Opportunity to purchase a 6-unit freehold block in Luton generating £154,800rent pa & gross yield of 8.6%
£1,800,000
8-unit Block
VES-LU2-006
INITIAL INVESTMENT
£529,500
Based on
deposit: £450,000
stamp duty: £70,000
mortgage fees: £1,500
conveyancing fees: £8,000
GROSS RENT
£154,800
GROSS YIELD
8.6%
The block
TENURE
Freehold
NO OF UNITS
8
TENANCY STATUS
Tenanted
FURNISHED
Yes
TOTAL SQ FT
5,931
PRICE SQ FT
£303
Block information
- Freehold block comprising:
- 3 x 2-bed apartments
- 2 x 3-bed apartments
- 3 x 4-bed apartments
- The block is a mix of HMOs and apartments
- There is parking for 4 cars at the back of the property; a charge of £50 per space is possible
- The washing machine and dryer collect around £3,600 per year
- EPC ratings C & D
- Council tax band A
Rental information
- All apartments are fully let
- Aggregate monthly rental income: £12,900
- Aggregate annual rental income: £154,800
- Aggregate gross yield: 8.6%
Location information
- The property is located in the High Town area of Luton
- Luton railway station and city centre are approximately 0.5 miles from the property
- There is a bus stop a short walk away with a regular service between Luton and Lewsey/Barnfield
- Easy access to the A6
Available upon request
- Breakdown of the block
- EPCs for all units
- Running costs for the HMOs
Note
Please note that Vesta has not visited this property and that all material has been provided by the vendor.
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Floorplans
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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.
Reginald Street,
Luton,
Luton,
England,
LU2 7QZ
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