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MapFixed price
£875,000Property for sale
Adelphi Place, Preston PR1
Property
Features and description
- For Sale
- Two floors
- Rental Income Producing (Great Yields)
- Parking
- Viewing is a Must
- Great Investment
FIXED PRICE - priced as below market value
Adelphi Court, Adelphi Place, Preston, PR1 7BU
36 Bedsit rooms, each with own mini kitchenette
Fully licenced
Fully occupied
3 block split
Location
Positioned in the popular area of Preston this really is an opportunity not to be missed. Literally on the doorsteps of UCLAN and all other amenities this is a really busy area.
Description
The premises have 36 rooms, split in 3 blocks, with all rooms including a kitchenette,
Shared shower rooms, bathroom, W/C, courtyard and off street parking.
The property benefits from three blocks of twelve apartments. Each apartment has its own fitted kitchen along with a selection of bedroom furniture.
There are toilets and shower rooms to share on each floor.
Currently this property is being let and is has full occupancy with bills and Internet all included in the monthly rent.
the property has been rented as it is for the last 15 years and we are informed by the vendors they do not advertise for new tenants as all enquiries are by word of mouth from friends and family of other tenants.
The boilers are situated behind A block (first block on your left if stood facing Adelphi Court car park)
There are 2 boilers which were installed in Dec 2014 and is tested annually.
The red round Alarms are the sirens for the fire alarm.
There are smokes (white) in the corridors and heats in each Flat and
Fire blanket are tested twice a year and
we have certificates to see on request.
The existing building forming A and B block was converted into these flat in 1987 and C blocked was added also in this year.
BLOCK A (26-37)
12 bedsits
2 floors
4 toilets / shower rooms with toilet
Licence number: TBC
Expiry date: TBC
BLOCK B (38-49)
12 bedsits
2 floors
4 toilets / shower rooms with toilet
Licence number: HMO0330
Expiry date: 16/11/2026
BLOCK C (50-61)
12 bedsits
2 floors
4 toilets / shower rooms with toilet
Licence number: TBC
Expiry date: TBC
Price
fixed at £875,000
this has been priced according to its income, reasons for sale, condition
we are advised to only consider serious buyers with possibly proof of funds prior to viewings
and we are advised that the price is fixed and no low ball / cheeky offers will be considered
this has been priced for a quick sale
with its current income we believe this is below market value.
FREEHOLD
EPC C expires 8 February 2032
CTAX D to be confirmed (the 3 blocks are individually council taxed)
Income
current
34 bedsits are £340 pcm
2 bedsits are £400 pcm
total £12,360 per month
total £148,320 per annum currently on target
expenses estimate In the region of £44,000 according to figures given
2023-2024 (extract from profit and loss accounts information)
total £130,290 according to figures given
expenses in the region of £41,000 according to figures given
2022-2023 (extract from profit and loss accounts information)
total £121,700 according to figures given
expenses in the region of £39,000 according to figures given
2021-2022 (extract from profit and loss accounts information)
total £108,535 according to figures given
expenses in the region of £33,000 according to figures given
Potential
this property has great potential
rent can be increased
parking spaces can be rented out
Refurbishment
the property has been in the current condition for 15 years
it has been rented out successfully without any issues
accounts can provide evidence of its income of the years
a new owners mindset is key to making a continuous success of this property
it can be left as it is and still bring it staggering income ( if its not broke, don't fix it attitude)
or
refurbishment works can be injected into this building and possibly create a new rental incomes
however for clarity looking at the purchase price against cost this property is producing a very healthy yield as it stands and as its been.
Viewings:
Strictly through Kingswood on an appointment basis only.
Please contact Kingswood on
Fulwood Office:[use Contact Agent Button], 77 Watling Street Road, Fulwood, Preston, PR2 8EA
Preston City Centre Office:[use Contact Agent Button], Unit 8, Fishergate, Preston, PR1 2NJ
[use Contact Agent Button]
Disclaimer:
These particulars, whilst believed to be correct, do not form any part of an offer or contract. Intending purchasers should not rely on them as statements or representation of fact. No person in this firms employment has the authority to make or give any representation or warranty in respect of the property. All measurements quoted are approximate. Although these particulars are thought to be materially correct their accuracy cannot be guaranteed and they do not form part of any contract
Adelphi Court, Adelphi Place, Preston, PR1 7BU
36 Bedsit rooms, each with own mini kitchenette
Fully licenced
Fully occupied
3 block split
Location
Positioned in the popular area of Preston this really is an opportunity not to be missed. Literally on the doorsteps of UCLAN and all other amenities this is a really busy area.
Description
The premises have 36 rooms, split in 3 blocks, with all rooms including a kitchenette,
Shared shower rooms, bathroom, W/C, courtyard and off street parking.
The property benefits from three blocks of twelve apartments. Each apartment has its own fitted kitchen along with a selection of bedroom furniture.
There are toilets and shower rooms to share on each floor.
Currently this property is being let and is has full occupancy with bills and Internet all included in the monthly rent.
the property has been rented as it is for the last 15 years and we are informed by the vendors they do not advertise for new tenants as all enquiries are by word of mouth from friends and family of other tenants.
The boilers are situated behind A block (first block on your left if stood facing Adelphi Court car park)
There are 2 boilers which were installed in Dec 2014 and is tested annually.
The red round Alarms are the sirens for the fire alarm.
There are smokes (white) in the corridors and heats in each Flat and
Fire blanket are tested twice a year and
we have certificates to see on request.
The existing building forming A and B block was converted into these flat in 1987 and C blocked was added also in this year.
BLOCK A (26-37)
12 bedsits
2 floors
4 toilets / shower rooms with toilet
Licence number: TBC
Expiry date: TBC
BLOCK B (38-49)
12 bedsits
2 floors
4 toilets / shower rooms with toilet
Licence number: HMO0330
Expiry date: 16/11/2026
BLOCK C (50-61)
12 bedsits
2 floors
4 toilets / shower rooms with toilet
Licence number: TBC
Expiry date: TBC
Price
fixed at £875,000
this has been priced according to its income, reasons for sale, condition
we are advised to only consider serious buyers with possibly proof of funds prior to viewings
and we are advised that the price is fixed and no low ball / cheeky offers will be considered
this has been priced for a quick sale
with its current income we believe this is below market value.
FREEHOLD
EPC C expires 8 February 2032
CTAX D to be confirmed (the 3 blocks are individually council taxed)
Income
current
34 bedsits are £340 pcm
2 bedsits are £400 pcm
total £12,360 per month
total £148,320 per annum currently on target
expenses estimate In the region of £44,000 according to figures given
2023-2024 (extract from profit and loss accounts information)
total £130,290 according to figures given
expenses in the region of £41,000 according to figures given
2022-2023 (extract from profit and loss accounts information)
total £121,700 according to figures given
expenses in the region of £39,000 according to figures given
2021-2022 (extract from profit and loss accounts information)
total £108,535 according to figures given
expenses in the region of £33,000 according to figures given
Potential
this property has great potential
rent can be increased
parking spaces can be rented out
Refurbishment
the property has been in the current condition for 15 years
it has been rented out successfully without any issues
accounts can provide evidence of its income of the years
a new owners mindset is key to making a continuous success of this property
it can be left as it is and still bring it staggering income ( if its not broke, don't fix it attitude)
or
refurbishment works can be injected into this building and possibly create a new rental incomes
however for clarity looking at the purchase price against cost this property is producing a very healthy yield as it stands and as its been.
Viewings:
Strictly through Kingswood on an appointment basis only.
Please contact Kingswood on
Fulwood Office:[use Contact Agent Button], 77 Watling Street Road, Fulwood, Preston, PR2 8EA
Preston City Centre Office:[use Contact Agent Button], Unit 8, Fishergate, Preston, PR1 2NJ
[use Contact Agent Button]
Disclaimer:
These particulars, whilst believed to be correct, do not form any part of an offer or contract. Intending purchasers should not rely on them as statements or representation of fact. No person in this firms employment has the authority to make or give any representation or warranty in respect of the property. All measurements quoted are approximate. Although these particulars are thought to be materially correct their accuracy cannot be guaranteed and they do not form part of any contract
About this agent
With a reputation built on expertise, local knowledge and customer care, Kingswood is widely experienced in selling, letting and managing both residential and commercial property. With offices in Fulwood and in the heart of Preston City Centre, Kingswood has gone on to become one of Preston’s leading Estate Agents. With more than a decade of experience in the market, Kingswood is here for you, be it selling or renting, our abilities speak for themselves. Kingswood’s experience with appraisals, surveys, and valuations, conveyancing, selling and renting all combine to mean that there will be no property-related question that we cannot answer. Our staff are experienced in virtually every field of property whether it be residential or commercial. We are constantly evolving to provide a modern, proactive service. We can provide floor plans, video and audio walkthroughs utilising current technology to help you sell or rent your property. We advertise on the UK’s largest property portals to ensure the widest possible audience for your property. We’re always looking for fresh and innovative ideas and ways to optimise the exposure that your property receives. Our staff are constantly undergoing training to provide the highest levels of customer support and service, making Kingswood a forward-thinking modern Estate Agent. Our staff are incentivised to ensure that they work as hard as possible for you and for your property. Whether you are a Landlord with a property to let, or if you are looking for a property to buy or sell, you can be assured of a responsive and caring service from Kingswood. We recognise that all clients have individual needs and tailor our services accordingly. No matter if you are buying or renting through Kingswood, you can hand your property over to us safe in the knowledge that you are working alongside a well-established and reputable company who use the latest technology to make your property work for you.