2 Bed Flat, Refurb/BRRR, South Shields, NE33 3NE, £115,000

Sea Winnings Way, South Shields, NE33 3NE - 3 views - 3 months ago

Leasehold
Refurb/BRRR
ROI: 2%
~68 m²
+10 photos

ValuationOvervalued

Sold Prices£57K - £157K
Sold Prices/m²£802/m² - £2.8K/m²

 

 

Square Metres

~68.11 m²
Price/m²£1.7K/m²

Value Estimate

£88,179

 

 

End Value (After Refurb)

£138,745

Uplift in Value

+21%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£28,750

Stamp Duty & Legal Fees

£4,650

Refurb Costs

£26,000

Bridging Loan Interest

£3,019

Total Cash In

£64,169

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£138,745

Mortgage (After Refinance)

£104,058

Mortgage LTV

75%

Cash Released

£17,808

Cash Left In

£46,360

Equity

£34,686

Rent Range

£475 - £1,750

Rent Estimate

£695

Running Costs/mo

£593

Cashflow/mo

£102

Cashflow/yr

£1,229

ROI

2%

Gross Yield

7%

Local Sold Prices

50 sold prices from £57K to £157K, average is £100K. £802/m² to £2.8K/m², average is £1.4K/m².

PriceDateDistanceAddressBeds 
£127K11/220.03 mi19, Sea Winnings Way, South Shields, Tyne And Wear NE33 3NE2
£126.5K08/230.03 mi15, Sea Winnings Way, South Shields, Tyne And Wear NE33 3NE2
£113.5K10/230.04 mi22, Brass Thill Way, South Shields, Tyne And Wear NE33 3NY2
£100K04/230.04 mi28, Brass Thill Way, South Shields, Tyne And Wear NE33 3NY2
£108K12/210.04 mi42, Brass Thill Way, South Shields, Tyne And Wear NE33 3NY2
£114K04/210.05 mi34, North Main Court, South Shields, Tyne And Wear NE33 3NX2
£140K01/230.05 mi2, Sea Winnings Way, South Shields, Tyne And Wear NE33 3NE2
£105K06/230.05 mi107, Greenside Drift, South Shields, Tyne And Wear NE33 3ND2
£135K10/230.05 mi19, Greenside Drift, South Shields, Tyne And Wear NE33 3ND2
£139.9K07/240.05 mi95, Greenside Drift, South Shields, Tyne And Wear NE33 3ND2
£130K11/200.07 mi188, Bents Park Road, South Shields, Tyne And Wear NE33 3NB2
£141K11/230.07 mi18, North Main Court, South Shields, Tyne And Wear NE33 3NX2
£110K03/210.07 mi18, North Main Court, South Shields, Tyne And Wear NE33 3NX2
£157K03/230.07 mi36, North Main Court, South Shields, Tyne And Wear NE33 3NX2
£118K12/200.08 mi132, Bents Park Road, South Shields, Tyne And Wear NE33 3NA2
£145K01/240.11 mi110, North Main Court, South Shields, Tyne And Wear NE33 3GB2
£132K12/200.14 mi52, Sea Winnings Way, South Shields, Tyne And Wear NE33 3GE2
£135K12/230.14 mi54, Sea Winnings Way, South Shields, Tyne And Wear NE33 3GE2
£72.5K08/210.18 mi14, Eccleston Road, South Shields, Tyne And Wear NE33 3BS2
£78K07/210.19 mi235, Mowbray Road, South Shields, Tyne And Wear NE33 3BD2
£122K01/230.19 mi217, Mowbray Road, South Shields, Tyne And Wear NE33 3BD2
£100K08/230.19 mi16, Hutton Row, South Shields, Tyne And Wear NE33 3NU2
£95K08/230.21 mi33, Tadema Road, South Shields, Tyne And Wear NE33 3BG2
£123K03/210.21 mi60, Baltic Court, South Shields, Tyne And Wear NE33 3NT2
£61K05/210.22 mi203, Osborne Avenue, South Shields, Tyne And Wear NE33 3BY2
£120K02/230.24 mi143, Mowbray Road, South Shields, Tyne And Wear NE33 3BB2
£68K06/210.29 mi56, Leighton Street, South Shields, Tyne And Wear NE33 3BU2
£67K02/210.29 mi151, St Vincent Street, South Shields, Tyne And Wear NE33 3BJ2
£65K12/200.29 mi243, St Vincent Street, South Shields, Tyne And Wear NE33 3BJ2
£106K03/210.29 mi83, Mowbray Road, South Shields, Tyne And Wear NE33 3BA2
£80K11/210.3 mi197, St Vincent Street, South Shields, Tyne And Wear NE33 3BJ2
£84K04/210.3 mi111, Osborne Avenue, South Shields, Tyne And Wear NE33 3BX2
£78K10/230.32 mi3, Lord Street, South Shields, Tyne And Wear NE33 3DB2
£70K06/230.32 mi12, Lord Street, South Shields, Tyne And Wear NE33 3DB2
£80K12/220.35 mi138a, St Vincent Street, South Shields, Tyne And Wear NE33 3BH2
£79K08/230.35 mi79, Mowbray Road, South Shields, Tyne And Wear NE33 3DD2
£133K09/230.37 mi72, Mowbray Road, South Shields, Tyne And Wear NE33 3AX2
£66K10/200.37 mi15, Iolanthe Terrace, South Shields, Tyne And Wear NE33 3DE2
£85K05/210.38 mi123, St Vincent Street, South Shields, Tyne And Wear NE33 3AS2
£57K03/210.38 mi82, St Vincent Street, South Shields, Tyne And Wear NE33 3AS2
£86.5K07/210.38 mi130, St Vincent Street, South Shields, Tyne And Wear NE33 3AS2
£145K01/230.39 mi25, Seaview Terrace, South Shields, Tyne And Wear NE33 2NW2
£88K03/230.4 mi47, Coleridge Avenue, South Shields, Tyne And Wear NE33 3HA2
£119K04/210.42 mi30, Lyndhurst Street, South Shields, Tyne And Wear NE33 2TA2
£95K10/210.42 mi19a, Osborne Avenue, South Shields, Tyne And Wear NE33 3DQ2
£75.5K07/210.45 mi9, Coleridge Avenue, South Shields, Tyne And Wear NE33 3EZ2
£85K10/230.45 mi24, Coleridge Avenue, South Shields, Tyne And Wear NE33 3EZ2
£85K09/210.45 mi15, Coleridge Avenue, South Shields, Tyne And Wear NE33 3EZ2
£75K10/200.46 mi29, St Vincent Street, South Shields, Tyne And Wear NE33 3AR2
£87K12/200.46 mi62, St Vincent Street, South Shields, Tyne And Wear NE33 3AR2

Local Rents

28 rents from £475/mo to £1.8K/mo, average is £638/mo.

RentDateDistanceAddressBeds 
£1,65005/240.01 mi-2
£79505/240.03 miSea Winnings Way, South Shields2
£85007/240.17 miSea Way, South Shields2
£60005/240.22 mi-2
£60006/240.29 mi-2
£60003/250.29 mi-2
£62502/250.32 mi-2
£69505/240.33 miSpohr Terrace, South Shields2
£69505/240.37 miErskine Road, South Shields2
£47507/240.38 mi93 St Vincent Street South Shields NE33 3AS2
£55003/250.4 mi-2
£60012/240.4 mi-2
£60012/240.4 miBroughton Road, South Shields, NE332
£57506/240.41 mi-2
£57506/240.41 mi-2
£52501/250.43 mi-2
£84505/240.44 miBeach Road, Town Centre , South Shields, Tyne and Wear, NE33 2SA2
£49506/240.45 miColeridge Avenue, South Shields2
£55001/250.5 mi-2
£85005/240.53 mi-2
£77507/240.54 miIngham House, South Shields2
£63006/240.55 mi-2
£75005/240.58 miGeorge Scott Street, South Shields2
£85005/240.6 miRoman Road, South Shields2
£69505/240.61 mi-2
£67505/240.61 mi96 Imeary Street, South Shields2
£64506/240.61 miImeary Street, South Shields, Tyne and Wear, NE332
£1,75003/250.61 mi-2

Local Area Statistics

Population in NE33

27,262

Population in South Shields

79,432

Town centre distance

0.97 miles away

Nearest school

0.10 miles away

Nearest train station

0.50 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+19%

Sales demand

Seller's market

Capital growth (5yrs)

+8%

Property History

Listed for £115,000

January 3, 2025

Description

  • Popular Coastal Location Within Walking Distance To The Beach +
  • Nearby Shops, Bus Links & Access To Town Centre +
  • Sold With Vacant Possession ! +
  • Allocated Parking Bay For Residents +
  • Open Plan Living, Ready For Personalisation & Modernisation +
  • Reference : 459781 +

WESTOE CROWN VILLAGE COASTAL DEVELOPMENT!

Located within this highly desirable modern development, this spacious two bedroom ground floor apartment offers prime location. The standout feature is the open-plan lounge, kitchen, and dining area, filled with natural light and designed for comfortable living and entertaining.

Both bedrooms are generously sized doubles, with the principal bedroom benefitting from an en-suite shower room. A family bathroom suite with a shower over the bath adds to the convenience and practicality of the home.

Externally, the property includes an allocated parking bay, along with access to shared bin storage and bike sheds. Positioned close to South Shields' award-winning coastline and vibrant seaside attractions, it also enjoys excellent proximity to the town centre, with its range of shops and amenities.

This apartment is perfect for first-time buyers, downsizers, or investors. Early viewing is highly recommended to avoid disappointment!
COMMUNAL ENTRANCE
Via secure composite door into communal hallway.
COMMUNAL HALLWAY
Access to Apartment.
APARTMENT ENTRANCE
Door into Hallway.
HALLWAY
Laminate flooring, radiator and storage cupboard.
OPEN PLAN LOUNGE KITCHEN DINER 6.2m (20'4) x 5.11m (16'9)
Two double glazed windows to front, two double glazed windows to rear, laminate flooring and two radiators. Kitchen is fitted with a range of wall and base units with contrasting worktops, integrated oven and hob, plumbing for washer, space for fridge freezer, COMBI boiler is located here, stainless steel sink unit with mixer tap and part tiling to splash areas.
BATHROOM
Panelled bath with shower over and shower screen, pedestal hand wash basin, low flush W.C., double glazed window, radiator, laminate flooring and part tiling to walls.
BEDROOM ONE 5.82m (19'1) x 3.35m (11')
Three double glazed windows, radiator and door into En Suite.
EN SUITE SHOWER ROOM
Pedestal hand wash basin, low flush W.C., laminate flooring, part tiling to walls and radiator.
BEDROOM TWO 3.35m (11'0) x 2.82m (9'3)
Double glazed window and radiator.
EXTERNALLY
Bike storage and bin shed.
PARKING
Allocated parking bay to rear for one car.
Tenure
The property is Leasehold, with 129 years remaining on the lease.
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 14 Mbps and a maximum download speed of 80 Mbps at this postcode: NE33 3NE and mobile coverage is provided by 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: C
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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