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•Auction date: 26th & 27th May 2020
•Modern 80-unit residential investment block
•Current gross rental income of approx. £230,000 pa
•65 units occupied and 15 units vacant
•Reversionary yield of approx. 13-13.5% based on fully occupancy
•Let to a mix of student and professional tenants
•Pre-auction offers considered
A modern residential investment block currently let for the current academic year to a mix of students and private individuals. Situated on Laisteridge Student Village occupying a prominent position at the front of the development. Bradford city centre is only 10 minutes’ walk away. For international students, Leeds / Bradford Airport is around 30-35 minutes travel time.
The accommodation comprises 80 units, including standard rooms, ensuite facilities and a one bedroom flat, arranged over ground and three upper floors.
The rent is inclusive of; gas, electricity, super-fast Wi-Fi, maintenance, 24/7 security, dedicated on-site team and 24-hour launderette.
The total annual cost for utilities is expected to be in the region of £78,500 for 2019/2020.
The property is to be sold freehold.
The building is currently let for the academic year to a mix of student and professional tenants. The accommodation includes standard plus rooms, two en-suite rooms and one flat.
The standard plus rooms let to students typically achieve a price in the region of £55 per week and the rooms let to professional tenants typically achieve a price in the region of £80 per week.
If the remaining 15 rooms are let to professional tenants at £80 per week, the gross annual income will be in the region of £295,000 pa.
2% (min. £3,600) inc. VAT