Block of flats for sale in Leicester LE1, 19 Bedroom

*For Sale by Auction on 10th October 2018 to be held at King Power Stadium, Leicester City Football Club Commencing at 05:30 pm*

Freehold. Well located property which has been converted into cluster flat accommodation providing 19 student bed spaces. Excellent investment opportunity.

Location
The property is situated on Newarke Street which is in the heart of Leicester City Centre within walking distance of De Montfort University, University of Leicester and Leicester Railway Station.

Accommodation
The property has been converted to provide 19 student bed spaces over four floors.

Ground Floor:
Four bed spaces with shared kitchen/dining area & two bathrooms.

First Floor:
Five bed spaces with shared kitchen/dining area & two bathrooms.

Second Floor:
Five bed spaces with shared kitchen/dining area & two bathrooms.

Third Floor:
Five bed spaces with shared kitchen/dining area & two bathrooms.

Fourth Floor:
Planning permission was granted in 2004 to convert this floor into 5 additional bed spaces (Application No. 20041734) which has now lapsed. Interested parties should make their own enquiries by contacting the local authority.

Basement:
The basement is ideal to be used as a bicycle store and further storage area.

Tenure
Freehold with vacant possession upon completion.

Estimated rental income:
£75.00 per week / per room x 19 rooms = £1,425.00 per week
£1,425.00 x 48 weeks = £68,400.00 per annum

There is scope for uplift in rental after slight refurbishment.
Estimated full rental income = £91,200.00 per annum.

Note
The completion date will be on or before eight weeks following exchange of contracts.

Energy Performance Certificate
EPC Rating to be confirmed.

Solicitors
Jones & Co Solicitors, 5 Churchgate, Cannon Square, Retford, Nottinghamshire, DN22 6PB
tel: Ref: L. Richardson)
Email:

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note: Properties can be purchased prior to Auction