2 Bed Flat, Cash/Bridging Only, Gateshead, NE8 2DB, £125,000

Cameronian Square, Worsdell Drive, Gateshead, NE8 2DB - 1 views - 3 months ago

Leasehold
Cash
ROI: 9%
~56 m²
+5 photos

ValuationOvervalued

Sold Prices£59K - £475K
Sold Prices/m²£900/m² - £3.8K/m²

 

 

Square Metres

~56.30 m²
Price/m²£2.2K/m²

Value Estimate

£113,482

 

 

End Value (After Refurb)

£123,375

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£31,250

Stamp Duty & Legal Fees

£4,950

Refurb Costs

£21,551

Bridging Loan Interest

£3,281

Total Cash In

£62,783

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£123,375

Mortgage (After Refinance)

£92,531

Mortgage LTV

75%

Cash Left In

£62,783

Equity

£30,844

Rent Range

£800 - £1,500

Rent Estimate

£1,124

Running Costs/mo

£630

Cashflow/mo

£494

Cashflow/yr

£5,924

ROI

9%

Gross Yield

11%

Local Sold Prices

50 sold prices from £59K to £475K, average is £150K. £900/m² to £3.8K/m², average is £2K/m².

PriceDateDistanceAddressBeds 
£152K06/230.21 mi119, Curzon Place, Gateshead, Tyne And Wear NE8 2ES2
£120K06/230.21 mi116, Curzon Place, Gateshead, Tyne And Wear NE8 2ES2
£140K12/200.21 mi78, Curzon Place, Gateshead, Tyne And Wear NE8 2ES2
£138.1K12/200.21 mi88, Curzon Place, Gateshead, Tyne And Wear NE8 2ES2
£92.5K11/230.21 mi66, Curzon Place, Gateshead, Tyne And Wear NE8 2ES2
£125.5K08/230.23 miApartment 33, Hanover Mill, Hanover Street, Newcastle Upon Tyne, Tyne And Wear NE1 3AB2
£135K09/230.23 miApartment 20, Hanover Mill, Hanover Street, Newcastle Upon Tyne, Tyne And Wear NE1 3AB2
£150K05/240.23 miHanover Mill, Apartment 26, Hanover Street, Newcastle Upon Tyne, Tyne And Wear NE1 3AB2
£117K11/230.24 mi42, Curzon Place, Gateshead, Tyne And Wear NE8 2ER2
£130K05/230.24 mi30, Curzon Place, Gateshead, Tyne And Wear NE8 2ER2
£155K10/200.25 miApartment 6, Mill House, Hanover Street, Newcastle Upon Tyne, Tyne And Wear NE1 3AG2
£405K03/210.29 miLoft 2, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£265K07/230.3 miLoft 48, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£475K10/200.3 miLoft 9, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£200K06/210.3 miLoft 26, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£405K03/210.33 miLoft 2, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£106K10/200.38 mi3e, Queen Street, Newcastle Upon Tyne, Tyne And Wear NE1 3UG2
£165K04/240.39 mi23b, Queen Street, Newcastle Upon Tyne, Tyne And Wear NE1 3UG2
£200K02/210.42 mi5, Peppercorn Court, Newcastle Upon Tyne, Tyne And Wear NE1 3HD2
£86K01/230.48 mi14, Affleck Street, Gateshead, Tyne And Wear NE8 1QY2
£98K03/230.51 mi70, Windmill Way, Gateshead, Tyne And Wear NE8 1NU2
£315K06/230.52 mi26, Love Lane, Newcastle Upon Tyne, Tyne And Wear NE1 3DW2
£195K12/200.52 mi7, Love Lane, Newcastle Upon Tyne, Tyne And Wear NE1 3DW2
£129K11/200.52 miApartment 314, The Bar, St James Gate, Newcastle Upon Tyne, Tyne And Wear NE1 4BA2
£156K05/240.52 miThe Bar, Apartment 608, St James Gate, Newcastle Upon Tyne, Tyne And Wear NE1 4BA2
£59K11/200.52 mi5, Claremont South Avenue, Gateshead, Tyne And Wear NE8 1RJ2
£185K03/240.53 mi21, Milk Market, Newcastle Upon Tyne, Tyne And Wear NE1 3DN2
£152K06/230.53 mi6, Milk Market, Newcastle Upon Tyne, Tyne And Wear NE1 3DN2
£150K04/240.53 mi55 Degrees North, 8/7, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BG2
£165K02/210.53 mi8/13, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BG2
£270K10/200.53 miP5, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BJ2
£135.8K07/210.53 mi4/14, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BF2
£155K12/220.53 mi5/14, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BF2
£194K08/230.53 mi9/19, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BJ2
£160K07/210.54 mi8/19, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BG2
£215K09/230.55 miApartment 409, Pandongate House, City Road, Newcastle Upon Tyne, Tyne And Wear NE1 2AY2
£185K11/220.56 miApartment 101, Pandongate House, City Road, Newcastle Upon Tyne, Tyne And Wear NE1 2AY2
£113.5K11/200.57 mi77c, Grainger Street, Newcastle Upon Tyne, Tyne And Wear NE1 5JF2
£159.5K11/230.6 miApartment 14, Charltons Bonds, Waterloo Street, Newcastle Upon Tyne, Tyne And Wear NE1 4DE2
£115K09/230.6 miApartment 22, Waterloo House, Thornton Street, Newcastle Upon Tyne, Tyne And Wear NE1 4AP2
£63K12/200.62 mi62, Woodbine Street, Gateshead, Tyne And Wear NE8 1SS2
£104K12/200.62 miApartment 5, Waterloo House, Thornton Street, Newcastle Upon Tyne, Tyne And Wear NE1 4AP2
£135K07/230.64 mi12, Charlotte Mews, Newcastle Upon Tyne, Tyne And Wear NE1 4XH2
£135K12/230.64 mi3, Charlotte Mews, Newcastle Upon Tyne, Tyne And Wear NE1 4XH2
£152K11/230.67 mi18, Blackfriars Court, Newcastle Upon Tyne, Tyne And Wear NE1 4XB2
£82.5K03/210.69 mi21, Chaucer Close, Gateshead, Tyne And Wear NE8 3NG2
£90K01/240.69 mi52, Chaucer Close, Gateshead, Tyne And Wear NE8 3NG2
£142K05/210.72 miApartment 34, Printworks, Rutherford Street, Newcastle Upon Tyne, Tyne And Wear NE4 5DP2
£160K03/230.72 miApartment 21, Printworks, Rutherford Street, Newcastle Upon Tyne, Tyne And Wear NE4 5DP2
£125.5K07/230.72 mi51, Gibson Street, Newcastle Upon Tyne, Tyne And Wear NE1 2LF2

Local Rents

50 rents from £800/mo to £1.5K/mo, average is £1.1K/mo.

RentDateDistanceAddressBeds 
£1,10003/240 miCameronian Square, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20003/240 miWorsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20006/240 miCameronian Square, Ochre Yards, Gateshead, NE82
£92506/240 miCameronian Square, Gateshead2
£89506/240 miCameronian Square, Ochre Yards, Gateshead, NE82
£1,02007/240 miCameronian Square, Ochre Yards, Gateshead, NE82
£92506/240.01 miCameronian Square, Worsdell Drive, Gateshead, Tyne and Wear, NE82
£89506/240.01 miCameronian Square, Worsdell Drive, GATESHEAD, Tyne and Wear, NE82
£1,35003/250.01 mi-2
£1,15002/250.01 mi-2
£89506/240.01 miCameronian Square, Worsdell Drive, Gateshead2
£1,20006/240.02 miFairway Court, Fletcher Road, Gateshead, NE82
£1,25003/240.02 miTranquil House, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,35003/240.02 miWorsdell Drive, Gateshead, Tyne And Wear, NE82
£89506/240.03 miColombo Square, Worsdell Drive, Gateshead, Tyne & Wear, NE82
£1,50003/240.04 miColombo Square, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,00006/240.04 miColombo Square, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,02006/240.04 miColombo Square, Worsdell Drive, Ochre Yards, Gateshead, NE82
£1,02006/240.04 miColombo Square, Worsdell Drive, Ochre Yards, Gateshead, NE82
£89506/240.04 miColombo Square, Gateshead2
£1,02007/240.04 miColombo Square, Worsdell Drive, Gateshead, NE82
£1,20006/240.04 miColombo Square, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,02006/240.04 miColombo Square, Worsdell Drive, Gateshead2
£1,02006/240.04 miWorsdell Drive, Gateshead, NE82
£1,19507/240.05 miWillbrook House, Gateshead Quays2
£1,19506/240.05 miOchre Mews, Raven Road, Gateshead, NE82
£1,04506/240.05 miOchre Mews, Raven Road, Gateshead, NE82
£1,22506/240.05 miOchre Mews, Raven Road, Gateshead, NE82
£90011/240.05 mi-2
£94503/250.05 mi-2
£1,10003/240.05 miWillbrook House, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20006/240.05 miWorsdell Drive, Gateshead, Tyne And Wear, NE82
£80006/240.06 miWorsdell Drive, Gateshead2
£1,35007/240.06 miWillbrook House, Worsdell Drive, Gateshead, NE82
£94006/240.06 miWillbrook House, Worsdell Drive, Gateshead, NE82
£99511/240.06 mi-2
£1,25010/240.06 mi-2
£1,30006/240.06 miOchre Mews, Raven Road, Gateshead, NE8 2FF2
£1,15007/240.07 miWorsdell Drive, Gateshead, NE82
£1,45006/240.07 miWillbrook House, Ochre Yards, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20003/240.07 miWillbrook House, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20007/240.07 miWillbrook House, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20007/240.07 miWillbrook House, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20006/240.07 miWorsdell Drive, Gateshead, Tyne And Wear, NE82
£1,10006/240.07 miMarmion Court, Worsdell Drive, Gateshead, NE82
£1,20006/240.08 miMarmion Court, Worsdell Drive, Gateshead, Tyne And Wear, NE82
£1,20010/240.08 mi-2
£1,15007/240.09 mi-2
£1,30006/240.11 miKenilworth House, Fletcher Road, Gateshead, Tyne And Wear, NE82
£1,45006/240.11 miKenilworth House, Ochre Yards, Gateshead Quays, NE82

Local Area Statistics

Population in NE8

32,358

Population in Gateshead

122,353

Town centre distance

1.87 miles away

Nearest school

0.30 miles away

Nearest train station

0.43 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+64%

Sales demand

Balanced market

Capital growth (5yrs)

+15%

Property History

Listed for £125,000

December 26, 2024

Floor Plans

Description

  • Third Floor Apartment +
  • Two Double Bedrooms +
  • Allocated & Visitor Parking +
  • Juliet Balcony +
  • Lift Access +
  • No Onward Chain +
  • Close to Quayside +
  • Close to City Centre +
  • Popular Development +
  • Ideal First Time Buy or Investment +

Jan Mitchell Properties are delighted welcome to the market this wonderful two bedroom third floor apartment in Ochre Yards set on the South Banks of the Quayside. Presented as a 'Turn Key' buy, it would make an ideal first time buy, investment or second home.

The property briefly comprises:- Communal entrance hallway with intercom system and access to all floors via stairs or lift, apartment hallway, open plan living room/dining room with a Juliet balcony and open access into the kitchen which has integrated appliances to include; oven and induction hob, fridge/freezer, washing machine and dishwasher. Completing the property is two double bedrooms, and a three piece bathroom with shower over the bath. There are also communal gardens, allocated parking and visitors parking.

Location
Colombo Square is situated in the centre of the Ochre Yard in the development. Ochre Yards, The Bellway Homes development, is elevated on the Southbanks for the Tyne in an area highly regarded as the best for investment in future city expansion especially with the rejuvenation of Gateshead town centre within the last decade. It will prove popular with investors and young professionals who work within the City as it's situated within easy access via the High Level Bridge.

Measurements
Lounge - 3.95 x 4.38
Kitchen - 2.65 x 1.95
Bedroom One - 2.83 x 5.38
Bedroom Two - 2.61 x 3.23

IMPORTANT NOTE TO PURCHASERS
We endeavour to make our property details accurate, however, they do not constitute or form part of an offer or any contract and are not to relied upon as statements of representation or fact. Any services, systems and appliances listed in the details have not been tested by us and no guarantee is given to their operating ability or efficiency. All the measurements and floor plans have been taken as a guide to prospective purchasers and are not to be relied upon. Please be advised that some of the information may be awaiting vendor approval. If you require clarification of further information on any points please contact us direct.

MAKING AN OFFER Please note that all offers will require financial verification including mortgage agreement in principle, proof of deposit funds, proof of available cash and full chain details including selling agents and solicitors down the chain. Under New Money Laundering Regulations we require proof of identification from all buyers before acceptance letters are sent and solicitors can be instructed.

Tenure - We are not able to verify the tenure of the property as it is not always possible to see sight of the relevant documentation prior to marketing. Prospective purchasers must make further enquiries with their legal adviser

Council Tax Band: C (Gateshead Council)
Tenure: Leasehold (105 years)

Agent Details

Jan Mitchell Properties, Covering North East

0191 625 1034

Next Steps?

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