Pembroke Court, St. Leonard's Road, Bradford, West Yorkshire BD8 9QS

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£950,000

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Property Details

Location

Description

Leasehold residential investment detailing an annual income of £118,200 by way of a 5 year lease in favour of Pentagon Housing Group. The property comprises a four storey apartment block providing 30 self-contained flats plus ancillary and communal areas. The passing rent is currently £114,300 per annum however this will increase to £118,200 per annum when the 30th apartment, which is in the process of eviction is subsequently passed to the Housing Association.

Location

The property is situated on St. Leonard's Road in Bradford and is conveniently accessible via the A6177 ring road. Bradford city centre is located approximately 1.4 miles from the property, whilst local amenities such as a Morrison's supermarket, a health centre, and a park lie within approximately 0.4 miles of the building.

Accommodation

	Studios	1 Bed Apartment	3 Bedroom Apartment
Ground Floor	8	1
First Floor	7	2	1
Second Floor	7	4 (2 with Balcony)

Please see floorplan in photographs which is to be used for illustrative purposes only.

Outside

The property benefits from an off-road car park which we believe has sufficient space for 7 cars.

Planning

We are advised by the vendor that there is potential for the development of a further two no. 1 bedroom flats subject to planning.

Tenancy

The occupational lease sets out a 5 year term from 17th April 2020 at an annual rent of £118,400 per annum in favour of Pentagon Housing Group. This is based on the terms of the lease applying to all 30 apartments however, in line with the terms of the lease, the occupant of the final apartment has yet to be evicted and the apartment then handed over to the housing association. Therefore the current passing rent is £114,300 per annum deriving from 29 apartments.

The property being sold is a 250 year leasehold interest in favour of Swiftbase Limited, commencing July 2015, with a 10 year sub-lease assigned to Magnus Homes Construction Ltd.

This sub-lease will be surrendered or assigned to the buyer upon completion. In this way the Purchaser will acquire the 250 year interest, subject to an annual ground rent of £11,900 which itself is subject to 10 yearly RPI reviews.

Costs

Details of the Buyer's Premium and any additional fees payable are contained within the legal documents.

General

1. All the information provided on our website is for indicative purposes only and interested parties should rely upon the contents of the legal pack and their own due diligence as a prudent bidder.

2. PLEASE NOTE BIDDING COMMENCES ON TUESDAY 26TH APRIL AND CLOSES ON WEDNESDAY 27TH APRIL.

3. The vendor has indicated a 3 month completion time-frame is available.

4. EPC's range from C-E and individual documents can be found within the legal pack.