The Old Courthouse, Alma Street

Luton, Bedfordshire LU1 2PU

Overview

Investment Summary

  • 93 residential units, arranged as 58 studio apartments, 15 1-beds, 19 2- beds and a 3-bed apartment over 6 upper floors in the heart of Luton
  • 7 commercial units arranged over ground and lower ground floors. On-site parking
  • The 93 apartments extend to approximately 3,888 sq m (41,850 sq ft) NSA
  • ERV of the apartments is approximately £913,200 per annum
  • Four out of the seven commercial units are currently let and produce an income of £87,480 per annum. Total ERV of the building including parking therefore £1,011,000 per annum
  • Potential to convert part of the commercial space to additional residential units or amenity space subject to appropriate approvals
  • Freehold is available for sale as a whole by means of Informal Tender

Location

The Old Courthouse is situated in Luton, Bedfordshire which is a large town located in the south-east of England. Luton is one of the most populated towns in the United Kingdom.
br> The development is located in the heart of Luton Town Centre, on the corner of Alma Street and New Bedford Road. The property is a 1-minute walk from the Galaxy Shopping Centre which houses a mixture of sophisticated brands such as Swarovski, alongside retail staples such as Boots Pharmacy and Marks & Spencers. Furthermore, Luton Public Library is only 150 metres away, whilst Cineworld Cinema and The Gym Luton are a 3-minute walk from the development. The Mall Luton is also directly to the east and houses 128 stores and services.
br> Luton has long been a centre for manufacturing and industry, with internationally renowned companies such as Vauxhall and EasyJet basing their headquarters in the town. There has been recent redevelopment of Luton town centre, with beneficial changes to public areas as well as the centres skyline. The Old Court House is within walking distance of a great number of restaurants, bars, cafes and clubs. There is also easy access to green open spaces at Stockwood Park or the nearby Chiltern Hills.
br> The area surrounding The Old Court House is a desirable and established location for both investors and occupiers, this in turn translates into excellent fundamentals for rental and capital growth, both of which have been evident in recent years. There is a strong demand from renters in the area for well designed and functional apartments.

Situation

Connectivity

The property benefits from excellent communication links and is a short walk from both of Luton's railway stations. Luton Station is approximately 0.3 miles (6-minute walk) to the north-east, whilst Luton Airport Parkway is a 25-minute walk to the southeast.

Luton station is served by Thameslink and East Midlands Railway trains. Trains go north to Bedford, Derby, Melton Mowbray, Corby, Leicester, Nottingham, and Sheffield. Southbound trains go to London, Gatwick Airport, Brighton, Wimbledon and Sutton. The journey time from Luton to London St Pancras International is approximately 22-minutes. Bus services are on the doorstep on New Bedford Road.

The development is also easily accessible by car with junction 10 and 11 of the M1 being less than a 10-minute drive away. London Luton Airport also provides easy access to many major domestic and international destinations.

Description

The Old Court house is situated in a sought after and central location in Luton. The property is a mixed-use building comprising of 93 apartments, arranged over 1st to 6th floors as well as 7 commercial units, which are situated on the ground and lower ground floors of the building. There are 36 car parking spaces arranged over the ground and lower ground floors as well as 23 bike racks on the ground floor.

The residential element will comprise 58 studio apartments, 15 1-beds, 19 2-beds and a 3-bed apartment. The apartments are accessed through a large main entrance lobby and the units benefit from lift access. The apartments will have good sized open plan living spaces as well as contemporary kitchens and bathrooms. The units, along with the communal parts of the building will be finished to a high standard.

The total area of the apartments extends to approximately 3,888 sq m (41,850 sq ft) NSA. The likely ERV of the apartments including the parking is approximately £913,200 per annum.

Four out of the seven commercial units are currently let and produce an income of £87,480 per annum. The total estimated rental income from the building, including the commercial accommodation is approximately £1,011,000 per annum.

The Opportunity

  • Freehold mixed-use forward commitment opportunity in a fantastic central Luton location.
  • The apartments pose a strong medium to long term investment with very good capital and rental growth prospects.
  • There is a shortage of high-quality rental accommodation in the immediate area. The Old Court House is ideally placed to fill this gap.
  • There is potential for additional apartments to be arranged over a 7th and 8th floor, however this is subject to gaining planning permission and other usual consents.
  • Subject to the usual permissions there is scope to convert some of the vacant commercial space to additional residential units or convert to amenity space for the residential.

Tenure

Freehold is available for sale as a whole by means of Informal Tender.

Services

We are informed that mains water, electricity, gas and drainage will be provided. It is the purchasers responsibility to carry out their own due diligence with regards to the services that are provided and that these services are correct for any potential future use.

Planning

We have reviewed the Local Planning Authority website regarding town planning matters and understand that the existing building is neither statutorily nor locally listed and is not located within a conservation area.

Local Authority

Luton Council
Town Hall
George Street
Luton
Bedfordshire
LU1 2BQ
Tel: 01582 546000 (main switchboard)
Minicom: 01582 414367

VAT

The property is not subject to VAT.

EPCs

Commercial EPCs are available on request. The residential EPCs will be available on practical completion of the apartments.

Developer

LEOS International provides investors with investment management services covering the entire development process in the UK real estate market. LEOS International currently have development value of £400 million+ across the World. These developments total over 800 residential & commercial units within the construction pipeline.

Track record available upon request.

Proposal

Guide Price

On application.

Viewings

Inspections can be arranged with prior notice through Cushman & Wakefield, the vendors selling agent.
Please contact Lewis Smith
(Lewis.smith@cushwake.com) for access details.

Tender Process

The Freehold interest is to be made available for sale by means of Informal Tender.

Build programme: 55 units to complete September 2020 with the remainder in April 2021.

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