75% of Whitby residential development snapped up amid staycation boom
Three quarters of a new development in a North Yorkshire tourist hotspot has been snapped up following its completion.
75 per cent of the newly completed Spa Well Court scheme in Whitby has already been bought as investment into the seaside town booms.
The development, which is situated off Broomfield Terrace, has been delivered by Caedmon Homes and comprises 10 apartments and 10 townhouses.
Nick Henderson, founder and managing director of Hendersons Estate Agents, commented: “Once upon a time, Whitby was regarded as one of the least desirable towns in Yorkshire, a run-down, neglected unemployment blackspot.
“Its recent renaissance is absolutely remarkable, with investment pouring in and the town centre a sparkling mix of great restaurants, unique independent retailers and a wonderful sense of atmosphere and history.
Commenting on the Spa Well Court development, Nick continued: “The yields on the remaining five properties at Spa Well Court are exceptional. Based on an annual rental, the return would be 8.94 per cent or £22k. The four-year yield would increase to 12.1 per cent. As Whitby’s popularity increases, so would these yields.
“The fact that 75 per cent of Spa Well Court has been sold is a resounding endorsement of the development. There are only five houses left, so would-be purchasers are advised to hurry. Now that the development is complete, it’s a prime time to invest.”
Paul Brown, director of Caedmon Homes, added: “We are delighted to be working with such a respected local estate agent as Nick Henderson of Hendersons.
“The company has an excellent reputation in the Whitby area and beyond and have marketed Spa Well Court effectively and successfully.
“The tremendous success of Spa Well Court means that we are now looking for new sites in and around Yorkshire to continue our growth.”
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