Auction refurbishment opportunity with garden, garage and rental potential — lease short, cash buyers preferred..
- Two bedroom ground-floor flat, approx. 588 sq ft
- Large rear garden with internal garage access and driveway
- Auction sale — cash or specialist finance recommended
- Only 38 years remaining on the lease; lenders likely to refuse
- In need of renovation; dated kitchen, bathroom and heating
- Rental potential circa £700 pcm once updated
- Electric room heaters; no gas central heating
- Low council tax band and ground rent £15 p.a.
A compact two-bedroom ground-floor flat in Cramlington offering clear investor potential. The property sits on a generous rear plot with direct access to a garage and private driveway, and benefits from a sizeable garden — features that widen tenant appeal and add practical value. Once updated, current guidance suggests a rental income of around £700 pcm.
The flat requires renovation: it has electric room heaters, partial timber-frame walls with assumed partial insulation, dated finishes and would benefit from modern heating and kitchen/bathroom upgrades. Council Tax is low and annual ground rent is only £15, which helps holding costs, but the accommodation is small at approximately 588 sq ft.
Important legal and financing constraints limit this opportunity. The lease has only 38 years remaining and the property will be sold at auction. Mortgage lenders often refuse to lend on leases of this length; buyers should have cash or auction-ready finance and obtain specialist lease-advice before bidding.
This is a straightforward refurbishment-and-rent opportunity in a popular suburban estate close to local shops, schools and good transport links. For an investor able to manage the lease and financing constraints, the plot, garage and rental forecast make this a clear short-term renovation play.
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