old school lofts, whingate, armley, west yorkshire, ls12 3bw · old school lofts, a former west...
TRANSCRIPT
Residential Investment Opportunity
Residential investment opportunity comprising 66 apartments
Old School Lofts, Whingate, Armley, West Yorkshire, LS12 3BW
On the instructions of J Liddiment and A Spencer of Eddisons acting as Joint Fixed Charge Receivers
INVESTMENT CONSIDERATIONS
• Freehold
• Comprising 66 flats in total:• 9 sold subject to long leases• Unsold flats
• 53 units currently let• 26 subject to Assured Shorthold
Tenancies• 27 subject to Periodic Tenancies• 4 vacant (one sold STC)
• Total current rent reserved: £405,720 pa
• Estimated rental value: £424,500 pa
• Gross yield: 7.3% (based on ERV)
• Ample car parking
• Attractive break-up or rental opportunity
LOCATION
The subject property is located in the Leeds district of Armley, approximately 2.8 miles (4.5 km) from Leeds city centre. Armley has a good range of amenities with the high street providing several food and independent retailers, charity shops, bank and a supermarket. There are good transport links by bus to the surrounding areas of Leeds, Bradford, Halifax and Huddersfield and the M621 and M1 Motorway’s are both within easy access.
Due to its convenient location and good transport links Armley is a popular location for those working in Leeds city centre with regular bus links directly into the city taking approximately 20 minutes. Current Rightmove data shows that Armley has an overall average price of £119,458 making the area an affordable location for owner-occupiers.
DESCRIPTION & ACCOMMODATION
Old School Lofts, a former West Leeds Boys School, is a Grade II listed building built in 1907. The school closed in 1992 and
was subsequently converted into 66 flats. The property has a tile covered, part pitched and part-flat roof with the original wooden bell tower still in place. The windows are metal framed double glazed. The accommodation is arranged over the ground floor and three upper floors to provide 66 self-contained flats.
Of the 66 flats 9 are sold subject to long leases. The remaining 57 flats comprise 30 x one bedroom, 21 x two bedroom and 6 x four bedroom flats. The property has gated access and provides ample parking.
Access to the property is divided across three individual entrances. Two main entrances to the front of the property accessible by foot via Whingate and road access by means of a gated entrance to the rear of the property via College Law Road.
The flats that Allsop inspected were in good and tenantable order with fitted kitchens, electric cookers and freestanding fridge freezers and white bathroom suites.
TENURE
Freehold
TENANCIES / RENTAL INCOME
Total current rent reserved: 53 of the flats are currently tenanted and 4 flats are currently vacant, one of which is undergoing repair works (Flat 3) and one of which (Flat 54) is currently sold STC.
26 of the flats that are currently let are subject to Assured Shorthold tenancies and the remaining 27 are currently holding over on a Periodic Basis.
The total current rent reserved is £405,720 per annum.
We are of the opinion that should the block be fully let the Estimated Rental Value would be £424,500 per annum.
RECEIVERSHIP PROVISIONS
We are marketing for sale on behalf of the Receivers therefore no warranties, guarantees and SPIF/ CPSE’s (including VAT) can be provided. The purchaser must rely solely on their own enquiries.
The Receivers act as agents of the mortgagor and without personal liability.
EPC’S
All EPCs are available to view and download from the data room in the dedicated website.
ADDITIONAL INFORMATION
All information is available to view and download from the dedicated website: www.oldschoolloftsleeds.com.
Currently and historically the block has been managed by LIV Group.
Should you wish to discuss management details, these are available upon request.
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP.
Becky Swinburn0113 236 [email protected]
James Wilson0113 236 [email protected]
33 Park Place, Leeds, LS1 2RY Tel: 0113 236 6677
Please contact the office to register your interest:
www.allsop.co.uk
VIEWINGS
The property will be subject to block viewing arrangements only
ASKING PRICE
Offers are invited in excess of £5,850,000 subject to all existing tenancies, subject to contract
Vicky Bingham0113 236 [email protected]