Studio Flat For Sale £1,200,000
<b>Description</b><br /><br />Attention investors large yield (potential to improve). A prime student investment property, comprising of three separate dwellings with established rental history.
Flat 12 (112 m2) is currently rented out for £27,840 pa
Flat 13 (118 m2) is currently rented out for £27,840 pa
Flat 14 (133 m2) is currently rented out for £34,800 pa
Therefore the total rental income for the building currently stands at £1,885 per week or £90,480 per annum. At a purchase price of £1,200,000 the resulting net yield is over 6% excluding block fees.
3 parking spaces are included in the sale (1 per flat).
The property has the required lighting and fire alarm certificates, EPC's, Council Licences and tenancy documentation. It is therefore perfectly positioned for an easy transition to an investor to run the property day to day and benefit from the current yields.<br /><br /><b>Situation</b><br /><br />Hoopern Street is popular with students and investors. The main Streatham Campus is within easy walking distance along a footpath through Taddiforde Brook. The City centre is also close by with easy access to Princesshay and the High Street.<br /><br /><b>Directions</b><br /><br />From John Lewis - Exeter City centre head down New North Road passing the East entrance of Central Station. At the roundabout turn right onto Blackall Road. At the end of the road turn left onto Howell Road. Pass Horseguards on your right and Hoopern Street is the next right. At the end of Hoopern Street is Hoopern Mews.<br /><br />
Possession
The building is available Leasehold, the tenants are remaining in place and occupy on Assured Shorthold Tenancies. The balance of the development is occupied exclusively by students.
Agents Note
The ground rent and service charge is £500 / room / unit and includes building insurance.
There are currently some maintenance and structural works planned by the Freeholder relating to the external render and the damp proof course of the property. The vendor has agreed to cover these planned works which are scheduled for Summer 2022.
Flat 12 (112 m2) is currently rented out for £27,840 pa
Flat 13 (118 m2) is currently rented out for £27,840 pa
Flat 14 (133 m2) is currently rented out for £34,800 pa
Therefore the total rental income for the building currently stands at £1,885 per week or £90,480 per annum. At a purchase price of £1,200,000 the resulting net yield is over 6% excluding block fees.
3 parking spaces are included in the sale (1 per flat).
The property has the required lighting and fire alarm certificates, EPC's, Council Licences and tenancy documentation. It is therefore perfectly positioned for an easy transition to an investor to run the property day to day and benefit from the current yields.<br /><br /><b>Situation</b><br /><br />Hoopern Street is popular with students and investors. The main Streatham Campus is within easy walking distance along a footpath through Taddiforde Brook. The City centre is also close by with easy access to Princesshay and the High Street.<br /><br /><b>Directions</b><br /><br />From John Lewis - Exeter City centre head down New North Road passing the East entrance of Central Station. At the roundabout turn right onto Blackall Road. At the end of the road turn left onto Howell Road. Pass Horseguards on your right and Hoopern Street is the next right. At the end of Hoopern Street is Hoopern Mews.<br /><br />
Possession
The building is available Leasehold, the tenants are remaining in place and occupy on Assured Shorthold Tenancies. The balance of the development is occupied exclusively by students.
Agents Note
The ground rent and service charge is £500 / room / unit and includes building insurance.
There are currently some maintenance and structural works planned by the Freeholder relating to the external render and the damp proof course of the property. The vendor has agreed to cover these planned works which are scheduled for Summer 2022.
