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£6,000,000
Bathrooms
THE SITE
The site is circa 0.57 hectares and is located to the east of Luton Train Station, within the ward of High Town. The site is bordered to the north and the east by existing residential properties, with commercial land uses located immediately south and west of the site.
THE SURROUNDING AREA
The site is approximately 800 metres away from Luton Train Station, with services to a number of major stations including London St. Pancras, London Luton Airport and London Gatwick Airport. The site is walking distance to the bus interchange, and there are existing bus stops within close proximity to the site providing local service routes.
THE PROPOSED DEVELOPMENT
Luton is well served by a wide range of facilities. The area offers a vast range of amenities from retail units, restaurants, schools, leisure facilities expected from a large town, in addition to the Luton and Dunstable Hospital.
The Proposals
The site was granted full planning permission Ref. 21/00731/Ful, subject to the completion of a S106 agreement, at Luton Borough Council Planning Committee in August 2022. The Council approved the delivery of 90 residential units with car parking, cycle storage, landscaping, and amenities. The consented scheme comprises 84no. 1 , 2 and 3 bedroom apartments over two buildings and 6no. 4 bedroom semidetached houses. The apartment blocks range from four to five storeys in height, with the tallest element on the sites northern boundary, and the houses are 3 storeys in height with amenity space and access on roof tops. Facilities such as a swimming pool, gym and sauna are also provided at basement level and highquality public and private amenity space it delivered throughout the scheme.
Tenure and Method of Sale
The land is to be sold freehold with vacant possession on completion. The approximate site boundary defined on the location plan is for illustrative purposes and the site purchaser will need to confirm the exact outline with their solicitors.
Viewings
Viewings are by appointment only. Please contact Sam at Ultimate Connexions directly to arrange this. All proposals will be considered by the owners.
Map location is not available for this property.
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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