Lakes Estates
13/14 Devonshire Arcade
Penrith
Cumbria
CA11 7SX
Castlegate, Penrith
Guide price £320,000
8 Bedroom Investment - Let
- Development of 6 residential flats arranged over ground, first and second floor
- Available immediately
- Five flats are let currently
- Rental yield of circa £30,000 per annum
- A mixture of one and two bedroom flats with one studio flat
- Fantastic investment opportunity
- Offers are invited
- Situated close to Penrith town centre and associated amenities
- Excellent links to Penrith train station and nearby road links
This prime investment opportunity comprises six residential flats arranged over ground, first and second floors in a highly sought-after location close to Penrith town centre. The property benefits from excellent transport links, being within walking distance of Penrith Train Station and offering great access to the M6 and A66 for the Northern Lake District.
Currently generating a rental income of circa £30,000 per annum, the development offers a versatile mix of accommodation including one studio flat alongside a combination of one and two bedroom flats, with some enjoying attractive views of Penrith Castle and Castle Park. With immediate availability and proven rental demand in this established Cumbrian market town, the property represents an excellent opportunity for investors seeking an income-generating residential portfolio with strong growth potential.
The convenient location provides tenants with easy access to town centre amenities including shops, restaurants and local services, ensuring continued appeal in the rental market. Offers are invited for this fantastic investment opportunity.
Flat 1
Flat 1 is on the right on the ground floor, has a kitchen dining/living space, bedroom and shower room.
Flat 2
Flat 2 is found on the left on the ground floor and has an entrance hall, lounge/diner, bedroom, shower room, kitchen, access to the basement and access to the rear yard.
Flat 3
Flat 3 is found on the first floor and has a lounge/diner, kitchen, two bedrooms and bathroom.
Flat 4
Flat 4 is found on the first floor and is a studio flat with kitchen, living, dining and bedroom in the main area and a bathroom.
Flat 5
Flat 5 is found on the second floor has a lounge/diner, kitchen, two bedrooms and a bathroom.
Flat 6
Flat 6 is found on the second floor and has a lounge/diner, kitchen, bedroom and shower room.
Location
Located on Castlegate's upper section, the property sits near Penrith Castle, with select flats enjoying views of the castle ruins and Castle Park. Within walking distance of the train station, supermarkets, and town centre.
About Penrith
An affluent market town on the northeastern edge of the Lake District (population 16,701), Penrith offers excellent connectivity via Junction 40 of the M6 and the A66, linking to the Lake District, Scotch Corner, and the A1(M). The railway station provides direct West Coast Line services to Glasgow, Carlisle, and London Euston (approximately 3 hours).
A popular tourist destination, Penrith serves as a gateway to the Lake District National Park and Yorkshire Dales. The town features comprehensive retail amenities including Sainsbury's, Booths, Morrisons, Aldi, M&S Food, Boots, and WHSmith.
Services
It is understood that the site is connected to mains electricity, gas, water and drainage/sewerage systems.
Heating to the flats is via electric panel heaters and hot water is provided by immersion.
It should be noted that the services have not been tested and therefore prospective purchasers should make their own enquiries.
EPC Information
The flats have been assessed individually, with ratings shown below:
Flat 1 - C
Flat 2 - E
Flat 3 - E
Flat 4 - E
Flat 5 - E
Flat 6 - E
Council Tax Information
Flat 1 - A
Flat 2 - A
Flat 3 - A
Flat 4 - A
Flat 5 - A
Flat 6 - A
Although these particulars are thought to be materially correct their accuracy cannot be guaranteed and they do not form part of any contract.
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