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Sunderland can be a great area to invest in, it achieves some very high ROCI’s and yields.
Can I ask what has drawn you to Sunderland and this property specifically? Are you local to the area?
Transparency notice: OneandOnlyPro is a commercial partner of Property Tribes.
You are very welcome, you are completely correct in saying it is important to get information etc as you are not local. The property in Echo 24, can potentially achieve a healthy yield of 9% and a great return on cash investment! However own due diligence is key in finding the right property for you.
So i was looking at echo 24 flats a few years back, their ROI is pretty good. if you get them on river side the view is also amazing looking down to the docks and over to the standium can hear the match on a sat .
what put me off was the server charge if i remmber it was high.
also may help you to know when the building was first built a lot of the flats were bought up buy an Irish consortium of investors. and they payed way way way over the knocker for them. 2007 when something like 90% were bought prices as high as 200k mostly 170-200 which is crazy. was the hight of the boom as well.
If i remmber correctly in 2016 i was looking at a flat that was 70k so looking at rightmove now they have increased a nice amount since then. But i would not expect them to go bakc to their origmnal price
from what i was told the vendors did not have much room to wiggle on price becasue it was sure to be a loss for them on the resale.
also there is a hell of a lot of them flats on right move atm for 650-750 ish per month and that is the same rental i was expecting back then so not changed if at all.
well the north east on everage is still not returnd to 2008 prices across the board so their may be a little capital growth, but i would not rely on that my self.
yield is good tho but void periods in them flats is gona eat away profit very quickly. it was the service charge that made me walk away. also seem to e through the same estate agent and with out naming them i found it really hard to get answers from them it was hard work. and i have just left them with one of my properties as i was not happy with them at all.
Sunderland needs some regeneration at the moment its not the same city it was 10 years ago. but the city center is picking up a little from what i see when i go home.
Hope this helps
In light of what Brexit is going to do to the local car industry, and the knock-on effect on jobs in the region, I would expect unemployment there to rise a fair bit, and would not personally invest in Sunderland right now.
Also, given the high proportion of flats apparently owned by investors (and not owner-occupiers) you may struggle when it comes to mortgaging - you may want to check with your broker first before spending time on legal and other fees.