2 Bed Flat, Single Let, Worcester, WR1 2DN, £120,000

8 New Street, Worcester, WR1 2DN - 2 months ago

Leasehold
BTL
ROI: 7%
69 m²
+9 photos

ValuationUndervalued

Sold Prices£74.8K - £285K
Sold Prices/m²£1.5K/m² - £11.5K/m²

 

 

Square Metres

69 m²
Price/m²£1.7K/m²

Value Estimate

£146,400
BMV22%

Cashflows

Cash In

 

Purchase Finance

Mortgage

Deposit (25%)

£30,000

Stamp Duty & Legal Fees

£4,800

Total Cash In

£34,800

 

 

Cash Out

 

Rent Range

£650 - £1,350

Rent Estimate

£750

Running Costs/mo

£545

Cashflow/mo

£205

Cashflow/yr

£2,460

ROI

7%

Gross Yield

8%

Local Sold Prices

50 sold prices from £74.8K to £285K, average is £148K. £1.5K/m² to £11.5K/m², average is £2.5K/m².

PriceDateDistanceAddressBeds 
£150K01/230.09 miFlat 2, Wyatts Mews, Union Street, Worcester, Worcestershire WR1 2AS2
£145K07/210.13 miFlat 3, Fairfax House, Fish Street, Worcester, Worcestershire WR1 2HN2
£97K02/210.14 mi75, Friar Street, Worcester, Worcestershire WR1 2NA2
£135K12/220.19 mi12, Vesta Tilley Court, Worcester, Worcestershire WR1 2BL2
£137K11/210.25 miFlat 10, Amber Reach, Spring Lane, Worcester, Worcestershire WR5 1AU2
£155K07/230.28 mi37, Sansome Place, Worcester, Worcestershire WR1 1UA2
£148K07/210.31 mi77, Lion Court, Worcester, Worcestershire WR1 1UT2
£167.5K03/230.31 mi65, Lion Court, Worcester, Worcestershire WR1 1UT2
£145.8K07/210.31 mi61, Lion Court, Worcester, Worcestershire WR1 1UT2
£148K02/210.31 mi79, Lion Court, Worcester, Worcestershire WR1 1UT2
£140K12/200.32 miFlat 53, Newport House, Newport Street, Worcester, Worcestershire WR1 3NG2
£165K12/230.32 mi47, Magdala Court, Worcester, Worcestershire WR1 3PB2
£209K12/200.34 miApartment 4, Stinton Court, Princes Drive, Worcester, Worcestershire WR1 2PE2
£270K08/230.37 miApartment 2, Victoria Institute, Sansome Walk, Worcester, Worcestershire WR1 1DF2
£120K06/210.38 miFlat 22, Anchor House, Lowesmoor Terrace, Worcester, Worcestershire WR1 2RX2
£88K05/230.38 miFlat 4, Quay House, Lowesmoor Terrace, Worcester, Worcestershire WR1 2RX2
£80K10/230.38 miWharf House, Flat 17, Lowesmoor Terrace, Worcester, Worcestershire WR1 2RX2
£170K11/200.38 miApartment 6, The Hop House, Middle Street, Worcester, Worcestershire WR1 1NQ2
£164K06/210.38 miApartment 1, The Hop House, Middle Street, Worcester, Worcestershire WR1 1NQ2
£180K11/230.38 miApartment 6, The Hop House, Middle Street, Worcester, Worcestershire WR1 1NQ2
£183K03/230.41 miFlat 25, Albion Mill, Portland Street, Diglis, Worcester, Worcestershire WR1 2NY2
£230K09/230.43 miAlbion Mill, Flat 32, Portland Street, Diglis, Worcester, Worcestershire WR1 2NY2
£76K06/230.43 miFlat 17, Albion Mill, Portland Street, Diglis, Worcester, Worcestershire WR1 2NY2
£80.5K01/230.43 miFlat 29, Albion Mill, Portland Street, Diglis, Worcester, Worcestershire WR1 2NY2
£85K08/230.45 mi72, Portland Street, Diglis, Worcester, Worcestershire WR1 2NW2
£150K09/210.46 miFlat 11, Crown Green Court, St Marys Street, Worcester, Worcestershire WR1 1HA2
£144K04/210.46 miFlat 2, Crown Green Court, St Marys Street, Worcester, Worcestershire WR1 1HA2
£155K12/200.46 miFlat 17, Crown Green Court, St Marys Street, Worcester, Worcestershire WR1 1HA2
£179K03/240.47 miThe Loft, Battenhall Place, Worcester, Worcestershire WR5 2DT2
£137.5K03/210.48 miFlat 16, St Marys Court, Sansome Walk, Worcester, Worcestershire WR1 1NU2
£137.5K11/230.49 mi48, Albert Road, Worcester, Worcestershire WR5 1EB2
£207.5K10/200.51 miPlot 17, Diglis Road, Worcester, Worcestershire WR5 3BW2
£155K06/230.53 mi16, King Edmunds Square, Worcester, Worcestershire WR1 3NL2
£145K06/230.53 mi14, King Edmunds Square, Worcester, Worcestershire WR1 3NL2
£140K09/230.53 mi19, Kennet Green, Worcester, Worcestershire WR5 1JQ2
£150K06/230.53 mi9, Kennet Green, Worcester, Worcestershire WR5 1JQ2
£175K07/240.53 mi31, Kennet Green, Worcester, Worcestershire WR5 1JQ2
£240K05/210.53 miFlat 54, Harry Davis Court, Armstrong Drive, Worcester, Worcestershire WR1 2AJ2
£210K07/230.54 miFlat 93, Harry Davis Court, Armstrong Drive, Worcester, Worcestershire WR1 2AJ2
£242.5K03/230.55 miApartment 11, Waters Edge, Armstrong Drive, Worcester, Worcestershire WR1 2GJ2
£285K03/230.55 miApartment 4, Waters Edge, Armstrong Drive, Worcester, Worcestershire WR1 2GJ2
£240K12/200.55 miApartment 7, Waters Edge, Armstrong Drive, Worcester, Worcestershire WR1 2GJ2
£130K04/210.55 mi29, Moor Street, Worcester, Worcestershire WR1 3DB2
£74.8K05/210.56 mi8, Sawmill Close, Worcester, Worcestershire WR5 1EU2
£100K10/200.6 mi41, Elmfield Gardens, Worcester, Worcestershire WR5 2HF2
£135K09/210.62 mi8, Bromwich Road, Worcester, Worcestershire WR2 4AA2
£130K10/200.63 mi29, Elmfield Gardens, Worcester, Worcestershire WR5 2HF2
£151K04/230.63 mi53, Elmfield Gardens, Worcester, Worcestershire WR5 2HF2
£115K12/200.63 mi11, Elmfield Gardens, Worcester, Worcestershire WR5 2HF2
£100K10/200.63 mi41, Elmfield Gardens, Worcester, Worcestershire WR5 2HF2

Local Rents

45 rents from £650/mo to £1.4K/mo, average is £925/mo.

RentDateDistanceAddressBeds 
£75011/240.01 miWorcester, Worcestershire2
£75011/240.02 miNicol Court, Nashs Passage, Worcester, Worcestershire, WR1 2AN2
£75011/240.03 mi21 Nicol Court, Nashs Passage, Worcester, Worcestershire, WR1 2AN2
£75011/240.11 miWyatts Mews, Union Street, Worcester City Centre, WR12
£99911/240.13 mi-2
£99903/250.13 mi-2
£99911/240.13 miFriar Street, Worcester, WR12
£1,10011/240.14 miThe Old Fire Station, Copenhagen Street2
£79511/240.2 miCollege Street, Worcester2
£1,25011/240.24 miForegate Street, Worcester2
£92511/240.25 miSpring Lane, WORCESTER2
£1,35003/250.25 mi-2
£87511/240.27 miSevern Street, Worcester, Worcestershire2
£90001/250.29 mi-2
£79511/240.3 miHill Street, Worcester2
£1,25012/240.31 mi-2
£82511/240.31 miPOPULAR CITY CENTRE LOCATION - Lion Court, Worcester, WR12
£87511/240.32 miMagdala Court, The Butts, Worcester, Worcestershire, WR12
£95011/240.33 miBath Road, Worcester, WR52
£1,05002/240.33 mi-2
£95011/240.33 mi-2
£95001/250.33 mi-2
£89511/240.35 mi*LET AGREED* Bath Road, WR52
£97509/240.37 mi-2
£1,15012/240.37 mi-2
£99511/240.37 mi-2
£90011/240.4 miSouthfield Street, WORCESTER2
£1,05012/240.41 mi-2
£92503/250.41 mi-2
£95011/240.41 miByfield Rise, Worcester, WR52
£85011/240.41 miSt Wulstans Court, Bath Road, Worcester, WR52
£67511/240.43 miArboretum Road, Worcester2
£90003/250.47 mi-2
£99511/240.48 miNorthfield Street, Worcester, Worcestershire, WR12
£95001/250.48 mi-2
£89511/240.5 mi**LET AGREED** Diglis Road, WR52
£83011/240.5 mi-2
£1,09511/240.52 miSurman Street, Worcester, WR1 1HL2
£1,30011/240.52 miSurman Street, Worcester2
£1,25011/240.52 miApartment 21, Waters Reach, Armstrong Drive, Worcester, Worcestershire, WR1 2GH2
£89502/250.53 mi-2
£65002/240.57 mi-2
£79511/240.58 miBattenhall Road, Worcestershire2
£82511/240.59 miChestnut Street, Arboretum, Worcester, WR12
£84003/250.59 mi-2

Local Area Statistics

Population in WR1

9,229

Population in Worcester

142,140

Town centre distance

0.20 miles away

Nearest school

0.30 miles away

Nearest train station

0.29 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+25%

Sales demand

Seller's market

Capital growth (5yrs)

+18%

Property History

Listed for £120,000

January 24, 2025

Floor Plans

Description

  • INVESTMENT OPPORTUNITY +
  • Tenants in Situ +
  • Current tenant paying £750pcm +
  • Two Bedroom Second floor apartment +
  • City Centre Location +
  • Walking distance to amenities +
  • Spacious open plan Lounge/Kitchen/Dining area +
  • Grade II Listed building full of character +
  • Council Tax Band: C Tenure: Leasehold +
  • EPC: D +

INVESTMENT OPPORTUNITY
PLJ Worcester are pleased to bring to the market this two bedroom characterful apartment situated in a Grade II listed building in the middle of the city centre and within easy walking distance to all amenities the city has to offer including shops, bars, restaurants and recreational facilities.

This apartment is available to INVESTORS ONLY with TENANTS IN SITU due to an ongoing tenancy agreement. The current rent achieved on the property is £750pcm.

The apartment is accessed via a communal entrance through a secure gate and door off New Street with stairs rising to the second floor. Once in the apartment the light and airy accommodation comprises of entrance hall, spacious living room and kitchen/dining area, two bedrooms and a bathroom.

A viewing is highly encouraged to appreciate this spacious and characterful apartment within the Worcester city centre.

Communal Entrance - Gated access off of New Street. Communal entrance door. Stairs rising to the second floor.

Hall - Entrance door. Ceiling light point. Radiator. Doors off to:

Living Room - Window to front aspect. Wall lights. Radiator. Exposed timbers and bricks.

Kitchen/Dining Area - Window to rear aspect. Matching wall and base units with work surface on top. Integrated cooker, hob and fridge freezer. Space for dishwasher. Stainless steel sink and drainer. Tiled splashbacks. Exposed timbers. Two ceiling light points. Radiator.

Bedroom One - Window to front aspect. Wall lights. Radiator. Exposed timbers.

Bedroom Two - Window to front aspect. Wall lights. Radiator. Exposed timbers.

Bathroom - Panelled bath with shower over, pedestal wash hand basin and low level WC. Tiled splash backs. Radiator. Ceiling light point. Extractor fan. Exposed timbers.

Utility Area - Accessed off the main landing. Obscure glazed window. Wall units with stainless steel sink and drainer. Space and plumbing for washing machine. Separate WC.

Council Tax Worcester - We understand the council tax band presently to be : C
Worcester Council

(Council Tax may be subject to alteration upon change of ownership and should be checked with the local authority).

Financial Services - Please note that any offer made on a property marketed by Philip Laney and Jolly will need to be qualified by Whiteoak Mortgages in order to demonstrate due diligence on behalf of our clients.
If you require any mortgage assistance - please use the link :

Philip Laney and Jolly reserve the right to earn a referral fee from various third party providers recommended to the client if instructed, services include; conveyancing, mortgage services, removals.

Floor Plan - This plan is included as a service to our customers and is intended as a GUIDE TO LAYOUT only. Dimensions are approximate and not to scale.

Services - Mains electricity, gas, water and drainage were laid on and connected at the time of our inspection. We have not carried out any tests on the services and cannot therefore confirm that these are in working order or free from any defects.

Tenure Leasehold - We understand (subject to legal verification) that the property is Leasehold.

We have been advised the ground rent is currently £300 per annum and the service charge is £249.38 per month.
We believe there is 97 years remaining on the lease.

Verifying Id - Under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the Agent is legally obliged to verify the identity of all buyers and sellers. In the first instance, we will ask you to provide legally recognised photographic identification (Passport, photographic driver’s licence, etc.) and documentary proof of address (utility bill, bank/mortgage statement, council tax bill etc). We will also use a third party electronic verification system in addition to this having obtained your identity documents. This allows them to verify you from basic details using electronic data, however it is not a credit check and will have no effect on you or your credit history. They may also use your details in the future to assist other companies for verification purposes.

Parking - There is no allocated parking for the property. Parking would need to be found on nearby streets.

Broadband - We understand currently Fibre to the cabinet broadband is available at this property.

You can check and confirm the type of Broadband availability using the Openreach fibre checker:

Mobile Coverage - Mobile phone signal availability can be checked via Ofcom Mobile & Broadband checker on their website.

Agent Details

Philip Laney & Jolly, Worcester

01905 975270

Next Steps?

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