Flat for sale in Commercial Street, Leeds LS27

Asking Price: £85,000

Location: Peel Mills, Commercial Street, Morley

Tenure: Leasehold (104 years remaining)

EPC Rating: E (Current: 49, Potential: 69)

Service Charge: £150 per month

Ground Rent: £125 per year

Property Overview:

This well-presented one-bedroom first-floor apartment in Peel Mills, Morley, offers an excellent opportunity for both investors and first-time buyers. With double glazing, gas central heating, and no onward chain, this property provides immediate comfort and convenience, while being ideally located for access to local amenities and transport links.

Inside, the property includes a spacious open-plan lounge and kitchen, fitted with modern units, an integral hob, and an electric oven. The double bedroom offers ample space, and the modern bathroom features a sleek white three-piece suite.

Externally, the property comes with one allocated parking space, and shared access to a communal entrance that includes both a staircase and a lift.

Investment Potential:

This property is currently tenanted on a month-to-month basis, generating a gross rental yield of 7.06%. The tenant is prepared to vacate upon completion, or sign a new agreement at a potentially higher rent, which is estimated at £650 per month based on current market conditions.

Before the anticipated rent increase, and after accounting for the service charge (£1,800 per year) and ground rent (£125 per year), the net yield is approximately 5.14%. This still offers solid returns for investors, and the new rental rate could further increase this yield.

Key Features for Investors:

High Yield Potential: Currently yielding a gross yield of 7.06%, with a potential net yield of 5.14% before rent adjustments.

Low Purchase Price: Accessible investment at £85,000, with strong rental returns.

Potential Rent Increase: Estimated rent increase to approx £650 per month will further boost net returns.

Flexible Tenancy: Tenant willing to vacate or stay with a potentially higher rent, adding versatility to the investment.

Recent Upgrades:

A new electric boiler system was installed in July 2023, improving energy efficiency and reducing future heating costs. Although the current EPC rating is E (49), this rating was issued prior to the boiler upgrade. A new assessment could raise the rating closer to the potential 69 (C), further enhancing the property's value and appeal.

Location Highlights:

Located close to Morley Town Centre, this apartment offers easy access to local shopping, dining, and leisure amenities. The M62 motorway is nearby, providing convenient travel routes to West Yorkshire. The White Rose Shopping Centre is also within a short drive, offering additional retail and leisure options.

Features in Detail:

One Double Bedroom: A well-proportioned bedroom, suitable for a variety of furniture layouts.

Open-Plan Lounge and Kitchen: Modern and flexible living space with integrated kitchen appliances.

Modern Bathroom: Featuring a sleek and contemporary three-piece suite.

Allocated Parking: Dedicated parking space for one vehicle.

Double Glazing and Gas Central Heating: Offering comfort and energy efficiency.

New Boiler: The recently installed electric boiler improves the energy performance of the property.

Summary:

This first-floor apartment represents a highly attractive investment opportunity, with strong rental yields and a low entry price of £85,000. The recent upgrades, including a new boiler, and the flexibility with the current tenant, make it a hassle-free addition to any property portfolio. With potential for a rent increase to £650 per month, the net yield could rise even further. First-time buyers will also find the price point and location appealing, with excellent access to amenities and transport links.

Viewing highly recommended to fully appreciate the quality and potential of this property.

Contact us today to arrange a viewing or for further details