Frederick Street

Overview

A rare opportunity to acquire a freehold end-terraced property converted into two spacious self-contained apartments—perfectly positioned in the popular coastal town of Seaham. Located on Frederick Street, this characterful and solidly built property offers immediate income with strong potential for increased yields.

The property is pavement-fronted with ample on-street parking and benefits from an enclosed shared rear garden, which adds to its tenant appeal.

 Property Details

• Tenure Details: 
  • Flat 23 (Ground Floor – 1 Bed): New tenancy began 5th May 2025
  • Flat 23a (First Floor – 2 Bed): Tenancy started 12th September 2010

Accommodation Breakdown

Flat Ground Floor (1 Bedroom)

• Recently redecorated and newly carpeted throughout

The ground-floor apartment has recently been tenanted with rent in line with the current Seaham market.

Flat – First Floor (2 Bedrooms)

This flat is home to a long-term tenant of over 14 years—a furniture maker who has lovingly customised the property with unique features such as a handmade and hand-painted kitchen, and a bespoke fire surround and hearth, both included in the sale.  There is an opportunity to increase the rent, which is low for the current market.

 Key Features

• Excellent Layout – Generous ceiling heights, large rooms, and spacious hallways create a light and open atmosphere in both flats
• Modernised Ground Floor Flat – Freshly updated for new tenancy
• Custom Features in First Floor Flat – Handmade fixtures offering charm and character
• Shared Rear Garden – Enclosed and low maintenance
• Great Parking – Ample on-street availability

Investment Potential

• Current Yield: 9.1% based on asking price
• Rental Growth Opportunity: Current rents are below market rates for the area
• Tenant Stability: Long-standing first-floor tenant adds security
• Immediate income stream with uplift potential to excess 10% yield.

Seaham continues to experience strong rental demand, high yields, and year-on-year growth, making this an ideal addition to any property portfolio. There’s clear scope to increase rental returns, particularly for the spacious two-bedroom first-floor apartment.