PROPERTY OF THE MONTH

This months property highlight is the beautiful Grosvenor House, perfectly located in the heart of Wakefield. This small development is set to be charismatically converted to provide investors with lucrative returns in a location that is very much on the rise, in part, due to its very close proximity to Leeds.

The central apartments have been specifically designed to attract the professional tenant or to take advantage of the very strong short term let market, which is always suited to locations where regeneration and money is being pumped in to the area, such as Wakefield which has a solid 15-20 year Masterplan. Wakefield, just on the edge of the Pennines has great transport links and is very much a part of the growth of Leeds, this makes it appealing to local businesses and commuters.

Investment Highlights:

• Conversion of an office, designed to suit modern living with 44 apartments in total

• Mixture of large studios and 1 bedroom

• Residential Estates have 13 to sell – these are the ONLY apartments allowing SHORT TERM LETS on the lease

• 1 B ed nightly rates predicted between expected £85 per night

• Large open plan studio nightly rates predicted at £79 per night

• On 75% occupancy we predict 11-11.5% NET AFTER service charges

• Full Address: Grosvenor House, 8-20 Union Street, Wakefield, WF1 3AF

• Prices from £99,500 - £105,000

• Completion end of March 2023

• 250 Year Lease

• Property Data shows the area has had a 21% increase over the last 5 years

• AST long term lettings for a 1 bed circa £650-£700 per calendar month

• AST long term lettings for a large studio £550 - £650 per calendar month

• Cash Only but no reason why re mortgages are not viable

Payment Plan to Purchase:

• £4,500 Reservation Deposit

• Simultaneous exchange and completion OR 15% on exchange minus the reservation fee and completion

For more details on Grosvenor House & Wakefield Click HERE