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Property for sale

Friar Lane, Leicester

Offers in Region of £2,400,000

Property Description

Key features

  • Apartment Building
  • 21 Self-Contained Flats
  • 11 Parking Spaces
  • Investment Sale
  • 145,439 Income Per Annum
  • 999 Year Lease
  • Sought-After Suburb
  • Might Divide

Full description

An investment sale of a block of 21 apartments comprising 1 studio apartment, 6 one bedroomed apartments, 10 two bedroomed apartments and 4 three bedroomed apartments, some with designated off-road parking, and all let on Assured Shorthold Tenancies currently producing an income of 145,439.28 per annum when fully let.

General Information:

Osborne House comprises an excellent conversion to high quality residential apartments situated within a short walk of Leicester s Bus Station on St. Margaret s Way and the Main Line Railway Station on London Road.
Situated within Leicester s Professional quarter, all excellent City centre amenities are on the doorstep, including The Highcross shopping centre including a John Lewis superstore, boutiques and other shopping for all day-to-day needs, a full range of recreational amenities including restaurants, bars, night clubs, cinemas and theatres, as well as the afore-mentioned public transport links.

General Description:

Apartments are fully double glazed, have the benefit of electric night storage heating and all kitchens are fitted with soft closure white gloss units with integrated appliances. A number of apartments enjoy designated off-road parking within the development and all are let on Assured Shorthold Tenancies, details of which are available from the sole agents.
All apartments are currently let, producing an annual income of 145,439.28.
In total, there are 21 apartments comprising 1 studio apartment, 6 one bedroomed apartments, 10 two bedroomed apartments and 4 three bedroomed apartments.

Detailed Accommodation:

All apartments are approached via communal halls, with further lifts and staircases leading to first and second floor apartments. Each apartment is then accessed via its own private front door.

Studio Apartment

The studio apartment offers a living\bedroom with kitchen area and shower room\w.c.

One Bedroomed Apartment

The one bedroomed apartments generally offer an entrance hall, cloakroom, living room open-plan to fitted kitchen area, bedroom and bathroom\w.c.

Two Bedroomed Apartment

The two bedroomed apartments generally offer an entrance hall, cloakroom, living room open-plan to fitted kitchen area, two bedrooms and bathroom\w.c.

Three Bedroomed Apartment

The three bedroomed apartments generally offer an entrance hall, cloakroom, living room open-plan to fitted kitchen area, three bedrooms, bathroom\w.c. and en-suite.

Outside:

Apartments 1, 4, 7, 9, 14, 18, 19, 20, 21, 22 & 24 enjoy designated off-road parking areas.

Rental Schedule

Flats 1-9 inclusive, and Flat 11, are let to Panaghar Safe on an Assured Shorthold Agreement that runs from 22nd March, 2010 to 21st March, 2013 at a rental that averages out at 561.66 per calendar month per apartment.
Flat 19 (the Studio apartment) is let on an Assured Shorthold Tenancy at a rental of 450 per calendar month.
Flat 10 is let on an Assured Shorthold Tenancy at a rental of 495 per calendar month.
Flat 23 is let on an Assured Shorthold Tenancy at a rental of 500 per calendar month.
Flat 16 is let on an Assured Shorthold Tenancy at a rental of 525 per calendar month.
Flat 17 is let on an Assured Shorthold Tenancy at a rental of 550 per calendar month.
Flat 18 is let on an Assured Shorthold Tenancy at a rental of 575 per calendar month.
Flats 15 and 21 are let on an Assured Shorthold Tenancy at a rental of 600 per calendar month.
Flats 14 and 24 are let on an Assured Shorthold Tenancy at a rental of 660 per calendar month.
Flat 20 is let on an Assured Shorthold Tenancy at a rental of 700 per calendar month.
Flat 22 is let on an Assured Shorthold Tenancy at a rental of 750 per calendar month.

Directional Note:

From outside The Holiday Inn on St. Nicholas Circle, turn in an easterly direction into Peacock Lane and almost immediately turn right into Southgates. Just before Southgates merges with Vaughan Way, turn left into Friar Lane and Osborne House can be found on the right hand side.
If approaching on foot, proceed from the agents office on Granby Street straight over the traffic light junction onto Belvoir Street. At the second traffic light junction, turn right onto Market Street. At the junction with Horsefair Street, cross over at the traffic lights, continue for a short distance up Horsefair Street and then turn first right onto Berridge Street. Friar Lane is then the next turning on the left hand side.

Services:

Mains electric, water and drainage services are understood to be connected to the property.

Fixtures And Fittings:

All fixtures and fittings mentioned in the sales particulars are included in the sale.

Council Tax:

For Council Tax information, please contact Leicester City Council on 0116-2549922.

Tenure:

The property is held on a 999 year Lease as from 2007. We are advised that the Ground Rent is currently 250 per annum, per flat. Prospective purchasers should request their own Solicitor to check and confirm these details are correct.

Agents Note:

Our retained Clients have indicated that they will consider offers for individual flats or a combination of apartments. Further details are available from Andrew York, FRICS.

Viewing:

Strictly through Moore & York Ltd., who will be pleased to supply any further information required and arrange appropriate appointments.

Important Notice:

If you are interested in this, or any of our other properties, it is important that you contact us at your earliest opportunity prior to speaking to a Bank\Building Society or Solicitor. If we are not aware of your interest, this could possibly result in the property being sold elsewhere.
As part of the service to our Vendors, we have a responsibility to ensure that all potential buyers are in a position to proceed with any offer they make and would therefore ask any potential purchaser to make an appointment with our Mortgage Advisor to discuss and establish how they intend to fund their purchase. We offer Independent Financial advice and are able to source mortgages from any lender. If you are making a cash offer, we will require confirmation of the source and availability of your funds.
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it. A life assurance policy may be required. Licensed Credit Brokers. Written details of credit terms are available upon request.

Surveys And Valuations:

Moore & York Ltd. are able to offer a comprehensive Survey and Valuation service of residential property. We undertake all types of valuations including Market Valuations, RICS Homebuyer Survey and Valuation Reports, Valuations for Probate, Capital Tax purposes and Insurance Reinstatement Valuations.
For advice, call our office on 0116 255 8666.

These particulars are thought to be materially correct, though their accuracy is not guaranteed and they do not form part of any contract. Moore & York Limited or their employees have not tested any services, heating, plumbing, equipment, fixtures or fittings and no warranty is given or implied as to the condition of the aforementioned, or the condition of the building. Purchasers must satisfy themselves by inspection or otherwise. All measurements are believed to be accurate to within 5%.


More information from this agent

Energy Performance Certificate (EPC) graphs

To view this property or request more details, contact:

Moore & York, Granby Street

44, Granby Street, Leicester, LE1 1DH

0116 452 0072 Local call rate

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Disclaimer

Property reference 120784A_20784. 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 Moore & York, Granby Street. 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.