The portfolio comprises 20 terrace / end-terrace dwelling houses and one ground floor apartment. The majority of these properties offer 3 bedrooms with the addition of one 1- bed, two 2-beds and three 4- bed homes.
All dwelling houses are compliant with current MEES regulations with the majority of the portfolio holding an EPC rating of D. Internally, we understand all properties are in a tenantable condition, with fitted kitchens and bathrooms. Please note, the vendor is understood to let all properties without the benefit of furniture.
All 21 units are conveniently concentrated around a relatively small geographical area which proves convenient from a management perspective.
The portfolio is fully tenanted by way of Assured Shorthold Tenancy agreements, and currently offers a gross rent reserved of £142,920 per annum. Historically, the portfolio has maintained an occupancy rate above 95%.
Considerable asset management opportunities exist, with potential to increase the rental income to approximately £157,500 per annum.
Location
Washington is a large new-town in the Sunderland district of Tyne and Wear. With a strong and growing population of over 60,000, the town represents one of the largest settlements in the region. Its growing population is well supported by the area’s robust manufacturing and logistics industries, which are anchored by the nearby Nissan UK Manufacturing facility. The plant reportedly employs 7,000 personnel and the company has recently renewed its long-term commitment to the area.
The area is serviced by a convenient range of retail and leisure amenity. Highlights include Washington’s Old Village offering a mix of traditional pubs, restaurants and cafes and Washington town centre which offers a modern town centre mix of regional and national retailers. In addition, Washington Retail Park and the popular Galleries Shopping Centre offer larger format provisions.
The town is conveniently located being only 6 miles west of Sunderland, 10 miles north of Durham, and 7 miles south of Newcastle upon Tyne. The A182 and A1231 highways run conveniently along the town’s northern and western edges. The A1231 connects eastward to Sunderland while the A182 links northward to Newcastle, with approximate travel times of 20 and 30 minutes respectively. Regular bus routes operate between the town and surrounding conurbations.
Accommodation
3 BURGOYNE COURT, WASHINGTON, NE37 2EG
3 Bed Mid-Terrace
- Floor Area: 1,066 sq. ft.
- EPC Rating: D (67)
- Rental Income: £550 pcm
- ERV: £600 pcm
6 BARMSTON CENTRE, WASHINGTON, NE38 8DQ
3 Bed Mid-Terrace
- Floor Area: 904 sq. ft.
- EPC Rating: C (70)
- Rental Income: £575 pcm
- ERV: £600 pcm
9 HORSLEY ROAD, WASHINGTON, NE38 8HE
3 Bed Mid-Terrace
- Floor Area: 1,023 sq. ft.
- EPC Rating: E (52)
- Rental Income: £575 pcm
- ERV: £625 pcm
10 ELLEN TERRACE, WASHINGTON, NE37 3AS
2 Bed Mid-Terrace
- Floor Area: 883 sq. ft.
- EPC Rating: D (60)
- Rental Income: £600 pcm
- ERV: £600 pcm
11 WASKERLEY ROAD, WASHINGTON, NE38 8EN
3 Bed Mid-Terrace
- Floor Area: 926 sq. ft.
- EPC Rating: C (72)
- Rental Income: £525 pcm
- ERV: £625 pcm
14 LABURNUM AVENUE, WASHINGTON, NE38 9BU
3 Bed Mid-Terrace
- Floor Area: 915 sq. ft.
- EPC Rating: D (65)
- Rental Income: £585 pcm
- ERV: £675 pcm
21 STOCKLEY ROAD, WASHINGTON, NE38 8EF
4 Bed Mid-Terrace
- Floor Area: 1,108 sq. ft.
- EPC Rating: C (78)
- Rental Income: £625 pcm
- ERV: £695 pcm
26 BYLAND COURT, WASHINGTON, NE38 7QQ
3 Bed Mid-Terrace
- Floor Area: 850 sq. ft.
- EPC Rating: D (67)
- Rental Income: £575 pcm
- ERV: £625 pcm
27 LAURENS COURT, WASHINGTON, NE37 2EE
3 Bed Mid-Terrace
- Floor Area: 871 sq. ft.
- EPC Rating: D (58)
- Rental Income: £575 pcm
- ERV: £595 pcm
41 ROCHE COURT, WASHINGTON, NE38 7PJ
3 Bed Mid-Terrace
- Floor Area: 915 sq. ft.
- EPC Rating: D (57)
- Rental Income: £550 pcm
- ERV: £625 pcm
43 HORSLEY ROAD, WASHINGTON, NE38 8HF
4 Bed Mid-Terrace
- Floor Area: 1,023 sq. ft.
- EPC Rating: E (44)
- Rental Income: £525 pcm
- ERV: £695 pcm
51 LAURENS COURT, WASHINGTON, NE37 2EF
3 Bed Mid-Terrace
- Floor Area: 915 sq. ft.
- EPC Rating: D (68)
- Rental Income: £625 pcm
- ERV: £625 pcm
58 STOCKLEY ROAD, WASHINGTON, NE38 8DW
3 Bed Mid-Terrace
- Floor Area: 904 sq. ft.
- EPC Rating: D (68)
- Rental Income: £550 pcm
- ERV: £650 pcm
62 LAURENS COURT, WASHINGTON, NE37 2EF
3 Bed Mid-Terrace
- Floor Area: 936 sq. ft.
- EPC Rating: D (62)
- Rental Income: £525 pcm
- ERV: £595 pcm
63 BROADMEADOWS, WASHINGTON, NE38 8RH
3 Bed Mid-Terrace
- Floor Area: 1,066 sq. ft.
- EPC Rating: D (65)
- Rental Income: £625 pcm
- ERV: £695 pcm
66 CHERWELL, WASHINGTON, NE37 3LD
4 Bed Mid-Terrace
- Floor Area: 1,023 sq. ft.
- EPC Rating: C (75)
- Rental Income: £650 pcm
- ERV: £725 pcm
78 THE DRIVE, WASHINGTON, NE37 2LQ
2 Bed Mid-Terrace
- Floor Area: 743 sq. ft.
- EPC Rating: D (65)
- Rental Income: £500 pcm
- ERV: £595 pcm
90 STOCKLEY ROAD, WASHINGTON, NE38 8DR
3 Bed Mid-Terrace
- Floor Area: 915 sq. ft.
- EPC Rating: E (52)
- Rental Income: £600 pcm
- ERV: £600 pcm
107 SPOUT LANE, WASHINGTON, NE37 2UD
Ground Floor Apartment
- Floor Area: 764 sq. ft.
- EPC Rating: D (68)
- Rental Income: £475 pcm
- ERV: £500 pcm
148 HORSLEY ROAD, WASHINGTON, NE38 8HJ
3 Bed Mid-Terrace
- Floor Area: 1,055 sq. ft.
- EPC Rating: D (58)
- Rental Income: £550 pcm
- ERV: £595 pcm
196 WASKERLEY ROAD, WASHINGTON, NE38 8DH
3 Bed Mid-Terrace
- Floor Area: 915 sq. ft.
- EPC Rating: E (45)
- Rental Income: £550 pcm
- ERV: £575 pcm
Terms
Proposal - All offers are invited subject to contract and exclusive of VAT. Offers will be considered for both the entire portfolio or individual lots.
VAT - We understand that these properties are not elected for VAT purposes.
Data Room - Further details are to be made available within a dedicated data room. Please get in touch for access details.
Specification
- 21 residential dwellings concentrated in Washington, Tyne and Wear.
- Tenures of 20 no. Freehold and 1 no. Long Leasehold.
- A fully tenanted portfolio let by way of Assured Shorthold Tenancy agreements.
- Generating a gross rent reserved of £142,920 per annum, with considerable reversionary potential to an ERV of approximately £157,500 per annum.
- Robust and sustainable occupational demand experienced in Washington.
- Excellent asset management opportunities including portfolio rental review, refurbishment and breakup.
- Available as an entire portfolio or in piecemeal lots.
- Seeking all expressions of interest.