A freehold block of 6 self-contained flats in the historic market town of Workington, on the edge of the Lake District. The entire block is let on a single Fully Repairing and Insuring (FRI) lease to Serco's asylum-accommodation vehicle, which operates the building under the Home Office Asylum Accommodation and Support Contract (AASC). The lease runs for 6 years and 11 months, from June 2024 to May 2031, with around 4 years and 1 month still unexpired. Under the FRI terms the tenant carries maintenance, bills and insurance, so the landlord receives £42,300 net per annum with effectively no running costs and nothing to manage - a genuinely hands-off asset producing £42,300 net from completion, underpinned by a Home Office accommodation contract.
The block was fully renovated and furnished before hand-over in 2024: every flat was rewired with a brand new fire and intercom system, new kitchens and bathrooms, and fresh flooring and decoration throughout, with industrial laminate in the communal areas. All furniture and appliances are included in the sale. The building carries EPC ratings of C and D across the six units, comfortably clear of the minimum E standard.
At £345,000 the entry sits around £89 per square foot against an area average of £113, roughly 21% below market on verified local sold evidence - built-in equity of close to £93,000 from day one. On a refinance against the area-average valuation of £437,875, a 75% facility releases the majority of the capital and the deal returns a Return On Capital Employed of around 37%. A rare combination of secure corporate income, below-market entry and a strong cash-out position.
Map centred on the Workington (CA14) town area, not the exact property. The precise address is shared with serious buyers at the appropriate stage. Tiles: OpenStreetMap contributors.
Based on 20 verified local transactions within a 0.16 mile radius, December 2024 to December 2025. Subject size: 3,875 sqft. Asking price equates to £89/sqft against an £113/sqft area average - approximately 21% below market.
All 6 flats certified C or D, fully renovated in 2024 with new systems throughout. Individual certificates available in the full information pack.
Income is net under a Fully Repairing and Insuring lease - maintenance, bills and insurance are carried by the tenant.
| Basis | £/sqft | Implied value | Note |
|---|---|---|---|
| Asking | £89 | £345,000 | Entry price |
| Area low (70th pct) | £94 | £364,250 | Below average band |
| Area average (18 mths) | £113 | £437,875 | Central market value |
| Area high (70th pct) | £142 | £550,250 | Upper band |
Bands derived from 20 verified local transactions, 0.16 mile radius, December 2024 to December 2025. Like-for-like flat and block evidence. Individual comparable addresses are provided in the full information pack.