This spacious semi-detached property presents a unique opportunity for renovation and investment, with plans already approved for the conversion into four self-contained two-bedroom apartments. With a projected rental income of up to £50,000 per year, this property promises significant potential for those looking to capitalize on the student rental market, particularly with two students already committed to leases starting in July 2025 at a rate of £125 per person per week.
The design layout of each apartment includes a private entrance, an open-plan kitchen and living area, two generously sized bedrooms, and a bathroom/WC. This configuration not only enhances livability but also offers appealing features for future tenants. The outside space accommodates allocated parking and a communal garden area, adding further value to the property.
Beyond residential development, there’s potential for commercial use pending necessary permissions. The presence of a large forecourt and an adjacent office space allows flexibility for various business opportunities or additional rental income streams.
Located in the sought-after area of Gilesgate, this property benefits from proximity to Durham City and its picturesque riverside. The neighborhood is well-equipped with local amenities including shops, pubs, takeaways, and educational institutions. Just one mile from the train station and conveniently situated near major roadways like the A690 and A1(M), it offers excellent commuting options.
Moreover, residents can enjoy easy access to nearby retail parks with supermarkets and diverse shopping choices located just half a mile away. With its combination of location advantages and development prospects, this property is well-positioned for both immediate income generation and long-term capital growth.
EPC Rating: D | Tenure: Freehold | Council Tax Band: TBC
