Block of flats for sale in Robey Street, Lincoln LN5

Investment Consideration:

Purchase Price: £320,000
Gross Initial Yield: 8.92%
Rental Income: £28,560 p.a.
VAT is not applicable to this property
Let to students. New ASTs for 2024/2025 season agreed and signed
Comprises block of 2 x 2-bedroom apartments arranged over ground, first and second floor
Bus stop located 1 min walk from the property provides direct services to Lincoln Train Station and Town Centre (8 min journey). Nearby occupiers include kfc, Lidl, Gymnasium, Post Office and more.

Property Description:
The property comprises block of 2 x 2-bedroom apartments arranged over ground, first and second floor, providing the following accommodation and dimensions:
7 Robey Court: 41.10 sq m (442 sq ft)
Ground Floor: 2 bedrooms, kitchen/living area, bathroom
6 Robey Court: 73.20 sq m (789 sq ft)
First Floor: 1 bedroom, kitchen/living room, bathroom
Second Floor: 1 bedroom, bathroom
Total gia: 114.30 sq m (1,231 sq ft)

Tenancy:
6 Robey Court is at present let on AST to Individuals for a term of 51 Weeks from 25th August 2023 at a current rent of £14,790 p.a. Deposit held of £600.
Tenants have agreed and signed renewal AST for a term of 51 Weeks from 17th August 2024 at agreed rent of £14,790 p.a. Deposit held of £600.
7 Robey Court is at present let on AST to Individuals for a term of 51 Weeks from 5th September 2023 at a current rent of £13,770 p.a. Deposit held of £600.
Tenants have agreed and signed new AST for a term of 51 Weeks from 5th September 2024 at agreed rent of £13,770 p.a. Deposit held of £600.

Location:
The property is located on Robey Street within a residential area just a 20-min walk from Lincoln’s City Centre and 20-min walk from the University of Lincoln. Bus stop Robey Street located 1 min walk from the property provides direct services to Lincoln Train Station and City Centre (8 min journey). The train station offers regular connections throughout the country, with regular services running to Newark Northgate, Edinburgh and London Kings Cross. Nearby occupiers include kfc, Lidl, Gymnasium, Post Office and more.