Lot 1 - 75 Grimwade Street, Ipswich, Suffolk, IP4 1LN
- Unconditional Online Auction Sale
- Guide Price* : £1,500,000 plus
Addendum
The property currently has 45 Rooms Let producing a weekly rent of £4,503. There are 37 Rooms Let on a 44 week Licence with the remaining 8 being Let on Short Term basis. Assuming that the 45 Rooms were let for a term of 44 weeks this would give a combined annual equivalent income of £198,132 and once fully Let £215,556. A full tenancy breakdown can be provided upon request.
ON BEHALF OF THE RECEIVERS - Purpose built student development comprising 49 Rooms all with En Suite Shower Rooms, 6 Kitchens and lift access to all floors. 45 of the rooms are currently let producing an annual equivalent income based on a 44 week Let of £198,132 with a potential to achieve £215,556 per annum when fully let.
Description
A 49 bedroom purpose built student development arranged over 4 floors which is currently Let to 45 students producing a weekly rent of £4,503. The combined annual income based on a 44 week Let is £198,132. If fully let the property has the potential to produce £215,556 assuming they are Let on 44 week agreements. Eight of the rooms are on short term Lets with various start dates for periods of 2 weeks up to 3 months. The remaining 37 rooms are Let on a 44 week licence. The property has shared Kitchen facilities with each floor having up to 2 Kitchen/Lounge Rooms. Each room is in a 'pod' formation comprising an open plan bedroom with En Suite Shower Room/W.C. There is a lift to all floors and an HMO licence in place.
Location
The property is located at the junction of Grimwade Street and New Street, on the outskirts of Ipswich, a prime location directly adjacent to the University Campus. Grimwade Street is part of a one way system which leads down to the Marina. Access to Grimwade Street can be from Star Lane (A1156) or Woodbridge Road.
Tenure
Freehold.
Accommodation
Ground Floor: Reception Area, Small Office, Kitchen/Lounge, Lift access and 13 Rooms
First Floor: Kitchen/Lounge, Separate Kitchen and 14 Rooms
Second Floor: Kitchen/Lounge, Separate Kitchen and 14 Rooms
Third Floor: Kitchen/Lounge and 8 Room
Outside
Cycle store to the rear.
Tenancies
Rooms 1-41 inclusive £99 per week.
Rooms 42-49 inclusive £105 per week.
Full tenancy schedule will be available upon request. Four Rooms are currently vacant, being 24, 28, 30 and 31.
Buyers Administration Fee
There will be a Buyer's Administration Fee of £2,000 payable upon exchange of contracts.* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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