Property for sale

Verney Street, Exeter EX1

Description

Verney Street Studios is a four-storey student building converted in 2017. The property is primarily brick built with cladding to the upper levels. The cladding is B1 rated. Internally, there are 29 high-quality self-contained studios. The studios range in size from 21 sq m – 31 sq m. They are fitted with ensuites, spacious kitchens with full-size hobs, smart TVs, a large desk, blackout blinds and double beds.

The property also features several communal areas including an internal courtyard, a large communal lounge, and a gym. The property also has a luggage store and a secure bike store which can house up to 22 bikes.

Situation

Verney Street Studios is located within Devon’s vibrant capital city of Exeter in the southwest of England. Exeter is approximately 46 miles northeast of Plymouth, 79 miles south of Bristol and 173 miles west of London.

Exeter benefits from excellent transport connectivity. The M5 motorway provides access from Exeter to Bristol within 1 hour 35 minutes and Birmingham within 2 hours 50 minutes. The city also has an international airport 5 miles from
the centre. Exeter is the main railway hub for the south-west and has three railway stations. Exeter’s St David’s station provides direct access to Paddington within 2 hours and 15 minutes. Public transport within Exeter is generally through
bus routes and operates city-wide.

Verney Street Studios provides great accessibility to the retail and leisure amenities within the city centre. The property is a 1-minute walk from Sidwell Street which offers a large range of bars, restaurants and the John Lewis store. The University of Exeter’s Streatham campus can be reached in circa 15 minutes either by public transport or by walking (0.8 miles) whilst the same journey takes 8 minutes by bicycle. The university’s St. Luke’s Campus is also within an
8-minute walk, 5-minute bus ride, or 3-minute cycle away.

Directions

From the city centre bus station, proceed down Paris Street taking the second exit at the roundabout into Western Way. Take the next left at the traffic lights in to Summerland Street and take the first turning right into Verney Street.

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Tenure

The property is held on a long leasehold title. The lease is for 125 years starting from 21st October 2016 with 117 years remaining. There is a peppercorn ground rent and no service charge payable.

The Freeholder is Exeter City Council.

Rental Income

Academic Year 2024/2025
The property has achieved 100% occupancy since its completion in 2017. The property is currently fully let and producing a gross income of £340,456 reflects an attractive gross yield of 11.74%

Operational Budget
The operational budget for 2023-2024 is available on the dataroom.

Energy Performance Certificates

EPCs can be viewed/ downloaded on the dedicated website.

Aml

A successful bidder will be requested to provide information to satisfy the aml requirements when Heads of Terms are agreed.

Further Information

Additional Information can be found via the following data room:

Viewing Information

The flats will be subject to block viewings and will not be available for viewing internally outside of these times. Please contact Wilkinson Grant to arrange a viewing.
Please note, as all flats are occupied, viewings will need to be arranged with at least 48 hours notice.

Asking Price

Offers are invited in excess of £2,900,000 reflecting an attractive gross yield of 11.74% based on current income, subject to contract.