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24 South Parade, Apartments 1, 2 & 3, Belfast, BT7 2GP

Offers Over £350,000
  • status Sale
  • bedrooms 5 Bedrooms
  • receptions 3 Receptions
  • style Apartment
Arrange a Viewing
  • Price Offers Over £350,000
  • Style Apartment
  • Bedrooms 5
  • Receptions 3
  • Heating GFCH
  • EPC Rating D62 /D64 - Download
    EPC
  • Status Sale
Jonathan Killen GOC Estate Agents Office: 028 9066 2366 DDI: 02890662366
Jonathan Killen

Description

24 South Parade offers 3 individual apartments over 3 storeys, containing 2 two bedroom apartments and 1 one bedroom bedsit style apartment. South Parade is situated off the ever popular Ormeau Road. The apartments offers close links to local attractions including popular bars and restaurants, the Ormeau and Cherryvale Parks, Forestside Shopping Centre and are a short distance from the City Centre and public transport links.

 

Apartment 1 comprises a spacious living room with bay fronted window, two well proportioned bedrooms, separate kitchen and modern fitted shower room.

Apartment 2 comprises a living room, galley style kitchen, two bedrooms one single and one double and a bathroom.

Apartment 3 comprises a bedsit style apartment with living room/bedroom, separate bathroom and separate galley style kitchen.

 

This property will appeal to investors hoping to maximise on profit with ease of management given the contained apartment block on offer. With a current yield of £21,900 and a potential yield of £27,000+, subject to suitable tenancies being secured, viewing is highly recommended to avoid disappointment.

Features

  • Superb Investment Opportunity
  • Self Contained Apartment Block with Three Apartments
  • Situated in Excellent Location off Ormeau Road
  • Ground Floor Two Bedroom Apartment
  • First Floor Two Bedroom Apartment
  • Second Floor One Bedroom Bedsit Style Apartment
  • Gas Fired Central Heating Throughout
  • Current Yield of £21,900 Per Annum
  • Potential Yield of £27,000+ Per Annum

Room Details

  • COMMUNAL ENTRANCE HALL:

    Electric meter cupboard, fire alarm panel

  • APARTMENT 1:

  • ENTRANCE HALL:

  • LIVING ROOM: 16' 11" X 12' 10" (5.16m X 3.91m)

    Wooden floors, open fire, bay fronted window

  • BEDROOM (2): 10' 11" X 10' 6" (3.33m X 3.20m)

    Built in wardrobe

  • KITCHEN: 10' 2" X 7' 10" (3.10m X 2.39m)

    Lino floor, tiled splashback, range of high and low level cupboards, electric oven, electric hob, extractor hood, space for fridge freezer, stainless steel sink

  • REAR HALLWAY:

    Leading to;

  • SHOWER ROOM:

    Tiled floor, mermaid board shower splashback, wash hand basin, low flush wc

  • BEDROOM (1): 12' 3" X 10' 3" (3.73m X 3.12m)

  • APARTMENT 2:

  • ENTRANCE HALL:

    Cloaks

  • LIVING ROOM: 12' 10" X 10' 6" (3.91m X 3.20m)

  • KITCHEN: 12' 7" X 5' 5" (3.84m X 1.65m)

    Lino floor, tiled splashback, range of high and low cupboards, electric oven, hob and extractor fan, space for fridge/freezer

  • BEDROOM (2): 11' 2" X 7' 2" (3.40m X 2.18m)

  • REAR HALLWAY:

    Leading to;

  • BATHROOM:

    Lino floor, mermaid board bath splashback, shower screen, wash hand basin, WC

  • BEDROOM (1): 12' 1" X 10' 5" (3.68m X 3.18m)

    Built in wardrobe

  • APARTMENT 3:

  • ENTRANCE HALL:

    Internal staircase to second floor bedsit

  • LIVING ROOM/BEDROOM: 17' 8" X 13' 1" (5.38m X 3.99m)

  • KITCHEN: 11' 6" X 6' 1" (3.51m X 1.85m)

    Lino floor, tiled splashback, range of high and low level units, electric oven, hob and extractor fan, space for fridge/freezer,

  • BATHROOM:

    Lino floor, tiled bath splashback, wash hand basin, WC

Location

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Directions

South Parade is located on the left hand side of the Ormeau Road travelling from Belfast City Centre

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Disclaimer: The following calculations act as a guide only, and are based on a typical repayment mortgage model. Financial decisions should not be made based on these calculations and accuracy is not guaranteed. Always seek professional advice before making any financial decisions.

Advice on Stamp Duty

Advice on Stamp Duty

Stamp Duty Land Tax is a percentage paid on the purchase of a home or non-residential property to the Inland Revenue.  You usually pay Stamp Duty Land Tax (SDLT) on increasing portions of the property price above £125,000 when you buy residential property, eg a house or flat.

There are different rules if you’re buying your first home and the purchase price is £500,000 or less.

Use the SDLT calculator to work out how much tax you’ll pay.


Rates if you’re buying your first home

You can claim a discount (relief) so you don’t pay any tax up to £300,000 and 5% on the portion from £300,001 to £500,000.

You’re eligible if:

·you, and anyone else you’re buying with, are first-time buyers

·you complete your purchase on or after 22 November 2017

If the price is over £500,000, you follow the rules for people who’ve bought a home before.


Rates if you’ve bought a home before

Freehold sales and transfers

You can also use this table to work out the SDLT for the purchase price of a lease (the ‘lease premium’).


Property or lease premium or transfer value                                              SDLT rate

Up to £125,000                                                                                                Zero
The next £125,000 (the portion from £125,001 to £250,000)                       2%
The next £675,000 (the portion from £250,001 to £925,000)                       5%
The next £575,000 (the portion from £925,001 to £1.5 million)                    10%
The remaining amount (the portion above £1.5 million)                              12%

Example

If you buy a house for £275,000, the SDLT you owe is calculated as follows:

  • 0% on the first £125,000 = £0
  • 2% on the next £125,000 = £2,500
  • 5% on the final £25,000 = £1,250
  • Total SDLT = £3,750

New leasehold sales and transfers

When you buy a new residential leasehold property you pay SDLT on the purchase price of the lease (the ‘lease premium’) using the rates above.
If the total rent over the life the lease (known as the ‘net present value’) is more than £125,000, you also pay SDLT of 1% on the portion over £125,000 - unless you buy an existing (‘assigned’) lease.

You can work out how much SDLT you’ll pay for your new residential lease using HMRC’s:

Higher rates for additional properties

You’ll usually have to pay 3% on top of the normal SDLT rates if buying a new residential property means you’ll own more than one.

Use the SDLT calculator to work out how much tax you’ll pay.  You may not have to pay the higher rates if you exchanged contracts before 26
November 2015. 


If you’re replacing your main residence

You won’t pay the extra 3% SDLT if the property you’re buying is replacing your main residence and that has already been sold.  If there’s a delay selling your main residence and it hasn’t been sold on the day you complete your new purchase:

  • you’ll have to pay higher rates because you own 2 properties
  • you may be able to get a refund if you sell your previous main home within 36 months
  • There are special rules if you own property with someone else or already own a property outside England, Wales and Northern Ireland.
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