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Mooregate House, Middle Street, Beeston, NG9 1FX
Offers in the region of £2,400,000, 5 bedrooms

SSTC

Key features

  • A 45 bedroom purpose built student accommodation investment
  • Arranged in 9 flats - mostly with 5 rooms per cluster
  • Fully let for the 2019-20 academic year
  • Contract agreed for 48 or 51 weeks at £109 per room per week including bills
  • Built approx 16 years ago - potential to refurbish and improve rental income
  • Central Beeston location, close to all amenities
  • Gross income of £241,549 per annum.
  • EPC Rating C:75

Property Description

A substantial purpose built student investment situated within central Beeston providing 45 en suite bedrooms within 9 clusters flats. Nottingham University's main University Park campus adjoins Beeston town centre, providing a convenient, accessible and popular location for students.

Mooregate House is located opposite the "Beeston Centre" bus and tram terminus, Tesco superstore and The Square shopping precint. This gives convenient access to the excellent shopping and other facilities situated within the town centre. The tram stop provides easy access to Uni (West Entrance 4 mins, South Entrance 6 mins) QMC (9 mins) and the City Centre (Old Market Square 22 mins).

The accommodation is fully let for the forthcoming 2019-20 academic year with new tenancies for 48 or 51 weeks at an inclusive rent of £109 per week. The total income for the 2019-2020 year is £242.893.

Built approximately 16 years ago, the accommodation would benefit from some cosmetic upgrading to improve the rental income.

The Property
Mooregate House contains a total of 9 cluster flats arranged as follow:

Ground Floor
Flat 1: 5 en suite bedrooms and communal kitchen
Flat 2: 5 en suite bedrooms and communal kitchen
Flat 3: 4 en suite bedrooms and communal kitchen
Shared Laundry Room
Caretaker's office / store / comms room

First Floor
Flat 4: 5 en suite bedrooms and communal kitchen
Flat 5: 5 en suite bedrooms and communal kitchen
Flat 6: 6 en suite bedrooms and communal kitchen (kitchen situated on Second Floor)

Second Floor
Flat 7: 5 en suite bedrooms and communal kitchen
Flat 8: 5 en suite bedrooms and communal kitchen

Third Floor
Flat 9: 5 en suite bedrooms and communal kitchen

A set of floor plans showing the layout is available on request from the selling agents, CP Walker & Son.


Typical Cluster Flat (9 in total)
Each cluster has between 4 and 6 bedrooms sharing a communal kitchen and dining area. The layouts are very similar with the exception of Flat 6, the 6 bedroom flat, which has a larger kitchen and common room area.

Each flat has an electric pressurised hot water cylinder (working off an Economy 7 system). Space heating is via individual electric panel heaters.

Kitchen
Each cluster has a kitchen with electric oven and hob, two fridge freezers, microwave etc. Flats 7 and 9 have had new kitchens recently, six of the other kitchens are the original kitchen. Flat 6 (the 6 bed flat) has a larger kitchen and communal area which has also been upgraded recently.

Bedroom 1
Each bedroom has single bed, desk and chair, wardrobe and drawers and book storage. En suite bathroom off.

En suite bathroom to Room 1
En suite bathroom with shower pod, WC and wash hand basin.

Bedroom 2
Each bedroom has single bed, desk and chair, wardrobe and drawers and book storage. En suite bathroom off.

En suite bathroom to Room 2
En suite bathroom with shower pod, WC and wash hand basin.

Bedroom 3
Each bedroom has single bed, desk and chair, wardrobe and drawers and book storage. En suite bathroom off.

En suite bathroom to Room 3
En suite bathroom with shower pod, WC and wash hand basin.

Bedroom 4
Each bedroom has single bed, desk and chair, wardrobe and drawers and book storage. En suite bathroom off.

En suite bathroom to Room 4
En suite bathroom with shower pod, WC and wash hand basin.

Bedroom 5
Each bedroom has single bed, desk and chair, wardrobe and drawers and book storage. En suite bathroom off.

En suite bathroom to Room 5
En suite bathroom with shower pod, WC and wash hand basin.

Courtyard Garden
There is a Court yard to the rear of the property providing outside seating and bike storage.

Parking
There is a car park to the front of the property providing 10 car spaces.

Central Heating
Each room has individually controlled wall mounted panel heaters.

Laundry
There is a laundry room with three washing machines and two dryers for residents (free to use) located on the ground floor of the building.

Ground Floor Office
There is a caretaker's office and WC located on the ground floor outside flats 2 and 3. This acts as a store and contains the comms and and security equipment.

Tenancies
Tenancies have been agreed for the 2019-20 academic year for either 48 or 51 weeks. New tenancies are at £109 per week inclusive. Some renewals have been agreed at a rent of £99 per week inclusive. The total expected income for the year is £241,549 per annum.

In addition, 7 of the car parking spaces have been let on licence to The Star pub adjoining at £112 per calendar month, producing an additional £1,344 per annum.

The total anticipated income therefore is £242,893.

Terms
Mooregate House is available to purchase freehold. Offers are invited for the freehold interest in the region of £2.4 million.

Further Information and Viewings
For more information or to view the property, contact Dan Walker in our Commercial Property Department on Direct Line: 0115 968 3282 or by email at dan@cpwalker.co.uk.

Viewing is by prior arrangement.

Alternatively you can contact the joint selling agent, Paul Clements of PCS Commercial, 23 Wollaton Road, Beeston, Nottingham, NG9 2NG Tel: 0115 925 2451. Email: info@pcscommercialproperty.co.uk

EPC Rating
The EPC Rating is C:75. A copy of the EPC is available on request from the selling agent.



"Overall, I had a wonderful stay and fully satisfied with the services provided and I would recommend them to everyone wishing to buy, sell or rent a property. [Tenant of 2 years]"
Sharmin