FIXED PRICE - priced as below market value

Adelphi Court, Adelphi Place, Preston, PR1 7BU

36 Bedsit rooms, each with own mini kitchenette

Fully licenced

Fully occupied

3 block split

Location

Positioned in the popular area of Preston this really is an opportunity not to be missed. Literally on the doorsteps of UCLAN and all other amenities this is a really busy area.

Description

The premises have 36 rooms, split in 3 blocks, with all rooms including a kitchenette,

Shared shower rooms, bathroom, W/C, courtyard and off street parking.

The property benefits from three blocks of twelve apartments. Each apartment has its own fitted kitchen along with a selection of bedroom furniture.

There are toilets and shower rooms to share on each floor.

Currently this property is being let and is has full occupancy with bills and Internet all included in the monthly rent.

the property has been rented as it is for the last 15 years and we are informed by the vendors they do not advertise for new tenants as all enquiries are by word of mouth from friends and family of other tenants.

The boilers are situated behind A block (first block on your left if stood facing Adelphi Court car park)

There are 2 boilers which were installed in Dec 2014 and is tested annually.

The red round Alarms are the sirens for the fire alarm.

There are smokes (white) in the corridors and heats in each Flat and

Fire blanket are tested twice a year and

we have certificates to see on request.

The existing building forming A and B block was converted into these flat in 1987 and C blocked was added also in this year.

BLOCK A (26-37)

12 bedsits

2 floors

4 toilets / shower rooms with toilet

Licence number: TBC

Expiry date: TBC

BLOCK B (38-49)

12 bedsits

2 floors

4 toilets / shower rooms with toilet

Licence number: HMO0330

Expiry date: 16/11/2026

BLOCK C (50-61)

12 bedsits

2 floors

4 toilets / shower rooms with toilet

Licence number: TBC

Expiry date: TBC

Price

fixed at £875,000

this has been priced according to its income, reasons for sale, condition

we are advised to only consider serious buyers with possibly proof of funds prior to viewings

and we are advised that the price is fixed and no low ball / cheeky offers will be considered

this has been priced for a quick sale

with its current income we believe this is below market value.

FREEHOLD

EPC C expires 8 February 2032

CTAX D to be confirmed (the 3 blocks are individually council taxed)

Income

current

34 bedsits are £340 pcm

2 bedsits are £400 pcm

total £12,360 per month

total £148,320 per annum currently on target

expenses estimate In the region of £44,000 according to figures given

2023-2024 (extract from profit and loss accounts information)

total £130,290 according to figures given

expenses in the region of £41,000 according to figures given

2022-2023 (extract from profit and loss accounts information)

total £121,700 according to figures given

expenses in the region of £39,000 according to figures given

2021-2022 (extract from profit and loss accounts information)

total £108,535 according to figures given

expenses in the region of £33,000 according to figures given

Potential

this property has great potential

rent can be increased

parking spaces can be rented out

Refurbishment

the property has been in the current condition for 15 years

it has been rented out successfully without any issues

accounts can provide evidence of its income of the years

a new owners mindset is key to making a continuous success of this property

it can be left as it is and still bring it staggering income ( if its not broke, don't fix it attitude)

or

refurbishment works can be injected into this building and possibly create a new rental incomes

however for clarity looking at the purchase price against cost this property is producing a very healthy yield as it stands and as its been.

All potential buyers should confirm data above, as things change, it recommended to to ask.

Viewings:

Strictly through Kingswood on an appointment basis only.

Please contact Kingswood on

Fulwood Office: , 77 Watling Street Road, Fulwood, Preston, PR2 8EA

Preston City Centre Office: , Unit 8, Fishergate, Preston, PR1 2NJ





Disclaimer:

These particulars, whilst believed to be correct, do not form any part of an offer or contract. Intending purchasers should not rely on them as statements or representation of fact. No person in this firms employment has the authority to make or give any representation or warranty in respect of the property. All measurements quoted are approximate. Although these particulars are thought to be materially correct their accuracy cannot be guaranteed and they do not form part of any contract