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An exciting new UK based property investment opportunity has arisen in the charming city of Chester. This student housing development will be comprised of 36 en-suite student rooms located in two blocks close to the city centre and within walking distance of the University of Chester. The units have a guaranteed 5 year rental at 9%. Chester is an historic city with over 2,000 years of rich influence, a wealth of landmarks and attractions and the university is a popular choice for students.
Chester is truly a gem of a city, but it is struggling to meet the housing demands of a growing population. Development in the city is restricted by a greenbelt and an area prone to flooding from the river Dee. All of this means that there is a shortfall of housing which affects both residential and student. The University of Chester cannot provide enough accommodation for its first year students so second, third and graduate students have to rely on private accommodation. There is therefore a huge demand for student accommodation in the city making this new development all the more exciting.
Students now more than ever are on the lookout for quality accommodation with security and high quality facilities and in a good location. This development offers just this. The units are modern and clean and offer high-quality shared kitchen and lounge areas. The rooms are kitted out with beds, fitted wardrobes, shelving and drawers, a desk and chair and a mini fridge and safe. The communal areas come furnished with kitchen and entertainment fittings. The development is in a great location close to a range of facilities and within walking distance of restaurants, pubs and most importantly the university.
The units are realistically priced and have a 125-year leasehold. The purchase price per unit is £45,950 and after legal administration, including VAT and legal disbursements, the total acquisition cost is £46,921. Property management, letting and the maintenance costs of the communal areas covered by the developer for years one to five, during which purchasers are guaranteed tenants. From year six onwards, these costs fall on the owner. The same is applicable for repairs and redecoration costs. The developer does not cover ground rent and the units are not subject to council tax. The net rental yield for years one to five is £4,135 p/a. Once ground rent and miscellaneous expenses are deducted the net property income will be £3,710 p/a; a 7.91% return on the investment. The annual gross income from year six onwards stands at £5,040 and once the total expenses are deducted, the net property income will be £3,031; a 6.46% return on the investment.
For those looking for an affordable investment with great earning potential, this exciting new development offers it all. Take a look at the development brochure and this supplementary information for more details. If you are interested in this exciting new development and would like to discuss the opportunity get in touch with us today.
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