Luton, LU2 0BU | Investment Property for Sale | VES-LU2-001

An opportunity to acquire a purpose-built block of 40 apartments in Luton.

£9,500,000

40 unit block

VES-LU2-001

INITIAL INVESTMENT

£2,791,500

Based on

deposit: £2,375,000

stamp duty: £375,000

mortgage fees: £1,500

conveyancing fees: £40,000

GROSS RENT

£426,000

GROSS YIELD

4.5%

ADD TO FAVOURITES

The block

TENURE

Freehold

NO OF UNITS

40

TENANCY STATUS

Vacant

FURNISHED

No

TOTAL SQ FT

24,606

PRICE SQ FT

£386

An opportunity to acquire a purpose-built block of apartments in Luton situated within a stones throw away from Luton train station.

The scheme will benefit from 40 residential apartments and a commercial unit on the ground floor.

The block is currently under development and will consist of nine stories in total (Ground to 8th). Completion is expected in June 2020.

Block information

  • 25 x 1-bedroom apartments
  • 15 x 2-bedroom apartments
  • 1 x commercial unit
  • Expected rental income once fully let £35,500 pcm; £426,000 pa
  • The building will come with a 10-year warranty
  • A data room with additional information is available upon request

Notes

Please note that Vesta has not visited this property and that all material has been provided by the vendor.

At the time of listing there are no EPCs available for this property. However, Vesta will add these as soon as they have been received.

Floorplans

Documents available on request, please contact for viewings or further questions.

The information relating to this property is supplied by the vendor and was the latest available information at the time of listing. Certain information may expire or become inaccurate over time.

Vesta makes no warranty as to the accuracy or completeness of the property listing or any associated information. All information should be reviewed by the purchaser and their solicitor.

About Luton

Luton is a large town in the East of England, situated about 30 miles north of London on the river Lea.

It has good links to the city and other parts of the country via rail and roads such as the M1 and A6. The M1 connects London to Leeds, where it then joins the A1(M) to connect to Newcastle. The A6 is one of the main north-south rods and runs from Luton to Carlisle.

There are three railway stations in Luton, namely Luton, Leagrave and Luton Airport Parkway, which are served by East Midlands Trains and Thameslink services. The fastest service to London St Pancras International takes about 23 minutes, with the average journey time from 47 minutes. Other services travel to Bedford, Gatwick Airport, Brighton, East Grinstead, Littlehampton, Rainham and Nottingham.

Luton is of course better known for its busy international airport. It is one of London’s six international airports that is currently home to nine different airlines. It operates regular scheduled and charter flights to a large number of destinations.

Unsurprisingly some airlines have their headquarters in Luton, like EasyJet and Monarch Airlines. Other notable firms that are headquartered in town are Impellam Group, TUI UK, Ernst & Young, Whitbread and Vauxhall Motors. Vauxhall Motors also has a manufacturing plant in Luton. The town also has a large number of local attractions to offer, such as Wardown Park Museum, Stockwood Discovery Centre or Luton Hoo, an English country house and estate. Luton is also ideally located to get to Dunstable Downs, Chiltern Hills, Someries Castle, Whipsnade Zoo, Woburn Safari Park and Woodside Farm and Wildfowls Park.

Luton is also home to the largest one-day carnival in Europe, the Luton International Carnival, which takes place on the late May Bank Holiday drawing in around 150,000 revellers. A number of other festivals take place throughout the year too. For anyone looking for further entertainment The Library Theatre and The Hat Factory offer a number of events and shows year-round, including panto, children’s theatre, live music, workshops, films and gallery exhibitions.

The University of Bedfordshire has its main campus in Luton town centre, with a smaller campus based on the edge of town. It’s main school of study are business, media, art and design, science, computing, law, psychology and social sciences. Other schools in Luton include Luton Sixth From College and Barnfield College, as well as four further educational institutes, 13 secondary schools, 56 primary schools and seven nurseries.

Midland Road,

Luton,

Luton,

England,

LU2 0BU

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All information contained in this website is provided as a guideline only, is based on estimates and assumptions, may not be accurate or complete, and is subject to change. We make no representations or warranties with regards to this information, expressed or otherwise. A buyer who relies on such information does so at their own risk. Buyers are advised to seek independent financial advice and should undertake their own due diligence.

Your capital is at risk. Property values may decline and the property might not be able to be rented at amounts sufficient to cover debt interest costs, operating expenses and liabilities, and might not result in a positive cash flow. Property is an illiquid asset and should not be viewed as a short-term investment.

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