Reference 39466
Address Plymouth, PL4 6PR
(Map Location)
Beds 8
Baths 4
Type Terraced house
Tenure Freehold

Investment property, 600m to University. Fully let to 8 students for 2016-18 academic years. 2017-18 income = £36,064 with a 46 week lease. Potential £37,632 at same rent × 48wk.

Description

SOLD SUBJECT TO CONTRACT

An offer of £360,000 cash has been accepted, conveyancing work is underway.

We have another 8 bedroom student property for sale at £360,000, it's 400m from Plymouth University (PL4 8HN).

FULLY LET

Group 1: 8 tenants contracted until 20th July 2017.

Group 2: 8 students have signed individual contracts & paid deposits for a lease term from 1st September 2017 to 20th July 2018. These tenants all have UK resident contract guarantors.

RENTAL INCOME

Average rent per room is £98 a week, this is up to 50% lower than the rate at student halls.

Payment is debited termly, it's calculated as follows: M = total rent ÷ 11. September = 5M, January = 4M, April = 2M.

Gross income for the 46 week 2017-18 leasehold is £36,064. Most landlords require longer contracts, a 48wk lease term would generate £37,632, 50wk = £39,200.

A-GRADE

The property was last inspected by Plymouth University in April 2017, it received an A grade. Competitor accommodation is mostly further from campus and inferior in quality. We've had 100% occupancy since the property was purchased in 1997.

PROPERTY FEATURES: Double glazed, new carpets. New boiler, gas central heating with 2 radiators in the larger rooms..

SAFETY: Commercial fire alarm & lighting system.

2 LOUNGES: Both with Sky HD (2TB, sports & extra) + Chromecast.

2 KITCHENS: 4 fridge/freezers, 2 ovens, 3 electric hobs, 3 microwaves, 2 dishwashers.

BATHROOMS: 3 electric showers, 3 toilets.

UTILITY ROOM: 2 washing machines & tumble dryer in basement.

GARDEN: South facing with lawn, BBQ, padlocked shed, hose, exterior power socket.

BEDROOMS: Each with a double bed, sofa in larger rooms.

BEDROOM TV: Wall mounted 40 inch 4K (3840x2160 pixels) smart television positioned in front of each desk. TVs receive Freeview HD & can be connected to any PC or laptop via a USB to HDMI adapter which is attached to the back of each television.

INTERNET: 200Mb, unlimited bandwidth. Cabled network, internet ports in lounge & every bedroom.

WIFI: Perfect coverage from the Virgin hub (modem mode) + an ASUS RT-AC68U router on each floor (total 4 routers). N.B. signals from standard non-AC routers are often blocked by neighbouring devices.

SMART HOME: App & voice control of; TVs, thermostat, alarm, dimmable colour changing light bulbs in each bedroom. Motion sensors control LED lights in hallways & bathrooms.

SMART TVs: High-end Samsung smart 4K TVs, smart apps include; Amazon Video, BBC Iplayer, Netflix, Youtube... Record to & play from a USB drive.

FLOOR PLANS: Are drafted as a guideline only, they are not to scale and should not be relied upon as a representation of fact. Potential buyers are advised to recheck the measurements before committing to any expense.

SERVICES: Mains gas, electricity, water and drainage.


Features

  • 8 bedroom investment property, HMO licensed, fully renovated.
  • 600m from Plymouth University campus.
  • Self-contained garden flat. 2 kitchens, 2 lounges.
  • Mortgage/loan free, no onward chain, sold with contents.
  • Loft conversion possible, space for 2 bedrooms & W.C.

Map Location