INFORMATION ON NEWCASTLE PORTFOLIO :
This is not a distressed sale. Preferred to sell in a portfolio or break up into groups of 4 or 5. Properties owned for approximately 18 years.
Reason for sale…investment in Spain.
Properties well maintained. Not luxurious but decent housing.
Properties a mix of pre and post-war. 1980’s and 2000’s build.
Typically fully rented but with occasional normal rotation.
Waiting list for occupancy from Council & Private sources.
We have worked for years with the Newcastle Private Rental Organisation providing lodging for Council sourced occupants. Council is very familiar with a portfolio that meets all required standards.
Rents have not been increased by current owners. Possibility to increase by 10% to current rates.
There are 17 flats, typically 2 beds on the ground floor and three beds on the first floor.
They are not the typical type of flat / apartment found in the rest of England and Wales where flats are Leasehold and then there is a Third Party Freeholder.
They were specifically built with each apartment owning a share of the Freehold, so there is never a third party freeholder.
The Freehold and Leases are typically 999 years with over 900 years left to run.
We have never had to contribute to joint expenses.
Some of the “pairs ” of flats are actually on one Freehold.
Lawyers dealing with deals in the town are familiar with Tyneside Flats.
The system was ahead of its time in copying “Commonhold” which is the same system as in most of Europe ie a block of six flats, each one will own a sixth of the land.
- Off-Market
- We require a buy side fee
Where we act as a seller’s mandate, we represent the vendors. Our clients wishing to sell their property off-market benefit from impartial advice and a personalised service tailored to their requirements and circumstances. More importantly, we offer sellers unparalleled access to qualified buyers and we ensure that we address the right audience.
In order to achieve the best possible sales result, your property is presented to individual and corporate purchasers, whose buying behaviour and buying power can be backed by a Letter of Intent (LOI) and Proof of Funds (POF). We will provide vendors with professional support throughout the entire process and beyond, including RICS valuations, coordinating viewings, assessing incoming offers, and protecting your interests during sales negotiations.
For further information, luxury property, off-market, off-plan, developments or investments, marketing or help finding your next property please contact us anytime.
Office: +44(0)330 2236988
investments@trellows.co.uk
investments.trellows.com
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