Frederick Street

Overview

A rare opportunity to acquire a freehold end-terraced property converted into two spacious self-contained apartments—perfectly positioned in the popular coastal town of Seaham. Located on Frederick Street, this characterful and solidly built property offers immediate income with strong potential for increased yields.

The property is pavement-fronted with ample on-street parking and benefits from an enclosed shared rear garden, which adds to its tenant appeal.

Property Details

• Total Area: 1,640 sq ft (Ground Floor: 770 sq ft / First Floor: 870 sq ft)
• Freehold Title – Both flats are held under a single freehold
• Current Rental Income: £945 PCM
• Tenure Details:
• Flat 23a (Ground Floor – 1 Bed): Tenancy started 12th September 2010
• Flat 23 (First Floor – 2 Bed): New tenancy began 5th May 2025

Accommodation Breakdown

Flat Ground Floor (1 Bedroom)

• One large double bedroom
• Bright and airy lounge
• Fully fitted kitchen
• Spacious bathroom
• Access to shared rear garden

This flat is home to a long-term tenant of over 14 years—a furniture maker who has lovingly customised the property with unique features such as a handmade and hand-painted kitchen, and a bespoke fire surround and hearth, both included in the sale.

Flat – First Floor (2 Bedrooms)

• Two well-proportioned double bedrooms
• Spacious lounge flooded with natural light
• Separate fitted kitchen
• Generous bathroom
• Recently redecorated and newly carpeted throughout

The first-floor apartment is currently vacant and presents a perfect opportunity to increase rent in line with the current Seaham market.

Key Features

• Excellent Layout – Generous ceiling heights, large rooms, and spacious hallways create a light and open atmosphere in both flats
• Modernised First Floor Flat – Freshly updated for new tenancy
• Custom Features in Ground Floor Flat – Handmade fixtures offering charm and character
• Shared Rear Garden – Enclosed and low maintenance
• Great Parking – Ample on-street availability

Investment Potential

• Current Yield: 9.1% based on asking price
• Rental Growth Opportunity: Current rents are below market rates for the area
• Tenant Stability: Long-standing ground floor tenant adds security
• Immediate Income Stream with Uplift Potential

Seaham continues to experience strong rental demand, high yields, and year-on-year growth, making this an ideal addition to any property portfolio. There's clear scope to increase rental returns, particularly for the spacious two-bedroom first-floor apartment.