26 apartments and large commercial unit in Luton town centre to go under the hammer
If you've got a cool £4m and looking to invest in the rental property market then this could be for you.
This block of 26 apartments and shop, located near Luton’s mainline rail station, is described as a rare freehold investment opportunity due to be sold at auction, with a guide price of £4million.
The self-contained apartments and large commercial unit in the heart of Luton town centre, are said to generate a rental income of £300,000 a year, according to selling agents Connells.
The block, in New Bedford Road, is made up of one bedroom and three two bedroom apartments, each totally self-contained with its own entrance, bathroom, bedroom(s) and kitchen.
The purpose-built block stretches across five floors and boasts a secluded private garden area for selected apartments and another potential roof-top garden.
Both the front and back entrance lobby areas lead to a wide staircase which runs through all five floors of the building. The properties have been refurbished and modernised to a high specification with each apartment featuring a contemporary interior feel with high quality integrated appliances. All properties have oak effect fire-doors and chrome effect fittings.
The ground floor consists of a large modern retail unit currently trading as a supermarket. Fully refurbished in autumn 2014, the unit is fully tiled with a suspended ceiling, double automatic door together with brand new digital CCTV, fire and security systems.
This property is offered through Modern Method of Auction. Anyone wanting to view, offer or bid are advised their data will be shared with the Auctioneer, iamsold Ltd. This method requires both parties to complete the transaction within 56 days, allowing buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey).
The sale is subject to an undisclosed reserve price with further details available from Connells, at 83 George Street, Luton; call 01582 377356.