Summary - 43 SILKEYS LANE NORTH SHIELDS NE29 0JT
2 bed 1 bath Flat
Two-bedroom Victorian flat with refurbishment potential offered at auction — leasehold, inspect legal pack.
Auction sale — immediate deposit and buyer’s premium apply
A two-bedroom first-floor flat in a Victorian terrace offered at auction, priced to reflect its need for updating and the sale risks that come with auction purchase. The accommodation measures about 65m² (c.699 sq ft) and retains period features such as high ceilings and a fireplace, giving clear scope for a cosmetic refurbishment or a rental conversion. Heating is mains gas via a boiler and radiators; glazing is double but installation date is unknown. The EPC is D.
This lot will suit experienced investors or cash-ready buyers comfortable with auction terms. The property is leasehold — key lease length, ground rent and service charge details are in the legal pack and must be checked before bidding. A buyer’s premium (1.2% inc. VAT, min. £1,200) and immediate deposit payment on exchange are payable on completion.
Practical drawbacks: the area is classified as very deprived with a high local crime rate and constrained renter demographics, which will affect tenant demand and resale values. The building is solid brick with likely no wall insulation and the flat will need modernisation (kitchen, bathroom, finishes). Services and utilities have not been tested — purchasers buy with limited inspection and at their own risk.
In short: this is a low-entry-price, high-risk opportunity for investors seeking a value refurbishment project in North Shields. Confirm lease terms, additional costs in the legal pack, and factor in renovation and management costs before bidding.
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