About this property
Key Features
Long Leasehold (250 years from 2016)
Central city location
Let at £12,000pa (7.5% gross yield at guide) with agreed increase to £13,200 (8.25%)
Purpose built student investment apartment
Description
A top floor studio apartment that forms part of a purpose built development of 30 high specification student apartments, in Cambridge city centre. This is the largest and highest specification studio in Primrose Lodge.
Primrose Lodge boasts a ground floor common room, an outside terrace and landscaped garden space along with secure indoor cycle store.
No. 27 is located on the second (top) floor and features the following accommodation:
Entrance Door leading directly into; Open plan Kitchen/Living/Bedroom, with modern white base and wall kitchen units, stainless steel sink, electric hob, oven microwave, Karndean flooring, fitted wardrobe, door intercom system; Bathroom with Karndean flooring and modern white WC, wash hand basin and shower cubicle; large storage room with shelving and hanging space.
The high specification apartment was constructed in 2016 and features electric under floor heating, double glazed windows and has a wonderful "loft style" living feeling with views to the rear. All furniture and chattels are included in the sale.
EPC Rating - B, Council Tax Band - not applicable.
The service charge is £1,151 per annum.
The property is offered on long lease of 250 years dating from 2016.
Tenure
Long Leasehold subject to tenancy
Location
Primrose Lodge is just a 15 minute walk from the historic core of Cambridge city centre, whilst its location close to Milton Road and Chesterton Road gives wonderful access to the science park and local shops.
Overflow
The property is let at a rent of £1,000 per calendar month, thereby presenting a 7.5% gross yield based on the guide price.
Full time students studying at Anglian Ruskin University or Cambridge University are eligible to rent the studio apartments at Primrose Lodge, and the Vendor reports 0 vacancies since the apartment was constructed.
Lot Type
Residential
Tenancies
The property is let for 2 years, with the first year's rent of £12,000pa paid in advance and second year's rent pre-agreed at £13,200pa, paid monthly.
Full time students studying at Anglian Ruskin University or Cambridge University are eligible to rent the studio apartments at Primrose Lodge, and the Vendor reports very high levels of demand with zero vacancies since construction in 2016.
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Kelly Peck at Barr Ellison, 39 Parkside, Cambridge, CB1 1PN
Viewing
Cheffins Property Auction Dept 01223 213777
Important notes
*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. Each property will be offered subject to a Reserve price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set up to or within the Guide Range or no more than 10% above a single figure Guide. The reserve price will remain confidential between the seller and the auctioneer.
Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.�