The property comprises a substantial, stone built former wool warehouse/office building, which was converted in 2013/2014, to provide a total of 63 student units, with appropriate shared facilities. The individual units have been sold off to investors who deal with their own letting etc.
The property is held freehold.
INCOME / GROUND LEASES
The units were all sold on 250 year full repairing and insuring leases for a term of 250 years from 1 January 2014. The initial rental for the first 10 years of the term are £300 per annum and these rents increase by £300 per annum each 10 years (fixed increase). The current total passing rental therefore is £18,900 per annum, increasing with effect from 1 January 2024 to £37,800 per annum. The management is dealt with by the management company. The