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Manchester 0161 967 0122

75 Grimwade Street
Ipswich
Suffolk
IP4 1LN

SALE POSTPONED UNTIL FRIDAY 15TH MARCH: ON BEHALF OF THE RECEIVERS - Purpose built student development comprising 49 Rooms all with En Suite Shower Rooms, 6 Kitchens and lift access to all floors. 45 of the rooms are currently let producing an annual equivalent income based on a 44 week Let of £198,132 with a potential to achieve £215,556 per annum when fully let.

  • 49 Room student investment

  • 45 Rooms currently Let

  • Current annual equivalent rent based on a 44 week Let is £198,132 per annum with potential to rise to £215,556 if at full occupancy.

  • Adjacent to University Campus

  • Close to Marina

  • Lift access to all floors

  • HMO Licence

Description

SALE POSTPONED UNTIL FRIDAY 15TH MARCH

BEING SOLD VIA ONLINE AUCTION - TO BID ON THIS LOT PLEASE VISIT THE ONLINE BIDDING PLATFORM: https://landwoodgroup.eigonlineauctions.com/

A 49 bedroom purpose built student development arranged over 4 floors which is currently Let to 45 students producing a weekly rent of £4,503. The combined annual income based on a 44 week Let is £198,132. If fully let the property has the potential to produce £215,556 assuming they are Let on 44 week agreements. Eight of the rooms are on short term Lets with various start dates for periods of 2 weeks up to 3 months. The remaining 37 rooms are Let on a 44 week licence. The property has shared Kitchen facilities with each floor having up to 2 Kitchen/Lounge Rooms. Each room is in a 'pod' formation comprising an open plan bedroom with En Suite Shower Room/W.C. There is a lift to all floors and an HMO licence in place.

Location

The property is located at the junction of Grimwade Street and New Street, on the outskirts of Ipswich, a prime location directly adjacent to the University Campus. Grimwade Street is part of a one way system which leads down to the Marina. Access to Grimwade Street can be from Star Lane (A1156) or Woodbridge Road.

Accommodation


Tenancies

Rooms 1-41 inclusive £99 per week.
Rooms 42-49 inclusive £105 per week.
Full tenancy schedule will be available upon request. Four Rooms are currently vacant, being 24, 28, 30 and 31.

Buyers Administration Fee

There will be a Buyer's Administration Fee of £2000 plus VAT payable upon exchange of contracts.

Tenure

Freehold

Outside

Cycle store to the rear.

Addendum

The property currently has 45 Rooms Let producing a weekly rent of £4,503. There are 37 Rooms Let on a 44 week Licence with the remaining 8 being Let on Short Term basis. Assuming that the 45 Rooms were let for a term of 44 weeks this would give a combined annual equivalent income of £198,132 and once fully Let £215,556. A full tenancy breakdown can be provided upon request.
Photo of Kate Lay

Kate Lay

0161 967 0122
Photo of Heather Twiss

Heather Twiss

0161 967 0122

Solicitor

John Vickery
Irwin Mitchell Llp
0370 1500 100 Ext: 2384
John.Vickery@IrwinMitchell.com
0161 967 0122
Manchester
0151 242 6754
Liverpool
0207 692 1930
London
Landwood Property Auctions is a trading name of LWA Manchester Limited a company registered in the United Kingdom under company number: 10855915. Registered Office: South Central 11 Peter Street Manchester M2 5QR. A list of directors is available at the registered office. VAT Reg Number: 277177173