Guide price
£900,000
8 bed detached house for saleRivergate Towers, Block Of Eight Apartments LU2
8 beds
8 baths
8 receptions
- Freehold
Penrose Estate Agents
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About this property
Freehold block of eight apartments
Planning previously granted for ninth apartment to ground floor garage space
Private road within walking distance to station
Current rent circa £67,000 pa
Penrose can administer and manage tenancy take over and ongoing management
Ideal HMO conversion project
Further potential to extend to both side of the building subject to planning
Freehold Block Of Eight Apartments On Private Drive
Penrose are delighted to present to the market this exciting freehold opportunity situated along a private drive within the st Annes/Town centre boarders a short distance from the new Luton Football stadiums proposed site, Power Court. This offers any buyer confidence in the capital growth of the property with an area earmarked for major development as well as the instant rental return
The property is currently made up of and rented as eight apartments of differing sizes and layouts which can be seen on the adverts measured floorplan. Currently four studio flats, three one bedroom apartments and a two bedroom top floor penthouse apartment.
The garage space on the ground floor has also previously been granted planning permission to convert into a ninth unit. All apartments are currently occupied and Penrose can act as management agents for any new buyer. The property is currently generating in the region of £69,0000 rental income pa but all rents should be reviewed with a current target rental valuation of around £72,000 pa. The property is situated on a secluded private road within easy walking distance to Luton town centre as well as the train station making it an attractive option for tenants.
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