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Under OfferFor sale: £1,450,000.00

Residential Portfolio, College Mews, Holmes Road, Lincoln LN1 1RF

Residential
Property type: Residential
Tenure: Investment Opportunity, Under Offer, For Sale Freehold
Price: £1,450,000.00
Location: 2 Holmes Road, LN1 1RF
Freehold Residential Investment Portfolio, 25 bedroom student block and 2 terrace houses, ERV £125,952 per annum, superb location close to main University campus, SPV sale so reduced SDLT rate, Net Yield after costs on ERV = 8.5%

The main property within the portfolio is College Mews, which is situated on the corner of Holmes Road and Carholme Road, in a highly convenient location close to the main City Centre University Campus. In addition the City Centre is located about ¼ of a mile to the west.

The other two properties are a pair of terraced houses located in established residential locations on Toronto Street and Cranwell Street, to the east and south of the City Centre respectively.

Lincoln is one of England’s oldest Cathedral Cities and the administrative and major shopping centre within the County of Lincolnshire. It has a population and catchment of circa 543,367 and an established total catchment spend of £984.40 million. It is a growing University City with close to 15,000 students and academic staff based at the main campus in Lincoln, contributing an estimated £250 million to the local economy.

PROPERTIES
College Mews is a converted and extended 2 storey former warehouse, constructed in traditional materials, with many of the original features maintained during the conversion works, that is now laid out to provide 25 en suite student bedrooms with shared kitchen/dining facilities.

6 Toronto Street is a mid-terrace house constructed in traditional materials, with 3 bedrooms and 2 reception rooms.

16 Cranwell Street is a mid-terrace house constructed in traditional materials, with 2 bedrooms and 2 reception rooms.

TENURE
Each of the properties is held freehold and will be sold subject to the existing tenancy agreements.

College Mews –
Let on 48 week agreements. ERV when fully let £114,192 per annum.

6 Toronto Street –
Let on an AST at a rent of £480 pcm - £5,760 per annum.

16 Cranwell Street –
Let on an AST at a rate of £500 pcm - £6,000 per annum.

Total ERV = £125,952 per annum.

A full tenancy schedule is available.

METHOD OF DISPOSAL
The 3 properties are held in an SPV – Lincolnshire Properties Ltd – and it is the SPV that is being sold.

PRICE
£1,450,000 to purchase the SPV. A purchase at this level will give a purchaser a yield of 8.5% net of the reduced acquisition costs under a share purchase over a standard property acquisition.

VAT may be payable in addition to the purchase price at the prevailing rate.

VIEWING
To view the premises and for any additional information please contact the sole agents.


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