For this week’s Property Result Investments update, I’ll share about the serviced accommodation we are refurbishing in Browney.
The refurbishing of the serviced accommodation is coming along great. Nearly all the painting is done and we’re just finishing off the top floor, then it’s complete.
Hopefully, the carpets will be installed later this week. And starting tomorrow, wired broadband is going to be fixed in every room. After a few days all the equipment will be up and running.
Everything’s starting to come together.
The contractors we hired are just brilliant. We expect the refurbishing to be done shortly. So, we might be just be timing this absolutely right. We’ve had quite a lot of inquiries about letting it. Just three weeks now and it will be ready for occupancy.
Now that you know all about that, I’m excited to share with you regarding other properties we’re managing. I was out all last week. I had to meet a surveyor doing a survey on a property in Seaham. That meeting was great. I came to know just how high the demand is at the moment.
We took four low value properties in Hartlepool, all costing just between £22,000 to £25,000. They are such a good deal that we’ve sold two of them by Friday. I’m expecting the other two to be sold as well just this week. A couple of weeks ago, I actually took another one in Hartlepool that we’ve actually just got that signed up.
Demand is exceptional at the moment
If you’re looking to buy, you have to be quick. As soon as I put something up on the website and send an email out, the phone starts ringing and people are just like…, “Right, I’ll have it.”
Another one we saw last week was a commercial and residential property In Stanley. It had two flats, a dog groomer and a commercial part downstairs. A lot of people came. Investors that I’ve sold to before also visited and viewed it. They liked the property and reserved it just yesterday. That’s going to solicitors tomorrow. The property was sold literally within 10 days. This just shows you how quick you’ve got to be. That one didn’t even get posted onto the website.
For another property, I think I’ve mentioned before about the one we have in York. We were waiting for the vendor to sign all the forms up and complete all the processes needed to be done. All of those are completed, so expect the property to be put on our website this week.
It’s a little bit different to what we normally sell. As you know by now, we focus on North East investment properties with market values between £100,000 and £150,000. Those in York start at £140,000 and go up to about £690,000. The location is in a prime part of York, and it’s not very often, I imagine, that investment properties come up in that area. I haven’t actually seen any, having looked through the historic records for a while.
So the yield may not be fantastic at 5% or 6% But the capital growth should be really good.
I can envision many investors will be happy with that yield because it’s low maintenance, easy to manage, a nice income, and it’s a long term investment with strong capital growth.
Also, about the other Hartlepool property I viewed a couple of weeks ago, I will put it on the website. However, I expect that to be sold right away. That just needs a little bit of work like painting and carpets, and then that will be ready to let. In my estimate the price would go for about £25,000 plus our fees, so a nice, nice little investment for somebody.
We also have lease options.
I’ve got another two that an owner wanted to sell for a while. My only trouble is, she’s totally hard to get hold of. She’s in no massive hurry and it’s just so difficult.
What I do during these situations is I go through the compliance regardless. I ask for a valid I.D. then start to do the agreements. I do this often when I have a buyer who wants to go ahead. Once I’ve got through that, the rest will be easy and quick.
We’ve also got another lease option in Cowden, near Bishop Auckland. The agreements have been sent out for that. The buyer is away at the moment, he’s in Poland, but he’ll be coming back and that one will be going through pretty quickly.
For the coming week, we’ve got some properties to view in Sutherland. Some of them are in the sea bird area, a very good area of Sutherland. Flats above commercial are available there. I’m going to see them on Tuesday. I quite like them. And then they’ve got some other cottage type properties as well that they’re considering doing a lease option on, so hopefully we’ll get them in in the coming weeks.
We are in desperate need of more properties. What’s coming in is getting sold pretty quickly, so you have to be quick if you want a good property. And hopefully, we’ll get the properties I mentioned posted as soon as an agreement is made with the owner.
If you are interested in purchasing a property, or have any other property investing related questions, we are happy to help! Send us a message, or give us a call today!
