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
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.
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.
Freehold is available for sale as a whole by means of Informal Tender.
The property is not subject to VAT.