2 Bed Flat, Refurb/BRRR, Newcastle upon Tyne, NE4 6AP, £120,000

114 Westgate Road, Newcastle Upon Tyne, NE4 - 4 views - 2 months ago

Leasehold
Refurb/BRRR
ROI: 11%
66 m²
+2 photos

ValuationFair Value

Sold Prices£54K - £405K
Sold Prices/m²£806/m² - £3.6K/m²

 

 

Square Metres

66 m²
Price/m²£1.8K/m²

Value Estimate

£121,200

 

 

End Value (After Refurb)

£137,576

Uplift in Value

+15%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£30,000

Stamp Duty & Legal Fees

£7,200

Refurb Costs

£25,265

Bridging Loan Interest

£3,150

Total Cash In

£67,365

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£137,576

Mortgage (After Refinance)

£103,182

Mortgage LTV

75%

Cash Released

£13,182

Cash Left In

£54,183

Equity

£34,394

Rent Range

£780 - £3,258

Rent Estimate

£1,314

Running Costs/mo

£713

Cashflow/mo

£601

Cashflow/yr

£7,215

ROI

11%

Gross Yield

13%

Local Sold Prices

49 sold prices from £54K to £405K, average is £135.8K. £806/m² to £3.6K/m², average is £2.1K/m².

PriceDateDistanceAddressBeds 
£142K05/210.17 miApartment 34, Printworks, Rutherford Street, Newcastle Upon Tyne, Tyne And Wear NE4 5DP2
£160K03/230.17 miApartment 21, Printworks, Rutherford Street, Newcastle Upon Tyne, Tyne And Wear NE4 5DP2
£117K08/230.2 mi12, Houston Street, Newcastle Upon Tyne, Tyne And Wear NE4 6HZ2
£104K12/200.23 miApartment 5, Waterloo House, Thornton Street, Newcastle Upon Tyne, Tyne And Wear NE1 4AP2
£152K11/230.23 mi18, Blackfriars Court, Newcastle Upon Tyne, Tyne And Wear NE1 4XB2
£115K09/230.24 miApartment 22, Waterloo House, Thornton Street, Newcastle Upon Tyne, Tyne And Wear NE1 4AP2
£159.5K11/230.24 miApartment 14, Charltons Bonds, Waterloo Street, Newcastle Upon Tyne, Tyne And Wear NE1 4DE2
£135K07/230.27 mi12, Charlotte Mews, Newcastle Upon Tyne, Tyne And Wear NE1 4XH2
£135K12/230.27 mi3, Charlotte Mews, Newcastle Upon Tyne, Tyne And Wear NE1 4XH2
£64.7K10/230.37 mi57, Hamilton Place, Newcastle Upon Tyne, Tyne And Wear NE4 5ET2
£129K11/200.37 miApartment 314, The Bar, St James Gate, Newcastle Upon Tyne, Tyne And Wear NE1 4BA2
£156K05/240.37 miThe Bar, Apartment 608, St James Gate, Newcastle Upon Tyne, Tyne And Wear NE1 4BA2
£215K04/210.43 mi33b, Leazes Terrace, Newcastle Upon Tyne, Tyne And Wear NE1 4LZ2
£113.5K11/200.44 mi77c, Grainger Street, Newcastle Upon Tyne, Tyne And Wear NE1 5JF2
£140K09/230.46 mi32, The Chare, Newcastle Upon Tyne, Tyne And Wear NE1 4DD2
£118K05/210.49 mi15, The Open, Newcastle Upon Tyne, Tyne And Wear NE1 4DB2
£150K11/210.49 mi6, The Mews, Newcastle Upon Tyne, Tyne And Wear NE1 4DA2
£152K12/200.49 mi2, The Mews, Newcastle Upon Tyne, Tyne And Wear NE1 4DA2
£190K01/230.55 mi13b, St Thomas Street, Newcastle Upon Tyne, Tyne And Wear NE1 4LE2
£122K05/230.61 mi24, Dilston Road, Newcastle Upon Tyne, Tyne And Wear NE4 5AA2
£125.5K08/230.61 miApartment 33, Hanover Mill, Hanover Street, Newcastle Upon Tyne, Tyne And Wear NE1 3AB2
£135K09/230.61 miApartment 20, Hanover Mill, Hanover Street, Newcastle Upon Tyne, Tyne And Wear NE1 3AB2
£150K05/240.61 miHanover Mill, Apartment 26, Hanover Street, Newcastle Upon Tyne, Tyne And Wear NE1 3AB2
£77.5K11/220.61 miFlat 9, The Cedars, Park Road, Newcastle Upon Tyne, Tyne And Wear NE4 7DX2
£105K09/220.61 miFlat 79, The Cedars, Park Road, Newcastle Upon Tyne, Tyne And Wear NE4 7DX2
£87K06/210.62 miFlat 44, The Cedars, Park Road, Newcastle Upon Tyne, Tyne And Wear NE4 7DX2
£90K06/210.62 miFlat 59, The Cedars, Park Road, Newcastle Upon Tyne, Tyne And Wear NE4 7DX2
£95K12/210.62 miFlat 73, The Cedars, Park Road, Newcastle Upon Tyne, Tyne And Wear NE4 7DX2
£75K09/230.62 miFlat 1, The Cedars, Park Road, Newcastle Upon Tyne, Tyne And Wear NE4 7DX2
£93K09/220.62 miFlat 72, The Cedars, Park Road, Newcastle Upon Tyne, Tyne And Wear NE4 7DX2
£95K12/220.62 miFlat 50, The Cedars, Park Road, Newcastle Upon Tyne, Tyne And Wear NE4 7DX2
£265K07/230.63 miLoft 48, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£200K06/210.63 miLoft 26, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£405K03/210.63 miLoft 2, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£405K03/210.66 miLoft 2, The Turnbull, Queens Lane, Newcastle Upon Tyne, Tyne And Wear NE1 1NA2
£75K05/210.68 mi6, Bentinck Villas, Newcastle Upon Tyne, Tyne And Wear NE4 6UR2
£54K03/210.68 mi68, Durham Street, Newcastle Upon Tyne, Tyne And Wear NE4 6XQ2
£150K04/240.69 mi55 Degrees North, 8/7, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BG2
£165K02/210.69 mi8/13, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BG2
£135.8K07/210.69 mi4/14, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BF2
£155K12/220.69 mi5/14, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BF2
£194K08/230.69 mi9/19, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BJ2
£160K07/210.7 mi8/19, 55 Degrees North, Pilgrim Street, Newcastle Upon Tyne, Tyne And Wear NE1 6BG2
£67K07/220.72 mi33, Marie Curie Drive, Newcastle Upon Tyne, Tyne And Wear NE4 6SS2
£65K07/230.73 mi41, Marie Curie Drive, Newcastle Upon Tyne, Tyne And Wear NE4 6SS2
£140K09/210.73 mi105, Bentinck Road, Newcastle Upon Tyne, Tyne And Wear NE4 6UX2
£165K04/240.78 mi23b, Queen Street, Newcastle Upon Tyne, Tyne And Wear NE1 3UG2
£230K04/210.79 mi11d, Belle Grove Terrace, Newcastle Upon Tyne, Tyne And Wear NE2 4LL2
£227K06/210.79 mi16a, Belle Grove Terrace, Newcastle Upon Tyne, Tyne And Wear NE2 4LL2

Local Rents

50 rents from £780/mo to £3.3K/mo, average is £1.2K/mo.

RentDateDistanceAddressBeds 
£78005/240.02 miWestgate Road, City Centre, NE42
£85005/240.03 miHigh Swinburne Place, Summerhill Square, Newcastle Upon Tyne, NE42
£1,15007/240.09 mi192 B Westgate Road, City Centre2
£97511/240.1 mi-2
£85005/240.11 mi-2
£87504/250.11 mi-2
£1,25012/240.12 mi-2
£1,90007/240.15 miHadrian's Tower, Newcastle upon Tyne2
£1,15005/240.16 mi-2
£1,20007/240.17 miPrintworks, Newcastle City Centre, NE42
£1,45005/240.17 mi-2
£1,40006/240.17 miPrintworks, Bath Lane , Newcastle upon Tyne 2
£1,70006/240.17 miHadrian's Tower, Rutherford Street, City centre2
£1,60007/240.17 miHadrian's Tower, Newcastle Upon Tyne2
£2,30007/240.17 miRutherford Street, Newcastle Upon Tyne2
£1,00006/240.18 miTemple Buildings Bath Lane, Newcastle upon Tyne, Tyne and Wear, NE42
£1,35004/250.18 mi-2
£1,10005/240.18 miCitygate, Newcastle City Centre2
£1,20007/240.18 miCitygate, Newcastle City Centre, NE12
£1,25007/240.18 miCitygate, Bath Lane, Newcastle, NE12
£94702/250.18 mi-2
£1,20006/240.19 miCity Gate, Newcastle Upon Tyne2
£90004/250.21 mi-2
£2,30001/240.21 mi-2
£2,25005/240.21 mi-2
£3,25804/240.21 mi-2
£95007/240.21 mi-2
£95007/240.21 miTemple Street, Newcastle Upon Tyne, NE12
£1,05005/240.21 miWestgate Road, Newcastle upon Tyne2
£95005/240.22 miRehearsal Rooms, 115-119 Westgate Road, Newcastle Upon Tyne, NE12
£82512/240.22 miThe Vicarage, Spring Garden Lane, City Centre2
£1,05007/240.22 miRehearsal Rooms 115-117 Westgate Road, Newcastle Upon Tyne2
£2,80005/240.22 mi-2
£87506/240.24 mi Blackfriars Court, Newcastle upon Tyne, Tyne and Wear , NE1 4XB2
£1,20006/240.24 miCentralofts, Newcastle City Centre, NE12
£1,10005/240.24 miThornton Street, Newcastle, Newcastle upon Tyne2
£1,25006/240.24 miNorden House, Stowell Street, Newcastle Upon Tyne2
£85006/240.24 mi-2
£1,00002/250.24 mi-2
£1,25007/240.24 miCentralofts, Newcastle Upon Tyne, NE12
£1,39506/240.24 mi-2
£2,40006/240.24 miCentralofts, 21 Waterloo Street, City Centre, NE12
£99504/250.24 mi-2
£1,20006/240.26 miCity Quadrant, Newcastle Upon Tyne2
£1,40005/240.26 mi-2
£1,25004/240.26 mi-2
£1,25004/250.26 mi-2
£1,40005/240.26 miCity Quadrant, Newcastle Upon Tyne, NE12
£87512/240.27 mi-2
£1,10003/250.28 mi-2

Local Area Statistics

Population in NE4

37,915

Population in Newcastle upon Tyne

381,037

Town centre distance

2.87 miles away

Nearest school

0.20 miles away

Nearest train station

0.28 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+21%

Sales demand

Seller's market

Capital growth (5yrs)

+26%

Property History

Listed for £120,000

February 21, 2025

Floor Plans

Description

  • Two Double Bedrooms +
  • Access to City & St James's +
  • Shared Garden +
  • Parking +
  • Westgate Road Location +
  • In Need of Modernisation +
  • Separate Kitchen +
  • No Ground Rent, Low Service Charge +

IN NEED OF MODERNISATION, TWO BEDROOMS, WITH SHARED GARDEN AND PARKING Situated on Westgate Road offering great access to the City Centre this property offers an opportunity to modernise throughout. The accommodation provides; Entrance hall, inner hall, living/dining room, kitchen, two double bedrooms and bathroom. Energy Efficiency Rating D. Council Tax Band A.

Entrance Hall 0.95m x 0.78m

Inner Hall 2.17m x 1.69m

Living/Dining Room 5.12m max > 4.04m x 3.42m max > 1.56m min
Double glazed window to front elevation with secondary glazing, radiator, coving to ceiling.

Kitchen 3.20m x 2.34m
Range of wall and base units with worktop surfaces incorporating stainless steel single drainer sink unit with mixer tap, tiled splashbacks, electric oven and gas hob with stainless steel extractor above, appliance spaces, plumbing for automatic washing machine, radiator, double glazed window to front elevation.

Bathroom 2.30m x 1.78m
Panel bath with shower attachment, pedestal wash basin, WC, tiled splashbacks and flooring, storage cupboard, extractor, panelled ceiling, radiator.

Bedroom One 3.46m x 2.68m
Double glazed window to rear elevation, radiator, coving to ceiling.

Bedroom Two 4.52m x 2.28m
Double glazed window to rear elevation, radiator, coving to ceiling.

Leasehold Information
We have been advised the property is leasehold, each owner is a director of the right to manage company. Ground rent £0, Service charge is approximately £600 pa. The lease is 125 years from 01/01/2003. Please note we have not inspected the head lease.

Material Information
Tenure: Leasehold.
Council Tax: Band A. Authority; Newcastle City Council For current rates please visit;
Utilities: Mains sewerage, water, gas and electricity are connected. Heating is via gas radiators.
Broadband: Follow the link to check broadband providers and speeds;
Mobile Phone Coverage: Follow the link to check mobile signal for all networks;
Parking: There is shared parking available to the rear, 1 space per property.

You would need to instruct your solicitor to review the lease for any restrictive covenants, we have not been advised of any at the outset of marketing. Please note the lease can be made available upon request.

Agent Details

Living Spaces, Newcastle Upon Tyne

0191 625 0268

Next Steps?

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