FOR SALE - NOTTINGHAM 1 & 2 BED APARTMENTS,
0.4 MILES FROM NOTTINGHAM TRENT UNIVERSITY (NTU)
RENT GUARANTEED UNTIL JUNE 2013 *
* Rent Guarantee offered on selected apartments let and fully managed by Hutchings & Butlin Ltd with a standard Full Management Service commission chargable at 10% plus vat of rent collected.
INVESTOR PACKAGE INCLUDES:
- PRIME NOTTINGHAM LOCATION - ROPEWALK / UPPER COLLEGE STREET
- ALREADY PRE-LET FOR ACADEMIC YEAR 2012-2013 SO INSTANT INCOME
- FURNITURE AND APPLIANCES INCLUDED
- CAR PARKING INCLUDED IN MOST CASES
- 8 YEAR PLUS PROVEN TRACK RECORD READY FOR INSPECTION
Overseas investor consolidating portfolio - so sensible offers now invited
A selection of 39 apartments, in prime location for Nottingham Universites & City Centre. The apartments are 'top of the tree' for student letting tapping into the high expectations of international Erasmus & better off U.K. students. Both Nottingham Universities are highly ranked, and have a Chinese university campus providing an exellent inward link of international students.
- 1 BED APARTMENTS FROM - £75,000 subject to contract
- 2 BED APARTMENTS FROM - £95,000 subject to contract
Or Tel: 0115 969 6355
Compare Buy to Let Mortgage Deals here
8 year proven investment track record, currently just relet to a student tenancy with a standard fixed term of 11 months to fall in line with the academic year, SO INSTANT INCOME of around £650 to £720 per calendar month.
Landlord Direct has consistently relet the Ropewalk Apartments 4 months or so in advance of each new student tenancy , such is the growing demand from students for high standard rented apartments in locations near to the Nottingham universities.
Landlord Direct , Lettings Director Mark Hutchings comments: ' we could have let these Ropewalk Court apartments 3 times over this year due to the demand for student apartments in Nottingham'
Ropewalk Court, is a modern apartment block built around 8 years ago and comprises 1 and 2 bedroom apartments designed for the investment market. The key to the success of this block is it's location, being situated on the edge of a highly regarded professional quarter of Nottingham, near the Nottingham Castle, Playhouse Theatre and Private Park Estate. Due to it's location the apartment should be in good demand from first time purchasers, when demand returns to the market.
Ropewalk Court, Derby Road, Nottingham, NG1 5AD
- Designated Secure Car Parking Space
- To be sold with furniture and tenants in place
- 1 and 2 bedrooms suitable for students sharing an apartment
- 1 and 2 Bathrooms
- Living Room and Fully Fitted Kitchen including dishwasher / washer/dryer / fridge freezer / oven / hob / extractor
Ropewalk Court, The Ropewalk
Ropewalk Apartments
Ropewalk Court, Student Flats
INVESTING IN STUDENT FLATS & APARTMENTS
- Which University City or Town To Invest In ? - Highly ranked universities tend to attract financially better off students with parental backing, or sponsored foreign students. Both Nottingham Universities are highly ranked and very oversubscribed with applications. There is also a very well respected Law School and Medical School.
Must Be In Close Proximity To A University - Only buy property for student accommodation, that is situated very near to the University you wish to attract students from. The student market is very bouyant but there is not a shortage of student accommodation and competition applies.
Never get sucked in by offers of higher than average yields or by the quality of a newer property if the house or flat being offered for sale is situated out of the main, preferred student housing districts near a university. Do not become convinced that offering lower rents or a higher specification by degree will ever compete with a better located property, it is a classic mistake of inexperienced investors. In Nottingham ; Ropewalk Court , Regents Court, Parkgate, Lace Market District, Park West, are developments that are situated within a mile of the Nottingham Universities and offer high standard apartment housing to local students, not surprisingly they let quickly to Nottingham students, year after year. - Buy Newer Apartments Or Student Houses ? - Traditionally Victorian three storey houses located near a university have been an absolute winner, however in the recent property boom a new apartment housing stock has been built in many of our city centres, and some of these high standard apartments are located near to major universities...high standard competition has arrived for the traditional student house.
New regulations have now come into force that affect especially 3 storey houses used for multiple student letting in terms of fire safety, space standards and indeed a code of management that must be complied with. An investor considering the purchase of a three storey house must check that houses for sale are registered and passed by the local council's Envirnomental Health Department in respect to HMO (Houses in Multiple Occupation) Licensing.
Newer , 2 Bed Apartments do not suffer from such legislation, they already comply with fire safety and space standards and tend to out compete older terraced housing in terms of modern fittings, styling, & have better security for student accommodation. - Which Investment Makes The Most Yield ? - Well the rents being achieved by prime terraced student houses and prime student apartments are more or less the same. So investors need to simply work out how many bedrooms there are in a property and multiply the number of bedrooms against the weekly rent they feel their local student market can support.
For example realistically in Nottingham a rent of £68 per bedroom per week can be achieved.
Then one must consider maintenance expenditure, larger houses, accommodate more people so investors must expect more wear and tear and a higher degree of breakages and rent arrears. Apartments typically house 2 students sharing which make them far easier to manage and control, and the element of wear and tear considerably less.
Older terraced housing stock usually attracts higher maintenance costs, more house break-ins, more problems with bathroom/shower plumbing...more furniture replacement...fire alarm call outs...etc...etc
Newer Apartment owners pay an Annual Service Charge to the professional managers of the apartment block who take care of maintenance issues, and being newer build the fabric of the building is likely to be in good order.
In many city centres there has been an element of over-supply with the number of newer apartments being built during the property boom, this is judged against the number of employed city workers needing city centre accommodation, and the number of first time buyers looking to buy their first flat. The current recession has hit these two elements, and so capital values for many city centre apartments are falling.
Astute investors are now snapping up low priced apartments that can then tap into the student accommodation market with a prospect of 6 to 7 % yields rent to value.
Traditional terraced houses are achieving around the same yields certainly in Nottingham, in fact the capital value of student let houses in the Lenton district are based purely on their rent to value yield, rather like a commercial property. - What About Increases In Capital Values In The Future ? - This is very interesting, because traditional terraced houses located in inner city districts near to universities often find their capital value is dependant on the rent they can achieve. If these houses became more difficult to rent to students then these houses would become very susceptiple to disproportionate falls in capital value because the 'local city centre family' could not afford the inflated capital values driven up by high student rents. For example In the Lenton District near Nottingham University, if landlords suffered too much competition from newer apartments and University Student Accommodation Building, then the capital values of their terraced student houses could fall dramatically as the local family market would not want or be able to pay an inflated capital value when compared with the general local inner city housing market.
FUTURE POLITICAL PRESSURE COULD THREATEN THE CONSIDERABLE DEVALUATION OF STUDENT HOUSES
On a more sinister level the new HMO LEGISLATION could prove to be more than just fire safety and space standard controls, City Councils could push for a policy that made landlords of HMO Student Let Houses apply for planning permission before they would be allowed to operate their student let properties as Houses in Multiple Occupation ...and that planning permission could be refused if the Local Council deemed there to be too many student houses operating in a certain area !
These planning constraints became law in April 2010 so is now a harsh reality for student landlords with houses shared by 3 or more tenants. At some time in the future the Council could decree that only a low percentage of the houses in Lenton could be used for Student Housing, capital values of houses not granted HMO Planning Permission would crash ! ...to a level that was affordable to local city centre families.
City Centre Apartments Capital Values - have fallen due to a number of commercial reasons, but they represent a new housing stock, located in preferred city centre locations, and meet up to date styling along with good security, when first time buyers return to the housing market they should prove popular for that first time purchase and this should sustain capital values. Equally for investors as the city economy grows in the future there is the prospect of increased demand for renting from the mobile young professional tenant.