28 Ninth Street Horden, Peterlee, County Durham, SR8 4LZ

Description

Situation: The property is situate in the Horden area of Peterlee, on the outskirts of Sunderland, within reach of the local amenities, including local rail station and the North East coast. Sunderland offers a wide range of both retail and leisure facilities, along with further access to surrounding towns and Cities. The North East coast offers some fantastic sights and scenery, along with access to the popular coastal areas of Scarborough Whitby, Staithes, Seaham and Whitburn. Description: A traditionally constructed mid terrace in an area of high rental demand, giving excellent yield potential (based on guide price). The property is sold subject to an existing tenancy agreement dated 01 May 2024 at £450 per calendar month producing £5,400 per annum At the time of preparing these details, no internal inspection was possible, however accommodation believed to comprise: Accommodation Entrance Hall Sitting Room Kitchen Bedroom 1 Bedroom 2 Family Bathroom Outside Rear yard. Material Information Please copy and paste the link below into your browser for a full breakdown of material information for this property mip.urls.addland.com/4Y5DbbtSBzyfTKScYqNgde Tenure: The property is freehold. All prospective bidders should satisfy themselves of terms of the tenure, ground rent and service charge if applicable, by inspecting the legal pack. Council Tax: The property falls within Durham County Council – BAND A Possession: Subject to existing tenancy agreement. Services: Prospective purchasers are advised to make their own enquiries of the relevant statutory authorities. NB: Services, Apparatus and Equipment have not been tested by Auction House and therefore cannot be verified as being in working order. The buyer is advised to obtain verification from their Solicitor/Surveyor. These particulars are believed to be correct but their accuracy is not guaranteed and they do not form any part of any contract. Information relating to Rating and Town and Country Planning matters has been obtained by verbal enquiry only. Prospective purchasers are advised to make their own enquiries of the appropriate Authority. Information relating to Phone & Broadband can be found by visiting Ofcom. All measurements, areas and distances are approximate only. Potential purchasers are advised to check them. Any potential rental incomes are approximate based on Rightmove data at the time of preparing the details and bidders are advised to check with a local agent for an accurate valuation.

Accommodation

The supplied particulars indicate approximately 1 bedroom accommodation. Room layout, floor areas and dimensions should be confirmed from the auctioneer particulars, floor plan and inspection.

Location

Located in Peterlee, County Durham. Investor due diligence should test local transport, employment, amenities and tenant demand at the exact micro-location. Cross-check the postcode and legal title before bidding.

Investment Analysis

The figures below separate auctioneer/source facts from HB indicative estimates. HB figures are screening assumptions only and are not a RICS valuation, contractor quotation or lending decision.

Investment Snapshot

Strategy Recommendation

The initial strategy should be tested against condition, legal structure, works, rental evidence and comparable values before setting a maximum bid. The screening case depends on achieving a sufficient margin or sustainable income after all acquisition and holding costs.

Works Required

• Review complete building/property condition

• Electrical and heating inspection

• Allow for decoration and repairs where required

• Commercial compliance and fit-out/re-letting review

Rental & Market Context

HB screening rent is approximately £50–£100 pcm (£600–£1,200 pa). Replace this with current local letting evidence. The source also indicates published income of about £5,400 pa, which should be verified against tenancy documents.

Sold within approximately 5 miles

Reliable sold-property comparables were not collected from the supplied scrape. Check recent Land Registry evidence and closely comparable sold listings within approximately five miles, prioritising the same property type, size, tenure and condition.

Potential BRRR Position

Illustrative 75% refinance on the HB indicative value range is about £8,250–£9,000 against purchase + works of approximately £20,000–£35,000. Actual refinance depends on valuation, works, finance costs, rental stress testing and lender criteria.

Flip Analysis

The initial gross value spread is approximately £-24,000–£-8,000 before acquisition/disposal costs. This is not profit and excludes SDLT, auction/admin fees, legal costs, finance, holding costs, insurance, utilities, professional fees, selling fees, contingency and tax.

Investor Risks & Due Diligence

• Review legal pack, title and special conditions

• Confirm auction fees and completion period

• Obtain survey and works quotations

• Verify finance before bidding

• Check rental and sold comparable evidence

• Review commercial lease/covenant, use class and rates/VAT position

Recommendation

Initial recommendation: Commercial Re-Let / Investment. Proceed only if the legal pack, condition, costs and local evidence support the required margin/yield. Treat the guide as a starting point rather than a valuation and set a disciplined maximum bid after due diligence.

Strategy Rating

• Income Investment: ★★★★☆

• Value-Add / Re-Let: ★★★★☆

• Residential BRRR: ★★☆☆☆