Tyneside completes the sale of 5-8 St. James’ Street for St. James’ Central 2 Limited
5 – 8 St. James’ Street is a development of 12 flats ranging from 1 to 6 bedrooms. It is situated in the middle of a stunning historic terrace, right in Newcastle’s city centre. The location is absolutely perfect for students attending Newcastle University Business School, but it is also ideally placed for students studying at the main Newcastle campus or Northumbria University. These listed buildings are located in a conservation area, so the conversion into flats was completed with an emphasis on preserving the heritage of the street, while also creating modern living spaces which are ideal for student or young professional tenants.
Throughout the development, extensive works took place resulting in the structural fabric of the buildings being exposed. In many cases, these physical components of the properties had deteriorated due to their age and inadequate original design. In all cases these components were entirely replaced and upgraded, such that the complete building now meets modern building control regulations and will function in its redesigned state for many decades without the requirement for any upgrading.
The complete development has also been entirely refitted in terms of mechanical and electrical systems. All cables and pipes throughout, including; incoming supplies for gas, water and electricity and mains drainage leaving the property, have been wholly replaced with modern products.
A superior standard of finish has been achieved by using high quality items; the kitchen and bathroom fittings have been specifically selected to enhance the finished value and appeal of the development, in terms of both rental and capital sectors.
From the outset, the scheme was designed with a view to minimising the ongoing maintenance and running costs of the buildings. The longevity of items including; kitchen cupboard handles, toilet flush buttons, door closers and latches has been scrutinised and extensively tested prior to selection.
Tyneside managed the full project through purchase, development and renting of the completed properties. From immediately following completion, the demand for these properties was exceptional and the scheme was quickly fully rented, generating in excess of £270,000 of rent annually. It was this incredible performance that led to the sale of the development in April 2018, generating further fantastic returns.
- Number of Beds: 43
- Complete Contract Value: £2,200,000
- Sale Price: £3,800,000