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9 bedroom flat for sale

Princess Street, Luton

Offers Over £849,950

Property Description

Full description

Fantastic Block of 9 Fully Let Individual Flats (not a HMO). Excellent £64,000 p.a. investment income. Recently refurbished with modern fixtures and fittings. 9 full separate condensation combi-boiler central heating systems.

Modern uPVC double glazing throughout. All integrated appliances and furniture included. Fully tiled bathrooms and tiled kitchens. Integrated washing machines and fridge-freezers included.

Modern oak laminate flooring and carpets. Modern fire alarm system with AOV system. CCTV and WIFI throughout the building. Digital secure door entry and intercom systems. Excellent location (24 mins by rail to Kings Cross & 5 mins from the M1)

FANTASTIC FREEHOLD APARTMENT BLOCK IN LUTON TOWN CENTRE
A truly unique and exceptional freehold investment opportunity consisting of 9 self-contained apartments close to Luton Town Centre. The block consists of 1 two-bedroom flat, 7 one-bedroom flats, and 1 self-contained studio flat. Each flat is let on a separate AST and totally self-contained with its own entrance, bathroom, bedroom(s) and kitchen. One of the flats have been sold off on 99 yearleases, generating good secure ground rent and service charge income.

This recently converted block stretch across 4 floors and boast a rear private secluded court-yard garden for tenants and a store room. Each apartment is unique and has a modern interior feel with integrated appliances. Significant recent investment has been made in full uPVC double glazing and 9 separate combination boiler central heating systems, intercom, CCTV and fire alarm systems.There is a hallway staircase which stretches across all floors and the rear yard wing which forms the spine of this block. This property also boasts a private secluded south facing rear garden with seating area for BBQ.

100% tenant occupancy consistently being achieved over many years given the excellent town centre location. On-street parking readily available. The modern AOV fire alarm system, CCTV and secure digital card entry system is unrivalled for the locality.

INVESTMENT RETURNS
Total current income is nearly £63,000 p.a. plus significant long-term capital growth potential. You would struggle to find such fantastic high returns in the fast growing South East of England, any London commutable town, or M1 high employment hub in the current marketplace.

10,000 new jobs currently being created with the expansion of London Luton International Airport and other major projects. SPV limited company structured sale can be agreed to avoid you paying significant SDLT stamp duty and also saving you on future taxes (i.e. company corporation tax only 18% vs 40% income tax). Low-interest bank financing available at 75% LTV (subject to good credit history).

As a single-block portfolio, you will easily be able to self-manage or negotiate the lowest possible management fees to increase your returns further. The apartments were recently modernised to a high standard so no large refurbishment or repair bills surprises in the near future. Would ideally suit someone seeking to retire with secure life-long future cash-flow income. Full handover will be provided. Full details and tenancy schedule will be provided to serious verified professional applicants only. Proof of liquid funds required upfront in advance of any viewings, rental schedules oroffers. Viewings strictly by prior appointment only.

LOCATION
The property is situated in the Town Centre making it very attractive to tenants. Luton is the largest town in Bedfordshire. The extensive town centre amenities* include the Galaxy Leisure Centre (inc.3D multiplex cinema) and the large main shopping centre (The Mall). It is a university town housing a large 25,000 student town centre campus (the University of Bedfordshire). The town centre has a new interconnecting Busway scheme. Frequent direct rail services run from Luton Station to Kings Cross (24 mins), Farringdon (CrossRail/HS1/HS2), City Thameslink, Gatwick and Brighton. Luton has been consistently rated as the best buy to let location in the UK by different researchers and the press.

The property is luckily located on the nearest side to the newly widened 5-lane M1 (only 5 min away) giving an easy 20-30 mins car journey time to London. The A1 is also not far. The ever expanding London Luton International Airport with 100+ destinations is only a few mins away as are open spaces such a as Stockwood Park, golf courses and the rural English countryside.

MORE LOCATION INFORMATION...
All these key location factors ensure these apartments will always remain highly popular and 100% occupied. These one bedroom flats will become even more desirable for renters in future decades as typical household sizes continue to decrease to just 1 or 2 people (as opposed to 3 bedroom houses).

TENURE
A major plus point is that there is only one freehold title for entire building (with one flats sold off on 99 year leases generating ground rent), so no costly annual service charges or management fees to pay to external agencies, and the freehold value of the block will increase, not decrease as what tends to occur for diminishing flat leases titles. There is only 88 years remaining on the one sold leasehold flatso you would profit from a large future bonus profit when these leases renew. Additionally you would save on conveyancing and mortgage lending fees upon purchase as this will be just one property contract or share transfer (not 9).

The value of this freehold title alone is worth nearly £100,000 compared to if you were purchasing 9 separate leasehold flats, e.g. if you sold off each flat for a ground rent of £500 each (£4,500 p.a. income).

ADDITIONAL BONUS
Within each flat there are thousands of pounds worth of landlord furniture, fixtures, fittings, beds, sofas, dining tables, rugs, wardrobes, chairs, garden furniture, integrated washing machines and fridge-freezers, which will all be included in the sale price.

EPC RATING: C


More information from this agent

Listing History

Added on Rightmove:
09 November 2017

Nearest stations

  • Luton (0.5 mi)
  • Luton Parkway (1.1 mi)
  • Leagrave (2.5 mi)
Distances are straight line measurements from centre of postcode

Nearest schools

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To view this property or request more details, contact:

Doorsteps.co.uk, National

W&N Building Whitefriars Avenue Harrow England HA3 5RN

01298 445019 Local call rate

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Floorplans


To view this property or request more details, contact:

Doorsteps.co.uk, National

W&N Building Whitefriars Avenue Harrow England HA3 5RN

01298 445019 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

  • Luton (0.5 mi)
  • Luton Parkway (1.1 mi)
  • Leagrave (2.5 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Doorsteps.co.uk, National

W&N Building Whitefriars Avenue Harrow England HA3 5RN

01298 445019 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.

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