Ernest Place

Durham

  • 9.05% Net Yield
  • Student Investment
  • Twelve Bedrooms
  • 6 Bedroom Ground Floor Flat & 6 Bedroom Upper Floor Flat
  • Ideally Located in Gilesgate
  • Fully Let till June 2019
  • EPC Rating: D
  • Four Bathrooms & two separate W/C's
  • Continuously Fully Let Since 2006
  • Fully Furnished
£560,000
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Property Summary

This impressive student investment property benefits from 12 double bedrooms split into two 6 bedroom flats. It is currently fully let until July 2019 and generates an impressive net yield of over 9%.

Floor Plan

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EPC

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Location

  • Ernest Place
  • Durham
  • Durham
  • DH1 2JD

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Additional Information

12 Bedroom Student Accommodation, Two 6 bedroom Flats, Next to Renny's Lane Development, Former Methodist Chapel, 9.05% Yield

This property offers twelve students rooms split into two flats of six rooms located on each of the two floors. Each flat shares the same blueprint to ensure the communal areas are not located above bedrooms. There are six bedrooms on each floor all currently with double beds with a minimum size of 8.3 square metres. The generous living rooms and large kitchen space ensures these flats remain popular year on year with the student community with the demand for property in Gilesgate becoming increasingly popular.

The property has been continuously let since its redevelopment from office space to student accommodation in 2006 and is currently let until 30th June 2019 generating a net rent of £50,694.96 (minus a standard management fee of 12%+vat this would make £43,394.89) equating to a net yield of 9.05%.

Ideally located next to Tesco Extra and the new Rennys Lane student development, ensuring student amenities are within walking distance. The property will also benefit from the new student only bus service operating from Rennys Lane to the Mountjoy Centre at the University.

A video walkthrough is available upon request by email to elvet@elvetestates.co.uk. Viewings can be arranged by calling Elvet Estates on 0191 375 7000

We're Award Winning

Elvet Estates was founded in 2014 by the directors of the multi-award winning student housing provider, Bill Free Homes.

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