Residential Development for sale

Oxford House,72 Oxford Street,Leicester,LE1 5XW

Offers in Region of £2,750,000

Property Description

Key features

  • Good Investment Opportunity
  • Fully Let for Academic Year 2011/2012
  • Excellent Location close to University Buildings
  • May Split

Full description

Location:
The property is situated with a frontage on to Oxford Street, Leicester close to the junction with Mill Lane on the southern fringe of the city centre. Many of the principal University Buildings including the Union and Library are arranged around Mill Lane. Leicester Royal Infirmary is also located in close proximity . Leicester is a major city within the East Midlands and enjoys a diverse economy and excellent road communications access to the M1/M69 intersection at junction 21, and the M1 at Junction 22.. Rail services to London St Pancras are available in approximately 1 hour 18 minutes. Major facilities include Highcross Shopping Centre and the Fosse Shopping Park.

Description:
Oxford House was purpose built as Student Accommodation in 2006 and is arranged in 2 blocks each over six storeys (ground and five upper storeys) and we are advised of steel frame construction, with facing brickwork, and clear and obscure glazing. The building benefits from the remainder of ten year NHBC warranty. The building was altered to its present configuration during 2010

The accommodation offered in each block is as follows.

Block A 11 two bed units
Block B 6 six bed units

There is a communal garden / amenity area with tarmacadam pathways between the two blocks.

Background:
DeMontfort University is a vibrant modern university and international students form around ten per cent of the 23,000 student population .In the 2008 Research Assessment Exercise (RAE), DMU received one of the best research results for any modern university, with 43 per cent of the work submitted rated world-leading or internationally excellent. Leicester Business School, based in the newly opened 35-million landmark Hugh Aston building for Business & Law, was ranked seventh for overall student satisfaction in the Times Good University Guide 2010. Last September, the Leicester Mercury reported that 300 students at the institution were staying in hotels after demand for accommodation outstripped supply. It added that new undergraduates from the local area had been denied places in halls of residence.

Lettings and Rental Income:
Oxford House is already let for the next academic year - 2011/12 - at in total a gross rental income of 209,733. After allowing for the following:

Agents Fees
Broadband
Cleaning Services Maintenance and Replacement
Water Charges
Electricity

The net rental income is 166,243

Supplementary Information:
Further information including plans and sample tenancy documents are available on request. Additionally Westmanor Property Services Ltd, the managing agents will be happy to meet with seriously interested parties to provide background information.

Price:
Offers in the order of 2.75 million are sought for the benefit of the freehold interest. It is the intention of the vendor to include within the contract of sale a proviso to the effect that Westmanor Property Services Ltd be retained as agents for a further 3 years from the date of sale. This should be viewed in the context that the building has been fully occupied since it was built. The client may dispose of Block A alone inviting offers in the order of 1.1 million. For Block A the gross rental is 83,894 for this academic year with a net income of 67,072.

Nearest stations

  • Leicester (0.5 mi)
  • South Wigston (3.3 mi)
  • Syston (5.0 mi)
Distances are straight line measurements

To view this property or request more details, contact:

Wards Commercial, Hinckley

20 Station Road, Hinckley, LE10 1AW

01455 385050 Local call rate

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Disclaimer

Property reference 72OXL. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Wards Commercial, Hinckley. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.