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£875,000 Fixed Price
Bathrooms
FIXED PRICE - priced as below market value
Adelphi Court, Adelphi Place, Preston, PR1 7BU
36 Bedsit rooms, each with own mini kitchenette
Fully licenced
Fully occupied
3 block split
Location
Positioned in the popular area of Preston this really is an opportunity not to be missed. Literally on the doorsteps of UCLAN and all other amenities this is a really busy area.
Description
The premises have 36 rooms, split in 3 blocks, with all rooms including a kitchenette,
Shared shower rooms, bathroom, W/C, courtyard and off street parking.
The property benefits from three blocks of twelve apartments. Each apartment has its own fitted kitchen along with a selection of bedroom furniture.
There are toilets and shower rooms to share on each floor.
Currently this property is being let and is has full occupancy with bills and Internet all included in the monthly rent.
the property has been rented as it is for the last 15 years and we are informed by the vendors they do not advertise for new tenants as all enquiries are by word of mouth from friends and family of other tenants.
The boilers are situated behind A block (first block on your left if stood facing Adelphi Court car park)
There are 2 boilers which were installed in Dec 2014 and is tested annually.
The red round Alarms are the sirens for the fire alarm.
There are smokes (white) in the corridors and heats in each Flat and
Fire blanket are tested twice a year and
we have certificates to see on request.
The existing building forming A and B block was converted into these flat in 1987 and C blocked was added also in this year.
BLOCK A (26-37)
12 bedsits
2 floors
4 toilets / shower rooms with toilet
Licence number: TBC
Expiry date: TBC
BLOCK B (38-49)
12 bedsits
2 floors
4 toilets / shower rooms with toilet
Licence number: HMO0330
Expiry date: 16/11/2026
BLOCK C (50-61)
12 bedsits
2 floors
4 toilets / shower rooms with toilet
Licence number: TBC
Expiry date: TBC
Price
fixed at 875,000
this has been priced according to its income, reasons for sale, condition
we are advised to only consider serious buyers with possibly proof of funds prior to viewings
and we are advised that the price is fixed and no low ball / cheeky offers will be considered
this has been priced for a quick sale
with its current income we believe this is below market value.
FREEHOLD
EPC C expires 8 February 2032
CTAX D to be confirmed (the 3 blocks are individually council taxed)
Income
current
34 bedsits are 340 pcm
2 bedsits are 400 pcm
total 12,360 per month
total 148,320 per annum currently on target
expenses estimate In the region of 44,000 according to figures given
2023-2024 (extract from profit and loss accounts information)
total 130,290 according to figures given
expenses in the region of 41,000 according to figures given
2022-2023 (extract from profit and loss accounts information)
total 121,700 according to figures given
expenses in the region of 39,000 according to figures given
2021-2022 (extract from profit and loss accounts information)
total 108,535 according to figures given
expenses in the region of 33,000 according to figures given
Potential
this property has great potential
rent can be increased
parking spaces can be rented out
Refurbishment
the property has been in the current condition for 15 years
it has been rented out successfully without any issues
accounts can provide evidence of its income of the years
a new owners mindset is key to making a continuous success of this property
it can be left as it is and still bring it staggering income ( if its not broke, dont fix it attitude)
or
refurbishment works can be injected into this building and possibly create a new rental incomes
however for clarity looking at the purchase price against cost this property is producing a very healthy yield as it stands and as its been.
Viewings:
Strictly through Kingswood on an appointment basis only.
Please contact Kingswood on
Fulwood Office: 01772 71 71 81, 77 Watling Street Road, Fulwood, Preston, PR2 8EA
Preston City Centre Office: 01772 88 65 55, Unit 8, Fishergate, Preston, PR1 2NJ
[email protected]
www.kingswoodproperties.co.uk
Disclaimer:
These particulars, whilst believed to be correct, do not form any part of an offer or contract. Intending purchasers should not rely on them as statements or representation of fact. No person in this firms employment has the authority to make or give any representation or warranty in respect of the property. All measurements quoted are approximate. Although these particulars are thought to be materially correct their accuracy cannot be guaranteed and they do not form part of any contract
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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