A freehold block of 6 self-contained flats in Workington, offered as a single lot at £335,000. The entire block is let on one full repairing and insuring (FRI) lease to a government-backed operator providing Home Office accommodation, producing a fixed £42,300 a year from completion - around £588 per unit per month - with the tenant carrying all repairs, insurance and bills. There is no management, no voids and no running costs to erode the return.
The building was fully renovated and handed over in June 2024 - full rewire, new fire and intercom systems, new kitchens and bathrooms throughout, fully furnished. The lease runs to May 2031, giving a long run of contracted, index of hands-off income from a strong institutional counterparty. All 6 flats are individually EPC certified at C or D.
At £78 per square foot the entry price sits 29% below the £110/sqft area average for the postcode. On a cash basis the fixed rent delivers an 11.2% net return after all purchase costs; a refinance at 75% loan-to-value releases the bulk of the capital and lifts the return on remaining capital to 21.4%.
General location only - map centred on the Workington CA14 area. The exact address is shared with serious buyers at the appropriate stage. Tiles: OpenStreetMap contributors.
Based on 20 comparable sold transactions within roughly 0.5 miles, September 2024 to December 2025. Subject size 4,295 sqft. The comparable evidence is individual flats and houses; a freehold block is priced as a single lot, so the per-square-foot gap reflects the normal block position rather than pure equity.
All 6 flats individually certified C or D - already clear of the proposed minimum-C and minimum-E standards, so no upgrade cost. Certificates provided in the full information pack.
Full repairing and insuring lease - the tenant carries repairs, insurance and bills, so net income equals the passing rent. No voids, no letting fees, no management.
| Property | Date | Price | Type | Sqft | £/sqft |
|---|---|---|---|---|---|
| Portland Square, CA14 | Mar 25 | £240k | Flat / house | 1,485 | £162 |
| Lorne Villas, CA14 | Dec 24 | £378k | House | 2,379 | £159 |
| Ramsay Brow, CA14 | Nov 25 | £160k | House | 904 | £177 |
| Bank Road, CA14 | Jul 25 | £175k | House | 1,356 | £129 |
| Elizabeth Street, CA14 | Oct 24 | £180k | House | 2,077 | £87 |
Comparable individual sales in the CA14 area, last 18 months. The subject is a freehold block sold as a single lot rather than per flat. Like-for-like block sales are scarce locally - wider evidence available on request.
Whole block let on one full repairing and insuring lease, so no voids, maintenance, letting or insurance are deducted (the tenant carries them). GDV shown at purchase price (no refurb - the block was fully renovated in 2024). SDLT at commercial rates for 6 units in one transaction. Figures consistent with the in-house due diligence on this property.