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A substantial student letting investment property that is exceptionally well placed between Exeter University’s Streatham Campus and the City Centre. The property briefly comprises a 15 bedrooms, spread over three floors with principal house and there is a further a further studio within the basement. An additional parcel of land is available to
the rear by separate negotiation, offering further potential, subject to the necessary consents.
The property is presented to a high standard and has tenancy agreements in place for the 2020-21 academic year.full description
The property sits in an ideal position for student letting, close to the University of Exeter’s principal Streatham Campus and a brief stroll from the City centre. The Lower Pennsylvania/St James areas are long established student letting areas and are generally considered to be the most popular with the students.
The fully furnished property comprises quality and spacious student accommodation and is located in an ideal position for the student market.
The substantial three storey main house has 15 bedrooms plus there is a large studio in the basement. The bedrooms vary in size, but all have double beds.
There is also generous communal space with two large lounge/kitchen/dining rooms on the first and second floor plus a further kitchen/diner/utility at the rear of the ground floor.
Outside, there is a low maintenance rear garden.
Land to Rear (By Separate Negotiation)
To the rear of the garden is a further parcel of land held by the seller under separate title. This has apparent potential for further development – subject to all required consents.
The vendor has informed us that this additional land may be purchased by separate negotiation and is not included within the asking price.
The property is currently let on 11 month (48 week) tenancy agreements on an all-inclusive basis. i.e. utility bills and WIFI are covered by the landlord.
The seven en-suite rooms are let at £150 per week. The eight other bedrooms have vanity basins and share 4 shower rooms. These are let at £140 per week.
The basement ‘studio’ is currently let at £180 per week.
This yields a gross annual rent of £112,800 and a return of 7.5% based on the asking price.
With the benefit of all existing 11 month tenancies from September 2020.
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