Sold
Lincoln – Student Investment Opportunity
2-6 Bank Street, Lincoln, LN2 1DR
Offers in excess of £1,200,000
- Property Types:
- Residential, Student
- Tenure:
- Freehold
Description
- Freehold student block
- 25 bed spaces arranged in 5 cluster flats:
- 1 x four bed flat
- 3 x five bed flats
- 1 x six bed flat
- Fully let for both the current Academic Year (2020/21) and for the next Academic Year (2021/22)
- Total Gross Current Rent Reserved for 2020/21: £121,559
- Total Gross Current Rent Contracted for 2021/22: £122,910
- The property benefits from a lapsed planning consent for the addition of six bed spaces
- Strong rental history – the property has been fully let for 8 years since the property was previously acquired
- Lincoln City benefits from growing student numbers and demand for accommodation outstrips supply
- City Centre location only a 15 minute walk from University of Lincoln and Bishop Grosseteste University
An asking price of £1,200,000 reflects a gross yield of 10.13% and a capital value of £48,000 per bed space.
Subject to contract