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Eden Court

Bury, Greater Manchester

£120,000

  • Two bedroom flat
  • Net yield of 6.4%
  • Current sitting tenant
  • Strong rental growth potential
  • Popular residential location

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Bury, Greater Manchester 

Flat | £120,000 | Leasehold 979 Years Remaining

PROPERTY OVERVIEW
Eden Court is a modern two bedroom apartment situated at 10 Scholars Way, Bury, BL9 6DN, presented in good order throughout and benefiting from an excellent EPC rating of B, a strong indicator of low running costs and energy efficiency for a prospective owner-occupier or tenant.
The apartment is offered leasehold with a substantial 979 years remaining on the lease, providing long-term security of tenure and removing any concerns around lease length that can affect mortgageability or resale.
The property is currently tenanted, with the tenant up to date on all rental payments, making this an ideal turnkey purchase for an investor seeking an income-producing asset from day one, with no void period and no requirement to source a new tenant.
KEY FACTS
  • Address: Eden Court, 10 Scholars Way, Bury, BL9 6DN
  • Property Type: 2 bedroom apartment
  • Ground Rent: £175 per annum
  • Service Charge: £1,748.48 per annum
  • EPC Rating: B
  • Asking Price: £120,000
INVESTMENT & RENTAL SUMMARY
  • Current Tenancy: Tenant in situ, rent up to date
  • Current Rental Income: £800 pcm (£9,600 per annum)
  • Potential Rental Income: Up to £950 pcm (£11,400 per annum)
The current passing rent of £800 pcm reflects an established, paying tenancy. Based on comparable rental evidence within the same development (see below), there is scope to increase the rental income to up to £950 pcm, either upon renewal with the existing tenant or re-letting at market rate, subject to normal notice and re-letting considerations.
YIELD ANALYSIS
Current Rent (£800 pcm)
Potential Rent (£950 pcm)
Annual Rental Income
£9,600
£11,400
Annual Costs (Ground Rent + Service Charge)
£1,923.48
£1,923.48
Net Annual Income
£7,676.52
£9,476.52
Gross Yield
8.00%
9.50%
Net Yield
6.40%
7.90%
Comparable Evidence
Comparable Sales – Eden Court Development
A detailed Rightmove Best Price Guide report of comparable sales achieved within the same development is available via the following link, providing evidence to support the asking price: CLICK HERE 

Comparable Rentals – Eden Court Development
A corresponding Rightmove Best Price Guide report of comparable lettings within the same development is available via the following link, supporting the potential achievable rent of up to £950 pcm: CLICK HERE
WHY BUY EDEN COURT?
  • Modest ground rent of £175 per annum
  • Current gross yield of 8.00%, rising to an estimated 9.50% at potential rent
  • Supported by comparable sales and lettings evidence from within the same development

Return on Capital Employed (ROCE) Calculator

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Property Price

Mortgaged

Cash Purchase

Deposit

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25%

£120,000.00

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£3,000.00

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