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Lower North Street, Exeter Guide Price £2,250,000

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Eight independent apartments
Freehold
Great Location
Currently let out for this student year
Room to increase the investment
Current income £146,750
Potential income £184,500 plus

The Old Bakery is a superb and rare opportunity to purchase a relatively modern and purpose built, high specification, student development which is all let to Exeter University students for the current academic year with a gross income of circa £146,750.

Francis Louis believe that this development will generate a higher income for the 2021/2022 student year where we expect the building to generate £184,500 for the year. This will be done by slightly higher rents and creating two further bedrooms in one of the apartments.

There is a choice of 20 rooms in Eight apartments over three floors, the whole development provides an easily maintainable and self-contained investment model with a good return.

DESCRIPTION

The Old Bakery is superbly and conveniently located within the city centre of Exeter. The size and specification of the apartments have made it so popular with students. The shops are approximately 200 meters away and Exeter’s Central Train Station is also within a few hundred yards. The development is also on a regular city bus route and within a minute's walk of the River Exe and riverside footpaths leading to Exeter Quay. Francis Louis have many years of experience, letting and selling in the Exeter student market, and in our opinion, this is a great opportunity to invest in what is not only a well thought out and affordable scheme offering a very attractive return, but also a market that is increasingly popular with investors as a result of the appeal of the university.

AT A GLANCE...

- Purpose built apartments - Smart & spacious fitted kitchen / living rooms with integrated appliances - High security double glazed windows and main entrance to The Old Bakery with intercom system - High quality fixtures, fittings and finish - Bike store and bin store

Income

The apartments are let for circa £146,750 this student year, but for the following student year we will look to rent - all the 2 and 3 bedroom apartments for £170 per room over a 50 week contract. - The 5 bedroom apartment will be let at £160 per room over a 50 week contract. - One of the two bedroom apartments will be converted in a 4 bedroom apartment and be let for £170 per room over a 50 week contract.