Lot 1 - 75 Grimwade Street, Ipswich, Suffolk, IP4 1LN

  • Unconditional Online Auction Sale
  • Guide Price* : £1,500,000 plus

ON BEHALF OF THE RECEIVERS - Purpose built student development comprising 49 Rooms all with En Suite Shower Rooms, 6 Kitchens and lift access to all floors. 36 of the rooms are currently let at a combined rent of £174,364 per annum with a potential to achieve £213,000 when fully let.

Description

A 49 bedroom purpose built student development arranged over 4 floors which is currently Let to 36 students producing a combined rent of £174,364 per annum. When fully let the property has previously produced a combined rent of £213,000. The property has shared Kitchen facilities with each floor having up to 2 Kitchen/Lounge Rooms. Each room is in a 'pod' formation comprising an open plan bedroom with En Suite Shower Room/W.C. There is a lift to all floors and an HMO licence in place.

Location

The property is located at the junction of Grimwade Street and New Street, on the outskirts of Ipswich, a prime location directly adjacent to the University Campus. Grimwade Street is part of a one way system which leads down to the Marina. Access to Grimwade Street can be from Star Lane (A1156) or Woodbridge Road.

Tenure

Freehold.

Accommodation

Ground Floor: Reception Area, Small Office, Kitchen/Lounge, Lift access and 13 Rooms
First Floor: Kitchen/Lounge, Separate Kitchen and 14 Rooms
Second Floor: Kitchen/Lounge, Separate Kitchen and 14 Rooms
Third Floor: Kitchen/Lounge and 8 Room

Outside

Cycle store to the rear.

Tenancies

Rooms 1-41 inclusive £99 per week.
Rooms 42-49 inclusive £105 per week.
Full tenancy schedule will be available upon request. 13 Rooms are currently vacant.

Buyers Administration Fee

There will be a Buyer's Administration Fee of £2000 plus VAT payable upon exchange of contracts.

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

The auction has not yet started
Minimum Opening Bid

£1,450,000


Bidding Opens On
13th Mar 2019 10:00
End Date

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