Auction sale — starting bid £40,000 plus reservation fee
This first-floor, two-bedroom flat sits above High Street shops in Wallsend and is offered for sale at auction with a low starting bid of £40,000. The property has a refurbished kitchen, gas central heating and double glazing, with a small rear yard. It is currently let on an Assured Shorthold Tenancy at £436 pcm, so it can produce immediate rental income for a buyer.
The flat is compact (approximately 614 sq ft) and sits in a densely built, older terrace typical of early 20th-century construction. The building is solid brick with no known cavity insulation, and the EPC rating is E. These factors limit energy efficiency and may mean further works are needed to improve thermal performance.
Important practical points: the sale is leasehold and will complete through the auction process, and the location is within a very deprived area with a high local crime rate. These characteristics affect long-term capital growth prospects and management requirements, but the low entry price and existing tenancy make it a clear option for an investor seeking immediate yield or a buyer prepared to renovate and re-let.
