Block of flats for sale in Cheveley Park Shopping Centre, Durham DH1

Investment opportunity in Durham suburb, Belmont. The investment can be broken up into smaller lots, starting at 2 flats.

A new 999 years long leasehold at a peppercorn ground rent.

Comprises two blocks of 17x2 bedroom apartments in total.

Currently producing an income of £69,720 per annum, with an erv of £102,000 per annum

Break up potential.

High rental growth area.

Offers in the region of £1,300,000 (One million, three hundred thousand pounds) are invited for the long leasehold interest. This represents a low capital value of £94.75 psf, which is lower than replacement cost.

The purchaser may qualify for multi-unit relief on stamp duty. They should rely on their own enquiries in this regard.

Location
The property is located in the suburb of Belmont, which is situated in the north eastern part of Durham. The buildings are located on The Links, at the junction with Broomside Lanes. The position provides quick access north and south with the A1 running through Belmont.
Local amenities for the area are excellent, with numerous shops underneath the apartments, offering a range of retailers, whilst Ramside Golf Course, Banatyne Club and Spa and Ramside Spa and Hotel are all located nearby.
Description
Both buildings are two storey, with retail on the ground floor and residential above. Access to the flats is via the rear of the property on Cheveley Centre. The flats are in a reasonable state of repair.