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Land for sale
Gadd Street, Nottingham
£4,800,000
Gadd Street, Nottingham
£4,800,000
Our Summary
- There is scope to increase weekly rents to around £145pppw across the portfolio, giving a gross income of £443,700 pa
- Furthermore, there is an opportunity to create an additional 10- 20 rooms within the loft space, subject to the necessary Planning Consent by the Local Authority
Description
The property is a portfolio of 10 six-bedroom student properties in Nottingham, comprising two separate buildings with a total of 13 properties. The properties were purpose-built in 2004-2005 and are fully self-contained with 2 car spaces each. They have been well maintained and are in excellent condition, with modern construction, gas fired central heating, PVC windows, and fully tiled washrooms. The properties are let at between £130-£140 per person per week for 51 weeks, inclusive of bills, with scope to increase rents to £145 per person per week. The portfolio has a contracted gross income of £345,885 per annum for the current academic year, with five properties pre-let for the next academic year producing £201,960 per annum. The properties benefit from being purpose-built student accommodation, allowing for a lower rate of SDLT. The vendor is seeking offers for the entire portfolio, individual blocks, or individual properties.