Property Information
Address:
Rutland House 58-64 Penistone Road, Sheffield, S6 3AE
, S6 3AE
Price: Property no longer available.
Size: 4092 sq ft380 sqm
Primary Category: Investment
All Categories:
Investment,
Property Ref/Movehut: MH592581
Property Ref/Agent: 78-rutland-house-sheffield
*Please use the agent ref when calling the agent directly.
Property description
Investment
Availability
For Sale
Size
4,092 sq ft
Freehold Price
£650,000
Energy Performance Rating
Upon enquiry
FREEHOLD STUDENT INVESTMENT
Location
Rutland House is located overlooking Penistone Road (on the corner of Dixon Street), in a very prominent location on the edge of Sheffield city centre. Sheffield city centre is one mile north of the subject property, with Sheffield inner ring road approximately 200 metres away. Penistone Road provides access to and from the city centre and north of the city.
Access to the property is via either Green Lane, which is part of the Kelham Island Quarter, or alternatively via a one way slip road off Penistone Road.
Sheffield University main campus is approximately one mile to the north. The Kelhalm Island area is a short walk immediately to the east of the property, with numerous restaurants, pubs and cafes within the area. There is also a number of apartment blocks within the area and a diverse range of commercial uses.
The property benefits from good transport connections, including road access to the inner ring road via Shalesmoor roundabout, as well as bus and tram stops within a short walking distance.
Key Points
Three self-contained flats; 18 student letting rooms over three floors
Ten rooms with en-suites, further eight rooms sharing four bathrooms
Projected rental income of £68,783 per annum
Prominent locaiton overlooking Penistone Road - close to Sheffield Inner Ring Road
Within walking distance of University of Sheffield Campus and City Centre
Description
The property was originally built as a purpose built three storey office building, before being converted to student accommodation known as ‘Rutland House Hall of Residence’ in 1995.
The building is arranged as three self-contained flats over ground, first and second floors. Each flat comprises of 6 student letting rooms, and a communal kitchen/lounge. Flat 1, to the ground floor comprises of 6 bedrooms with an en-suite bathroom in each room. Flat 2, to the first floor comprises of 6 bedrooms with room ‘10’ and ’13’ with en-suite bathrooms, and rooms ‘9’ and ‘8’ sharing a bathroom, and rooms ‘11’ and ’12’ sharing a bathroom. Flat 3, to the second floor comprises of 6 bedrooms with room ‘14’ and ‘19’ with en-suite bathrooms, and rooms ’15’ and ‘16’ sharing a bathroom, and room ‘17’ and ‘18’ sharing a bathroom.
Each communal kitchen/lounge includes oven, hobs, fridge, freezer, microwave, dining table, chairs and flat screen TV. Communal laundry facilities are located on site with washer and dryer. Each room benefits from an internet connection point and Wi-Fi access is available throughout the building. Each floor benefits from intercom access. There is further (landlord) ancillary storage space to the basement area.
Each flat is separately metered for gas and electric. A glow worm boiler is located in the communal kitchen area of each flat. A Nest heating control system allows for remote monitoring control.
Accommodation
Basement – Seven ancillary storage rooms.
Ground Floor – Six letting rooms (all with en-suite bathroom), and shared communal kitchen/lounge.
First Floor – Six letting rooms (two rooms with en-suite and the other four rooms sharing two bathrooms) and shared communal kitchen/lounge.
Second Floor - Six letting rooms (two rooms with en-suite and the other four rooms sharing two bathrooms) and shared communal kitchen/lounge.
Tenure
Freehold.
Tenancies
The property is accredited and advertised via the University of Sheffield. Details can be viewed via the University of Sheffield accommodation portal website:
Flat 1:
SAKpL
Flat 2:
Flat 3:
Ayu
All rooms are let on an Assured Shorthold Agreement for a term of ten months (September > June), and then approximately 50% occupied between the start of July and end of August period. The rent includes the cost of utilities. The projected total income for 2016/17 is £68,783.
Price Required
We are seeking offers in the region of £650,000, subject to contract. This reflects a yield of 10.58% on the projected current income.
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