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1-21 Cromore Court, Cromore Road, Coleraine, County Londonderry, BT52 1ST

For Sale Offers invited in the region of £1,500,000 Convert to EUR

Key Information

Property Type: Apartment Price: Offers invited in the region of £1,500,000 Convert to EUR
Bedrooms: - Offer Status: For Sale
Receptions: - EPC Rating: C 73
Heating: Oil   

For more information on this property call 028 9066 8888 or Email Agent

Contact the Agent

Simon Brien Residential (Lisburn Road)

525 Lisburn Road, Belfast, BT9 7GQ

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    Features of this property

    • 21 Modern Student Accommodation Units And Caretakers Office On A Site Of C. 1.1 Acres
    • Situated Just Off Cromore Road C. 1 Mile From Coleraine Town Centre And Minutes' Walk From The Ulster University Coleraine Campus
    • Sold Subject To The Existing Lease With University Of Ulster
    • Fully Let Rental Potential Of £174,630 With Potential To Increase By Lettings Outside Of Term Time
    • Exempt From Rates
    • Offers Invited In The Region Of £1,500,000 Exclusive

    Property Description

    Location

    Coleraine is a large university Town located on the River Bann with a population in excess of 25,000 people including a large resident student population.

    The subject property is situated on the Northern fringe of Coleraine Town Centre, 0.5 miles from the University of Ulster Coleraine Campus. The immediate vicinity comprises both residential and commercial uses.

    The Train Halt is located immediately adjacent to the development giving you ready access to the rail network, the University of Ulster Coleraine Campus is a short walk on the opposite side of the Cromore Road.

    Description

    We are offering For Sale as One Lot 21 student accommodation units comprising;
    16 no. 4 bed units of c. 976 sq. ft.
    4 no. 2 bed units of c. 976 sq. ft.
    1 no. 5 bed unit of c. 1,261 sq. ft.

    The units were built in the early 90's and are of modern construction with plastered blockwork, tiled and pitched roofing, Upvc double glazing and oil fired central heating.

    Internally the units benefit from;
    • Plastered and painted walls and ceilings
    • Upvc double glazing, oil fired central heating
    • Carpeted and tiled flooring
    • Broadband Internet

    Lease Details

    Tenant: The University of Ulster
    Term: 'Residence Year' 37 weeks conforming to the University's Undergraduate Academic Year.
    Rent: £65 standard 4 or 5 bedroom apartment x 69 rooms
    £67 two person bedroom bungalows x 8 rooms. The University is only liable for the rooms which are occupied by the University or its students.
    Management Fee: 6% Shall be deducted from the gross rent e.g. based on 100% rooms occupied:-
    £65 x 37 weeks x 69 rooms occupied x 94%: £155,988.30
    £67 x 37 weeks x 8 rooms occupied x 94%: £18,642.08

    Heating Payment - Received From University

    £5.00 per student per week (The base figure)
    £5.00 x 77 bed spaces: £385
    £385 x 37 weeks: £14,252

    TUPE

    TRANSFER OF UNDERTAKINGS (PROTECTION OF EMPLOYMENT) REGULATIONS 1981 (TUPE)
    The purchaser will be required to comply with current TUPE legislation in the reflection to employees. There are currently 2 employees to which this would apply.

    EPC

    C73

    Price

    Offers are invited in the region of £1,500,000 exclusive.

    Title

    Title and contract are available for inspection by appointment only via;
    A&L Goodbody, 42/46 Fountain Street, Belfast, BT1 5EF
    Contact: Anne Donnelly
    Tel: 028 90 314 466
    Email: adonnelly@algoodbody.com

    VAT

    The sale is not subject to VAT.

    Further Information

    For further information or to arrange an inspection of the property, please contact:

    Contact: Anna Perry
    Tel: 028 90 668 888
    Email: aperry@simonbrien.com

    Or Colliers International
    Contact: Andrew Lennon
    Tel: 028 90 241 500
    Email: andrew.lennon@colliers.com

    Location of 1-21 Cromore Court, Coleraine

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    Contact the Agent

    Simon Brien Residential (Lisburn Road)

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