Home > Auctions > 27 & 28 February 2024 28 February 2024 - 9:00am > Lot 223

27 & 28 February 2024: Wednesday 28 February 2024 - 9:00am
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Property details

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    Key features

    • To be offered on Wednesday 28 February
    • Investment let at £195,360 p.a. (13.47% GIY on guide) rising to £209,760 p.a. in Sep 2024 (14.46% GIY on guide)
    • Comprising 30 x self contained studios fully let to students for 2023/24 academic year ( £120 to £125 per week per room 48 week contract)
    • Each room comprises of Kitchen facilities, en-suite shower room
    • 2 x lounges/common rooms and laundry facilities
    • 4 x retail units (2 vacant)
    • Asset management potential to let out the vacant retail unit
    • Modern student Block in good condition
    • Fully booked for 2024/25 academic year (rent increased to £130 to £135 per week per room 48 week contract)
    • Possible future development potential to add an additional storey (subject to the requisite consents)
    • Centrally located for Newcastle Under Lyme
    • VAT free investment

    Description

    A freehold property comprising of 30 x Self contained studios (Each room contains kitchen facilities, 3/4 bed, desk and desk chair, private en-suite shower room and storage. All rooms include USB ports, fridge freezer, oven and hob.)

    There is 4 retail units located on the ground floor (2 x vacant) which offers asset management potential to improve the passing income by renting out the vacant unit.

    Nearby occupiers include Vue cinema, Poundland, Mc Donald's, sports direct, Greggs as well as a wide range of local and independent retailers.

    Additional information

    Tenure

    Freehold.

    Accommodation

    Please note that the measurements have been taken from the VOA and the original architects proposed plans for when the development achieved planning


    Please refer to Accommodation and Tenancy schedule

    Tenancy

    Residential Rent at £173,760 p.a. (Academic Year 2023/24) - rising to £188,160 p.a. (Academic year 2024/2025)

    Commercial Rent at £21,600 p.a.


    Please refer to Accommodation and Tenancy schedule

    Rent

    £195,360 p.a.

    Notes

    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack.

    The total rising rent has been based on the existing leases remaining in situ and may be subject to change (please refer to the legal pack)

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        All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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        Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

        No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

        No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

        There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

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        Accommodation / Tenancy Schedule

        Local information

        The market town of Newcastle-under-Lyme is located in Staffordshire, West Midlands.

        It is positioned approximately 64 km (40 miles) to the south of Manchester and 70km (44 miles) to the north of Birmingham. Derby and Nottingham are to the east, within approximately 64 km (40 miles) and 88 km (55 miles) respectively.

        The area is well served by a network of A-roads, but also the M6 Motorway, which is accessible via Junction 15, approximately 4.8 km (3 miles) to the south of Newcastle.

        Stoke-on-Trent neighbours Newcastle-under-Lyme and is within 4 km (2.5 miles) and provides the nearest train station.

        Regular direct train services are available to Manchester, Birmingham and London Euston with fastest journey times of 33 minutes, 46 minutes, and 84 minutes respectively.

        Legal documents

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        EPC rating

        If no EPC rating appears please refer to the legal pack.

        Guide prices and common auction conditions

        •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

        •The reserve price is the minimum price at which the property can be sold.

        •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

        •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

        Please note that all prices listed, whether prior to or post auction, are subject to contract.

        The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

        The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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