38 bedroom block of apartments for sale

Flewitt House, Middle Street, Beeston, Nottingham NG9 2AR

Offers in Region of £2,390,000

Property Description

Full description

Tenure: Freehold

* INVESTMENT *

• 2014 Purpose built student hall of residence offering 38 en-suite rooms providing a total gross income of £205,977 PA
• Potential to increase income with summer lets - 2016 let produced an additional £8,160
• Offers in the region of £2,390,000 reflecting 7% yield
• Located close to University of Nottingham & Central College who have combined student enrolment of over 50,000 persons.

Location:
Flewitt House is located in the heart of Beeston, a major suburban town located approximately 4 miles south west of Nottingham City Centre.

Beeston is home to the University of Nottingham, which is consistently recognised as one of the UK's top universities and has over 30,000 students enrolled within the UK. Beeston is also home to a major campus of Central College, which has over 20,000 students enrolled across Nottingham.

Beeston is home to many major employers including Boots the Chemist, Siemens and Imperial Tobacco. Retailers located in Beeston town centre include Sainsburys, Tesco, Costa Coffee, Boots the Chemist, WH Smith and Caffè Nero.

Flewitt House is located immediately adjacent to the Nottingham tram network which provides direct access to:-

University of Nottingham (4 minutes)
Central College Beeston (6 minutes)
Nottingham City Centre (17 minutes)

The Scheme:
Flewitt House was purpose built in 2014 & comprises 38 en-suite rooms arranged within seven cluster flats over three floors. The flats are arranged as five x 6 beds and two x 4 beds.

Each flat benefits from a communal dining / kitchen area including:-

• Electric oven & hob
• Fridge freezer
• Dishwasher
• Washing machine & dryer
• Flat screen TV
• WiFi
• Coded entry system to the building.

Gross and Net Rents:
The total gross income is £205,972. The current net income (after deducting utility & maintenance costs) is £167,112.

Costs:
We understand the utility & maintenance costs amount to £38,860 per annum, excluding management & letting fees.

Asset Management Potential:
Each room is currently let at £120 per week based on a 45 week contract period.

We believe there is potential to increase the rent to £125-£130 per week on 48-50 week contract periods based on the performance of other schemes.

Price:
£2,390,000 which reflects a yield of 7% based on the net rent received. There is NO VAT on the purchase price.

More information from this agent

Listing History

Added on Rightmove:
19 October 2016

Nearest stations

  • Beeston (0.5 mi)
  • Attenborough (1.6 mi)
  • Station St (3.0 mi)
Distances are straight line measurements from centre of postcode

Nearest schools

Use the school checker

To view this property or request more details, contact:

Auction House HEB, Nottinghamshire

Apex Business Park Ruddington Lane, Wilford, Nottingham, NG11 7DD

0115 950 6622 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Floorplans


To view this property or request more details, contact:

Auction House HEB, Nottinghamshire

Apex Business Park Ruddington Lane, Wilford, Nottingham, NG11 7DD

0115 950 6622 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Beeston (0.5 mi)
  • Attenborough (1.6 mi)
  • Station St (3.0 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Auction House HEB, Nottinghamshire

Apex Business Park Ruddington Lane, Wilford, Nottingham, NG11 7DD

0115 950 6622 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference FlewittHouse. 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 Auction House HEB, Nottinghamshire. 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.

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