Seller's marketSeller's market
Capital growth (5yrs)	+31%+31%

Property History

Listed for £69,950

December 4, 2024

Sold for £26,000

1998

Description

A two bedroomed, upper semi detached flat, built to a popular design by Leech Homes, pleasantly situated on the edge of the estate with an open aspect to the front. The property has an extended lease. Some updating and modernisation is required.
There is a garage in a block nearby.
Leasehold terms: 189 years from March 1976 ( 140 years remaining ) , Peppercorn ground rent.
EPC Rating D
Council Tax Band "A"

Entrance Lobby
Stairs to landing, wall mounted electric heater

Living Room 3.86m (12'8") x 3.71m (12'2")
Tv point, wall mounted electric heater, built in cupboard

Kitchen 2.67m (8'9") x 2.13m (7'0")
Fitted with a range of white base and wall units with drawers and cupboards, laminate worktops, stainless steel sink unit, built in cooker with electric hob and oven, concealed cooker hood, plumbing for washing machine, partly tiled walls

Bedroom 1 3.84m (12'7") x 3.05m (10'0")
Wall mounted electric heater

Bedroom 2 3.00m (9'10") x 2.97m (9'9")
Wall mounted electric heater, airing cupboard containing hot water storage cylinder

Bathroom
Panelled bath with electric shower over, washbasin and low level w.c. set, tiled walls

Externally
Lawned garden to the front.
Brick built Garage in block nearby.

Tenure
Leasehold. 189 years from March 1976 ( 140 years remaining. Peppercorn Ground Rent )

Agent Details

Renown Estate Agents, Cramlington

01670 331202

Next Steps?

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