Lot 12
Auction
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Marvel House, 5-7 Marvel Lane, Plymouth, PL4 9BQ

Auction
United Kingdom
Apt Block
Residential

The auction has ended

Final bid £220,000

Property Summary

  • On the instructions of the Administrators
  • Freehold studio accommodation ground rent investment
  • 35 of the 39 studio flats sold off on long leases
  • Includes four unsold studio flats let on ASTs
  • Close to City Centre and University
  • Producing £36,100 per annum

Contact Us

Simon Bailey

Registered Surveyor, here to help.

Contact Us

Simon Bailey

Registered Surveyor, here to help.

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Addendum

The rental guarantee ranges from 7%-9% depending on the individual lease & is not a fixed 8% as stated. Prospective purchasers are referred to the individual leases within the legal pack. Completion will be 15 business days from the date of contract. The rental guarantee for each of Flat 14 and 21 is £6,251 each (as opposed to £5,320 as incorrectly stated in the guarantee schedule)

Property description

A modern student accommodation development completed in 2019. The property is arranged as two blocks providing a total of 39 studio apartments (35 sold off on long leases) arranged over lower ground, ground and two upper floors. Each studio contains a modern fitted kitchen and modern en suite shower room. Externally there is a communal garden with secure cycle storage.

Location

Plymouth is a major commercial centre, port  and university city lying on the South Devon coast on the east bank of the River Tamar about 30 miles west of Torquay. It is accessed via the A38, which provides direct access to Cornwall to the west and Exeter and the M5 motorway about 43 miles to the north east. The City is home to the University of Plymouth with over 23,000 students. It is also home to the Peninsula College of Medicine and Dentistry, the University of St Mark and St John (Marjon) and City College Plymouth, all of which are within a few minutes' walk.

Marvel Lane lies within the St Jude's area of Plymouth to the east of the City Centre. The property lies on the north side of Marvel Lane in a predominantly residential area.

VAT

VAT Not Applicable.

Tenancy

The freeholder is required to guarantee rent at 8% per annum for three years. The leaseholders have entered in to an underlease with a Management Company (Beaumont Square Management Company Limited), which collects the net rent from the block managers with the date of the last guarantee payment being 15/11/2023 thereafter leaving the freeholder with the benefit of the ground rent income and income from any unsold apartments. The sale will include the shares in the Management Company.

Tenancy Schedule

UnitAccommodationTenancyRent
TOTAL  £36,100
1-39 (excl 10, 12, 23 & 24)Student studio apartments250 year leases at a ground rent of £300pa per unit (refer to legal pack for a full tenancy schedule) (1)£10,500
10Studio 20.80 sq m (224 sq ft)AST£6,450
12Studio 16.46 sq m (177 sq ft)AST£6,250
23Studio (29.15 sq m (314 sq ft)AST£6,400
24Studio (29.75 sq m (320 sq ft)AST£6,500

(1) The relevant Section 5b Housing Act Notices have been served & no options have been exercised


*Terms & Conditions

No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the vendor in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the vendor. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the vendor. All interested parties must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor.

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