Station House, Station Road, Sunderland, SR6 9DG
Rarely available residential ground rent investment
4 storey block comprising 28 residential units (predominantly two bedrooms)
Well located to the north of Sunderland and within close walking distance of the metro station at Seaburn
Ground rent of £3,700 per annum generated from 25 of the 28 apartments let on 250 year ground leases with 10 year RPI linked rent reviews
Management annual fee via service charge is currently £5,040
Additional fees generated at the point of any flat/assignment
Solar - powers common services only. Current surplus exported back to grid without financial benefit. SEG licence could be secured and additional income generated
Freehold - £50,000 (7.27% net initial yield on ground rent income alone)
Fergus Laird
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Location
The property has been developed on the old Fulwell Fire Station Site just to the north of Sunderland and close to the coast at Seaburn Beach and Seaburn Metro Station, as well as close to Newcastle Road, thereby giving easy access to all parts of the region.
Description
The property comprises a 4 storey residential block. All two bedroom apartments have access to either a private balcony or patio.
The development comprises 24 x 2-bed apartments and 4 x 1-bed apartments all fitted to an extremely high standard with open plan living space, kitchen/diner and master bedroom.
Externally each apartment benefits from its own parking bay plus there are 9 visitor spaces and an electrical vehicle charge point.
The building is covered by the remaining term of a 10 year structural warranty insurance policy with ICW, expiring 2031.
Terms
The property is freehold subject to 28 ground leases for a term of 250 years from March 2021 generating an annual rent of £3,700. (See attached tenancy schedule)
All landlords costs of maintenance and the upkeep of common areas and the insurance are covered by way of service charge.