Unthank Road, Norwich, Norfolk, NR2 2RW

FANTASTIC INVESTMENT OPPORTUNITY!

The Property was sympathetically converted to 26 fully furnished en-suite rooms with an extensive communal lounge, kitchens, gym, cinema room and 2 parking spaces.

Highly prominent fully let co-living investment in a prime position within Norwich’s trendiest and most sought after neighbourhoods.

The District, Unthank Road is perfectly located in the Norwich Golden Triangle between the city centre to the east and the University of East Anglia (UEA) to the west.

Offers are invited for the freehold interest in excess of £2,400,000 subject to contract and exclusive of VAT. Based on the current projected annual income profile this would provide a net initial yield of 7.74% or 7.94% with the additional car parking income and reflect a capital value of £323 per sq ft of 7,416 GIA

General Information
The Property is fully let on 3, 6, 9 or 12 month tenancies which produces an annual gross income of circa. £231,840 per annum to working professionals only. A detailed tenancy schedule and current management cost is available on request.

The ensuite areas are:
Rooms - Floor - Room Size Ensuite (sq m)
Room 1 - Ground - 12.11
Room 2 - Ground - 14.46
Room 3 - Ground - 16.86
Room 4 - Ground - 15.61
Room 5 - Ground - 14.83
Room 6 - Ground - 15.61
Room 7 - Ground - 11.86
Room 8 - Ground - 14.95
Room 9 - Ground - 16.54
Room 10 - Ground - 16.13
Room 11 - First - 14.56
Room 12 - First - 16.19
Room 13 - First - 15.36
Room 14 - First - 12.37
Room 15 - First - 17.51
Room 16 - First - 15.36
Room 17 - First - 18.4
Room 18 - First - 15.36
Room 19 - First - 12.74
Room 20 - First - 15.36
Room 21 - First - 16.17
Room 22 - First - 16.12
Room 23 - Second - 19.37
Room 24 - Second - 12.27
Room 25 - Second - 18.01
Room 26 - Second - 12.31

The two allocated parking spaces are charged at £100 per month, per space and are at a first come, first served space to rent. Otherwise, there is roadside parking available nearby.

The rent includes water, council tax, electricity and broadband.

Website
The District comes with its own fully functioning website which has seen the brand have many successful years this will be part of the hands free investment that you will purchase. Here tenants can book rooms, get in touch with there maintenance team or report a maintenance issue with which they feel needs addressing.

Management
There is an option for the property to be managed on your behalf by the existing property manager, UpKeep Property, making this a hands free incoming producing property investment. Alternatively, you can appoint your own property manager or self-manage, the preference is yours.

Maintenance
With large HMOs keeping on top of maintenance is essential, The District has a state of the art computer system that allows tenants to report there maintenance issues in real time with images and videos ready for the block manager to action as soon as possible ensuring all the teething issues are dealt with.

Location
The District, 78-80 Unthank Road is a highly prominent and attractive period building situated half way between the main UEA campus and Norwich city centre, in the renowned Golden Triangle of Norwich. Deemed as the most salubrious residential area in the city, it is characterised by high-end period residential housing, leisure and retail properties within walking distance to the city centre. Unthank Road is the backbone and main shopping area of the Golden Triangle. Several parks and gastro pubs and a Caffe Nero, Tesco Express and Co-op are all situated nearby to the Property.

• 40% of Graduates go on to live in Norwich
• Norwich Research Park is home to Europe’s largest food, health and environmental research centre with a future further 5,000 roles expected in the next few years
• Eco friendly city with 45% reduction in carbon emissions since 2008
• Second best place to live (Centre for Economic and Business Research -2021)
• Safest city to live in the UK (Country Living 2018)
• 26% of the city’s residents are aged 16-29
• “Best in the East” place to live 2020 (The Times Best Places to Live)

Norwich city centre is a short walk from the Property and is home to a wealth of leisure and cultural attractions.

The University of East Anglia is located approximately one mile west of the Property and is an approximate 20-minute walk. Alternatively, the No. 25 bus runs on Unthank Road directly to the University every 30 minutes.

Local Area
Norwich is a major UK and East Anglian city situated approximately 118 miles north of London, 64 miles north east of Cambridge and 45 miles north of Ipswich. The city has a resident population of approximately 150,000, rising to 250,000 within the Greater Norwich area and suburbs. The city is a major tourist destination with approximately 40 million visitors a year, generating £640m for the local economy.

The A11 connects Norwich to Cambridge and the M11. The A140 provides a link to Ipswich and the A47 links Norwich to the A1 and the Midlands. Road communications have been improved further with the full duelling of the A11. There are two mainline rail services an hour to London's Liverpool Street station with journey times of between 1.30 to 2.00 hours. Norwich International Airport offers regular flights to domestic and European destinations. London Stansted Airport is the fourth busiest airport in the UK and is 85 miles to the south-west.

The city has experienced significant development activity over recent years and is ranked as the UK’s 7th fastest growing economy. Major projects include the regeneration of the Riverside area, completion of the Forum Library and Lendlease's shopping centre at Chantry Place which provides 530,000 sq ft of retail, leisure and food and beverage space and 1,000 car spaces. Norwich is ranked 11th (2017 HDH) in the UKs top retail centres.

Mortgage advice

Our sister company, Teal Finance can be your ideal contact to help with arranging the mortgage or finance you require to help purchase the property. Contact us today to arrange a conversation with Teal Finance.

Nothing contained in these particulars or their contents or actions, both verbally or in writing, by Harrisons forms any offer or contract, liability or implied obligation to any applicants, viewing parties or prospective purchasers of the property to the fullest extent permitted by law and should not be relied upon as statements or representative of fact. No person in the employment of Harrisons or any joint agents has authority to make or give any representation or warranty whatsoever in relation to this property. Any areas of measurements or distances are approximate. The text, photographs and plans are for guidance only, may not be to scale and are not necessarily comprehensive. No assumptions should be made that the property has all necessary planning, building regulation or other consents. Harrisons has not carried out a survey, nor tested the services, appliances or facilities. Purchasers must satisfy themselves by inspection or otherwise. All rentals and prices are quoted exclusive of VAT unless otherwise stated.