Block of flats for sale in Lovell Park Hill, Leeds LS7
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Property features
- To be offered on Tuesday 24 September
- A freehold single collection
- Ground rent investment
- Subject to one overriding head lease
- Of 150 years having approx. 138 years unexpired
- Secured upon a purpose-built development of 66 student units
- 39 self-contained studios and 27 en suite rooms with shared kitchens
- 10 yearly rent reviews - next review 2032
- Rents doubling for the first three reviews then rising by rpi
- Currently producing £23,100 per annum
Property description
Strapline
Auction Sale - 24/09/2024
A freehold single collection rising ground rent investment subject to one overriding head lease of 150 years and secured upon 66 student units
Description
A purpose-built student development of 66 units arranged on ground, first and second floors.
Location
The property is located to the north east of Leeds City centre to the north of the open spaces of Lovell Park. Leeds University is within 15 minutes walk.
Transport
The property is a short drive from the A58(M) inner ring road which provides quick access to the A64(M) and A61. These roads connect to the wider motorway network, including the M621, M62, and M1. Leeds Station is approximately one mile (around a 20-minute walk) to the south. Leeds Bradford Airport (lba) is about eight miles (30 minutes' drive) north west.
Tenancy
The property is subject to one overriding head lease for a term of 150 years (approx. 138 years unexpired) from 1 July 2012 at a current rent of £23,100 per annum with 10 yearly rent reviews. On the 10th, 20th and 30th anniversaries, the rent doubles. It then increases in line with the Retail Price Index (rpi) every 10 years thereafter. The next review is in 2032.
Accommodation
The property comprises 66 units in total - 39 self-contained studio units and 27 en suite rooms with shared kitchens
For more information about this property, please contact
Savills - National Auctions, W1G on +44 20 8022 4160 * (local rate)
Disclaimer
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Savills - National Auctions, and do not constitute property particulars. Please contact Savills - National Auctions for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.
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