Luton, LU2 0BU | Investment Property for Sale | VES-LU2-003

Opportunity to purchase 42 apartments in Luton with the potential to generate £458,400 rent pa

£8,622,210

42-unit broken Block

VES-LU2-003

INITIAL INVESTMENT

£2,457,719

Based on

deposit: £2,155,553

stamp duty: £258,666

mortgage fees: £1,500

conveyancing fees: £42,000

GROSS RENT

£458,400

GROSS YIELD

5.3%

ADD TO FAVOURITES

The block

TENURE

Leasehold

NO OF UNITS

42

TENANCY STATUS

Vacant

FURNISHED

No

TOTAL SQ FT

23,208

PRICE SQ FT

£372

GROUND RENT

£8,630

SERVICE CHARGE

£32,397

The vendor is open to selling individual units, please get in touch if you are interested.

Block information

  • Brand new development of 49 apartments of which Vesta has access to 42
  • Broken block comprises:
    • 30 x 1-bed apartments
    • 12 x 2-bed apartments
  • Targeted completion date in Q2 2021
  • Spread over 9 floors (ground to 8th floor)
  • Resident root top garden terrace
  • Key specifications of the apartments:
    • Generous bedrooms
    • Fully tiled bathrooms
    • Fully integrated kitchens including fridge, oven, how and washer dryer
    • 10-year new build warranty
  • The apartments are unfurnished but furniture packs can be supplied at cost if required
  • Small number of parking spaces available, please let us know if you are interested

Rental information

Once fully let the following is expected:

  • Aggregate monthly rental income: £38,200
  • Aggregate annual rental income: £458,400
  • Aggregate gross yield: 5.3%

Location information

  • A short walk from Luton mainline station with trains to London Kings Cross St Pancras in 23 minutes
  • Luton city centre less than 10-minutes walk from the property
  • Easy access to the M1 motorway

Available upon request

  • Block breakdown
  • Leasehold information
  • EPCs (once available)

Notes

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

The floorplans are examples of a 1-bed and 2-bed apartment in this development. Layout and sizes will vary.

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 0BL

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Important Note

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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