2 Bed Flat, Cash/Bridging Only, Gateshead, NE8 2DB, £120,000

Worsdell Drive, Gateshead, Tyne And Wear, NE8 2DB - 1 views - 3 months ago

Sold STC
Leasehold
Cash
ROI: 8%
~68 m²
+13 photos

ValuationFair Value

Sold Prices£42.6K - £405K
Sold Prices/m²£900/m² - £3.8K/m²

 

 

Square Metres

~68.11 m²
Price/m²£1.8K/m²

Value Estimate

£122,400

 

 

End Value (After Refurb)

£140,279

Uplift in Value

+17%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£30,000

Stamp Duty & Legal Fees

£7,200

Refurb Costs

£26,073

Bridging Loan Interest

£3,150

Total Cash In

£68,173

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£140,279

Mortgage (After Refinance)

£105,209

Mortgage LTV

75%

Cash Released

£15,209

Cash Left In

£52,963

Equity

£35,070

Rent Range

£800 - £1,500

Rent Estimate

£1,124

Running Costs/mo

£683

Cashflow/mo

£441

Cashflow/yr

£5,290

ROI

8%

Gross Yield

11%

Local Sold Prices

50 sold prices from £42.6K to £405K, average is £139K. £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
£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
£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
£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
£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
£115K09/230.61 miApartment 22, Waterloo House, Thornton Street, Newcastle Upon Tyne, Tyne And Wear NE1 4AP2
£63K12/200.61 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
£70K03/240.73 mi20, Ripon Street, Gateshead, Tyne And Wear NE8 4EP2
£98.5K11/210.76 mi132, Chaucer Close, Gateshead, Tyne And Wear NE8 3NQ2
£80.5K09/230.77 mi34, St Aidans Street, Gateshead, Tyne And Wear NE8 1YA2
£42.6K03/210.77 mi36, Bensham Avenue, Gateshead, Tyne And Wear NE8 1XT2

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
£1,35007/240.05 miWillbrook House, Worsdell Drive, Gateshead, NE82
£80006/240.05 miWorsdell Drive, Gateshead2
£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
£1,00004/250.06 mi-2
£1,15007/240.06 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
£1,20006/240.07 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

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

0.44 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+64%

Sales demand

Balanced market

Capital growth (5yrs)

+15%

Property History

Price changed to £120,000

February 28, 2025

Price changed to £130,000

February 12, 2025

Listed for £140,000

January 9, 2025

Description

  • Two bedroom apartment +
  • Riverside location +
  • No upper chain +
  • Allocated parking bay +
  • Small balcony +
  • Spacious lounge/kitchen +
  • En-suite shower room +

A NEW PRICE for this desirable TWO bedroom/TWO bathroom second floor apartment in Ochre Yards with a dedicated PARKING bay, and located in the heart of this popular residential area close to the Gateshead/Newcastle Riverside and Newcastle City Centre. Available with NO UPPER CHAIN in a great location and offers stylish, modern living.

With a secure entry system, the apartment benefits from the two good sized bedrooms, one with ensuite shower room, an additional bathroom, open plan living area and kitchen with access to a small balcony. Excellent condition throughout and with stunning views over to Newcastle upon Tyne and the surrounding area, this one is certainly worth a look.

If you would like to make an Offer:

Please note that Target Property NE will immediately notify the seller when any offer is made on this property. At the same time for Anti-Money Laundering legislation (AML), identity checks and proof of purchase funding including but not limited to, passport or driving licence with a utility bill showing current address, a mortgage agreement in principle, proof of deposit funds, proof of available cash and full chain details including applicable selling agent and solicitor is required.

Tenure:

Target Property NE are not able to fully confirm the tenure of the property, because it is not always possible to see the relevant documentation prior to putting the property up for sale. Prospective buyers must always make appropriate and further enquiries with their own legal adviser.

Agent Details

Target Property NE, Whickham

07901 862377

Next Steps?

This deal was sourced from Rightmove. Contact the landlord/agent for a viewing now 💪