Town house for sale in Furzehill Road, Mutley, Plymouth PL4
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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 250 years having approx. 239 years unexpired
- Secured upon a development of 65 student units
- Historic stone building
- 10 yearly rent reviews - next review 2033
- Rents doubling for the first three reviews then rising by rpi
- Currently producing £22,750 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 250 years and secured upon 65 student units
Description
The property comprises an attractive scheme of 65 studio units converted from a period former courts building constructed in stone and mainly arranged on lower ground and one or two upper floors with a tower.
Location
The Court House is located to the north east of Plymouth city centre and around 0.7 miles (15 minutes' walk) from the University buildings.
Transport
Road links are provided by the A38 (Devon Express Way) and the A386 (Tavistock Road) around 2.5 miles to the north. Plymouth railway station is about 0.7 miles (17 minutes' walk) to the west and provides regular services to London, Exeter and Penzance.
Tenancy
The property is subject to one overriding head lease for a term of 250 years (approx. 239 years unexpired) from 1 September 2013 at a current rent of £22,750 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 2033.
Accommodation
65 studio units of varying sizes, including some duplexes.
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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