Student accomodation - Investment - Carlton House - Southampton
- The forecast 2014/15 net income is £294,791 per annum
- An attractive net initial yield of 7%
- The property is fully let for 2014/15 and has been 100% occupied since opening
- Separate Bar unit let on a long lease to an established tenant
- Situated in a student favoured central location close to popular leisure destinations
The property comprises a four storey concrete framed former office building (previously 21,000 sq ft NIA), with bar unit and single 6 bedroom and single 4 bedroom apartment at ground level with 15 further 4 bedroom apartments on the upper floors.
The building was comprehensively converted in 2013, including new cladding, roofs, internal fit out and lift.
Each apartment is finished to a high standard to provide luxury student accommodation.
Carlton House is located at the geographical and commercial heart of Southampton. It is situated on the corner of Southampton Street and Carlton Place opposite the Cricketers Arms and a short distance from Bedford Place.
Bedford Place comprises one of Southampton’s main leisure and evening/late night locations, and is a popular destination for students and professionals alike. In addition, there are a number of convenience stores and other amenities within walking distance on London Road.
We are instructed to seek offers in excess of £4,125,000 (Four Million, One Hundred and Twenty Five Thousand Pounds) reflecting an attractive net initial yield of 7%, assuming purchasers’ costs of 2.80%. We believe Multiple Dwelling Relief will apply to the sale/purchase and that SDLT will be 1% rather than 4%.
|Unit / Floor||Size SQFT||Description|
|Student flats||0.0||Multiple tenants - Further info can be provided on request|
|Ground floor premises||0.0||Tenants: Mr C D Seymour & Mrs T L Seymour - 5 yearly rent reviews|
|Car parking spaces||0.0||Tenant: Local firm / Rolling monthly licenses at £50 each per month|
Mr Richard Talbot-Williams 5 Aldermanbury Square EC2V 7HR +44 20 7338 4244
Mr Oliver D'Souza 5 Aldermanbury Square EC2V 7HR +44(0) 207 338 4865
Mr David Edwards 5 Aldermanbury Square EC2V 7HR +44 20 7484 8127