Summary - Flat 1, 15, Surrey Street NR32 1LJ
3 bed 1 bath Block of Apartments
Chain-free freehold with excellent yield and off-street parking, ready for a buy-to-let portfolio.
Chain-free freehold block of three flats, total rent £23,040pa
A compact freehold block arranged as three self-contained flats, offered chain free and delivering a strong current gross yield of 9.21% (total rent £23,040pa). Two flats are let and all tenancies are currently managed, with a comprehensive management package available for the incoming owner — useful for a hands-off buy-to-let purchase. Off-street parking to the rear and walking distance to the town centre add practical tenant appeal.
The flats were fully modernised and present clean, neutral interiors with recently fitted kitchens and electric heating. Individual EPCs range from C to E and room heaters provide the main heating source; buyers should allow for higher running costs versus mains gas. The overall size is small (711 sq ft total) so the asset suits a focused investor rather than an owner-occupier seeking large living spaces.
Important considerations: the property sits in a very deprived area with very high local crime levels and constrained renter demographics — these factors affect tenant profile and could influence long-term capital growth and insurance costs. Construction/record data lists 2022, but the building retains Victorian terrace character; purchasers should check titles and construction history as part of due diligence.
This is a practical income asset for an investor targeting immediate cashflow. The block’s location near transport links, town centre amenities and coastal leisure adds lettability, while existing management and tenant coverage reduce short-term workload. Prospective buyers should review EPCs, electric heating implications, and local risk factors before purchase.
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