£385,000 /Sale price

FOR SALE via Modern Method of AUCTION - CALLING ALL INVESTORS£385,000 starting bid!High-Yield Investment – 8 Studio Apartments – Housing Benefit Income – Armley, Leeds (LS12)WOW - with a Starting Bid Yield of Approx 16.74% (Based on Current Rental Income & Advertised Guide Price)A rare opportunity to acquire a fully converted block of 8 self-contained studio apartments in the popular residential and high-demand rental area of Armley, Leeds. The property is ideally suited to investors seeking immediate income with future growth potential.Each individual unit has its own pre-payment electricity meter that the Tenants are responsible for topping up, this includes powering the electric heaters for each studio apartment. The only gas in the building powers the gas boiler for the hot water and this costs currently approx £90 every two months which is paid buy the owner.The landlord is responsible for the hall, stairs & landings only, which are operated on timed, low energy lighting approximately £45.00 pcm. (Energy costs provided by the vendor)Current Income & Tenancy Information• 8 studio apartments in total • All 8 units currently occupied • All occupied units let to tenants in receipt of Housing Benefit / Universal Credit • Rent paid directly to the landlord • Current rental income: £5373 per calendar month • £64,476 per annum based on current occupationHeadline Yield EstimateBased on the current annual income of £64,476 and the advertised Starting Bid, the property offers a strong gross yield of 16.74% (Yield will vary depending on final purchase price.)Future Income PotentialThere is further potential for rental growth, supported by:• Consistent demand for affordable studio accommodation • Periodic Housing Benefit and Local Housing Allowance (LHA) reviews by the UK Government • Any future uplift to the Housing Benefit cap could allow for rent reviews in line with revised LHA rates, subject to legislation and market conditionsThis presents an opportunity for long-term income growth in addition to the already strong returns.Location – Armley, Leeds (LS12)Armley continues to be a high-demand rental area due to:• Excellent access to Leeds City Centre • Strong local amenities and transport links • Easy access to A647, M621 and regional motorway networkWhy This Property?• Immediate income on completion • Housing Benefit rent paid directly to landlord • Strong monthly cash flow • High occupancy rate • Future rental growth potential • Excellent yield for a residential investmentViewing & Further InformationThe property is, and has been for the last 15 years, managed by the same Management company who have successfully and diligently managed this niche market property.Early viewing is highly recommended due to the rarity of this type of investment opportunity. Full rental schedules and income breakdown available upon request.Agent Note Please note this property is situated with the selective licensing review area and will require licensing by 9th February 2026 - visit Leeds City Council website for more information.This property is for sale by Modern Method of Auction allowing the buyer and seller to complete within a 56 Day Reservation Period. Interested parties’ personal data will be shared with the Auctioneer (iamsold Ltd).If considering a mortgage, inspect and consider the property carefully with your lender before bidding. A Buyer Information Pack is provided, which you must view before bidding. The buyer is responsible for the Pack fee. For the most recent information on the Buyer Information Pack fee, please contact the iamsold team.The buyer signs a Reservation Agreement and makes payment of a Non-Refundable Reservation Fee of 4.5% of the purchase price inc VAT, subject to a minimum of £6,600 inc. VAT. This Fee is paid to reserve the property to the buyer during the Reservation Period and is paid in addition to the purchase price. The Fee is considered within calculations for stamp duty.Services may be recommended by the Agent/Auctioneer in which they will receive payment from the service provider if the service is taken. Payment varies but will be no more than £960 inc. VAT. These services are optional.