For Sale,  

The Coneries, Loughborough

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Features

  • Guide Price: £4,500,000+
  • Forty Unit Apartment Block
  • Gross Annual Rental Income: £275,744
  • Ground Floor Retail Unit
  • Gross Yield: 6.1% pa
  • Freehold
  • Near New Construction
  • 4 x Long leases sold off
  • Located Close To Train Station
  • Fourteen Secure Car Parking Spaces

Address

7 The ConeriesLoughboroughLeicestershireLE11 1DZ
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Property Details

•Forty Unit Apartment Block
•Guide Price: £4,500,000+
•Gross Annual Rental Income: £275,744+
•Freehold Interest Included

An opportunity to acquire a substantial forty apartment building in the popular university town of Loughborough, Leicestershire.

The building is currently generating an income of £275,744 per annum, reflecting a gross yield of 6.1%.

Four of the apartments have been sold off on long leaseholds, providing an additional ground rent income of £800 pa.

There are 36 flats remaining, which have been rented on standard AST agreements.

Constructed in 2019, there is no immediate requirements to invest additional capital into ongoing maintenance or refurbishment. Making this an attractive low risk investment.

31 x One Bedroom Apartments
9 x Two Bedroom Apartments

Floors:

Ground Floor – Retail Unit & 14 Car Parking Space

First Floor – 2 x 2 Bedroom Flats & 7 x 1 Bedroom Flats

Second Floor - 2 x 2 Bedroom Flats & 7 x 1 Bedroom Flats

Third Floor - 2 x 2 Bedroom Flats & 7 x 1 Bedroom Flats

Fourth Floor - 2 x 2 Bedroom Flats & 6 x 1 Bedroom Flats

Fifth Floor - 1 x 2 Bedroom Flat & 4 x 1 Bedroom Flats

Specification

The apartments are of high specification with modern high gloss kitchens including in built appliances, tiled flooring and tiled splashbacks.

All living areas and bedrooms have carpeted floors and spot lighting.

The bathrooms are modern white suites with a shower over bath.

All rooms have the benefit of under floor heating.

Investment Analysis

The current income of £275,744 provides a gross yield of 6.1%.

Net initial yield of approximately 5.75% after calculating purchasers’ costs at 6.27%.

Outgoings

Estimated management fees of £16,000 pa

Commercial Element

Ground Floor Retail Unit

Services

We understand the property to have mains electricity, water and drainage.

Tenure

Freehold.

Four Flats have been sold off on long leaseholds. These flats are two one bedroom and two two bedroom flats. Producing a ground rent of £200pa for each apartment.

VAT

Not Applicable

Buyers Premium

A 1% plus VAT Buyers Premium is applicable on the purchase of this property.

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If you are thinking of selling your property, contact us now for a free appraisal and benefit from:

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•20 Working Day Completion
•Monthly auctions

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