Property Information
Address:
The Townhouse
Price: Property no longer available.
Size: SOA
Primary Category: Land
All Categories:
Land,
Property Ref/Movehut: MH349436
Property Ref/Agent: 100198002179
*Please use the agent ref when calling the agent directly.
Property description
Full Details LOCATION The site is highly visible from Western Approach especially travelling northwards towards the train station. Access can be gained from either Western Approach (south of the site) or Harwell Street (off North Road West) The site is situated less than a mile away from the main university campus and opposite the city centre. Pedestrians can access the city centre within two minutes. DESCRIPTION The Town House is a prime city centre student accommodation scheme located 5 minutes walk from Plymouth University campus. The scheme which is fully furnished to a very high specification has been designed and fitted to meet the requirements of the international student market. This sector commands the highest student rentals. The scheme is fully let for the current rental period from September 2014 to August 2015 on a 50 week letting to international students; these students are attending Plymouth University through the gateway of Plymouth University International College, the pathway provider for international students to the University. The scheme comprises 3 self-contained clusters of accommodation. The scheme is 5 minutes walk from the city centre, the campus and Sainsbury's. We are in receipt of various documents carrying further information. These are as follows: Rental for the 3 floors for the 50 week term. Utility costs, insurance costs and agency fees for the scheme Annual costs of maintenance, repair & servicing Residual valuation for the extension The return on investment is highly attractive being circa 7% net after all deductions as referred to. ACCOMMODATION Entry into the building is at ground floor level via Harwell Street. The entrance is set back off the road to the centre of the building to maintain a secure entry and to minimise residents congregating on the pavement. The building is arranged in a loose U shape forming a central lightwell from which the majority of the windows from the bedrooms overlook. Ancillary accommodation such as reception, refuse, cycle storage and plant rooms are situated at ground level. Upper levels will consist of student bed spaces with lounge /cooking areas. ACCOMMODATION The accommodation comprises 3 separate clusters of accommodation situated over 3 floors. The ground floor comprises 6 letting rooms and a very spacious communal leisure area. The first floor comprises 4 rooms and a self-contained studio sharing a communal lounge. The second floor comprises 5 rooms also sharing a spacious communal living area. The rooms and the communal areas have been fitted out to the requirements of Cleverstudentlets and Plymouth University International College. All communal areas have red leather sofas and wall mounted TVs. The communal areas are a key requirement of the international students being an area to socialise, cook and eat. Furniture has been individually designed for each room to maximise the use of space being a fitted bed, shelves and desk. All the beds are double beds (4ft/4ft6) with full sized fitted storage units below. The bathrooms are spacious and the showers fitted with shower doors rather than shower curtains. Each floor has their own individual entry doors with an entry phone system. The entrance door to the building operates via a key fob. The fire alarm system is of a very high specification and is maintained by our commercial electricians. TERMS The premises are available on a freehold basis. The current gross rent is 95,450, based upon a purchase price of 1m, this represents a net yield of 7% after the allowance of purchasers costs at 5.8% and deductions from the rental income of the management costs. OUTGOINGS Not applicable VAT Not applicable LEGAL COSTS
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