£525,000
(£150.00/sq. ft)
Land for sale49-51 Princess Street, Luton, Dunstable, Bedfordshire LU1
3,500 sq. ft
About this property
Description
The freehold mid-terraced, two-storey, pavement lined buildings have been converted to residential apartments. In addition, there is a two-storey rear brick building that is STPP suitable for further residential conversion (2 x one-bedroom apartments), planning was granted but has now expired.
It is felt there is potential for rental increase by active management
There is parking at the rear for a couple of vehicles.
49a Princess Street - ground floor, 1 bedroom, let @£5,400 pa (heavily under rented). Council Tax Band A.
49b Princess Street - first floor, 1 bedroom, let @£9,000 pa. Council Tax Band A.
51a Princess Street - ground floor, large studio, let @£9,000 pa (EPC C). Council Tax Band A. Rent includes gas/water.
51b Princess Street - first floor, 2 bedroom, let @£11,100 pa (EPC D). Council Tax Band A. Rent includes gas/water.
51c Princess Street - ground floor, large studio, let @£8,400 pa. Council Tax Band A. Rent includes gas/water.
Total current rental £42,900 per annum. All tenants pay their own council tax and utilities apart from 51a/b/c where gas and water is included within their rental.
Two-storey undeveloped rear property plus parking x 2.
Location
Princess Street is a primarily residential road on the edge of Luton town centre, having good road access to M1 J10.
Terms
We believe the market value for this asset is circa £600,000, however, our client seeks a swift sale, we are instructed to obtain £525,000 Showing a yield of circa 8.17%, plus the unconverted rear property.
Legal Costs
Each party to bear their own legal and professional fees incurred.
VAT
We are advised that VAT is not applicable.
The freehold mid-terraced, two-storey, pavement lined buildings have been converted to residential apartments. In addition, there is a two-storey rear brick building that is STPP suitable for further residential conversion (2 x one-bedroom apartments), planning was granted but has now expired.
It is felt there is potential for rental increase by active management
There is parking at the rear for a couple of vehicles.
49a Princess Street - ground floor, 1 bedroom, let @£5,400 pa (heavily under rented). Council Tax Band A.
49b Princess Street - first floor, 1 bedroom, let @£9,000 pa. Council Tax Band A.
51a Princess Street - ground floor, large studio, let @£9,000 pa (EPC C). Council Tax Band A. Rent includes gas/water.
51b Princess Street - first floor, 2 bedroom, let @£11,100 pa (EPC D). Council Tax Band A. Rent includes gas/water.
51c Princess Street - ground floor, large studio, let @£8,400 pa. Council Tax Band A. Rent includes gas/water.
Total current rental £42,900 per annum. All tenants pay their own council tax and utilities apart from 51a/b/c where gas and water is included within their rental.
Two-storey undeveloped rear property plus parking x 2.
Location
Princess Street is a primarily residential road on the edge of Luton town centre, having good road access to M1 J10.
Terms
We believe the market value for this asset is circa £600,000, however, our client seeks a swift sale, we are instructed to obtain £525,000 Showing a yield of circa 8.17%, plus the unconverted rear property.
Legal Costs
Each party to bear their own legal and professional fees incurred.
VAT
We are advised that VAT is not applicable.
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