Magdalen Street, Exeter


Magdalen Street, Exeter - £365,000

A licenced 7 bedroom student investment property offering an excellent return of 8.25% gross.

This 7 bedroom student property is located close to Exeter City centre, only a short walk to both the main campus and St Lukes. The property has 5 large double bedrooms, with 2 smaller ones. The property is laid out over 4 floors with a large kitchen diner occupying a whole floor to itself.  There is a separate living/storage room on the ground floor and bathrooms on first and second floors.

Currently tenanted by 7 students until the end of July 2017 generating an annual income of £30,107. A group of students have been secured for the 17/18 academic year with the same income giving a secured return on investment until August 2018.

The property has always proved popular to students due to its well proportioned bedrooms and plentiful living space. It offers an excellent investment opportunity for someone looking to get into the student market for the first time or expand on an existing portfolio.

The current rents are fairly conservative so there is certainly scope for improvement on the income in the future, as well as the opportunity to convert the ground floor living/storage space into an additional bedroom.

Hellier Ridley Ltd currently manage the property so we are happy to help with any questions you might have.

Tenure: Freehold.

The property is Grade II Listed.

MONEY LAUNDERING REGULATIONS 2003 intending purchasers will be asked to produce identification and proof of financial status when an offer is received. We would ask for your co-operation in order that there will be no delay in agreeing the sale.

THE PROPERTY MISDESCRIPTIONS ACT 1991 The Agent has not tested any apparatus, equipment, fixtures and fittings or services and so cannot verify that they are in working order or fit for the purpose. A Buyer is advised to obtain verification from their Solicitor or Surveyor. References to the Tenure of a Property are based on information supplied by the Seller. The Agent has not had sight of the title documents. A Buyer is advised to obtain verification from their Solicitor. You are advised to check the availability of this property before travelling any distance to view. We have taken every precaution to ensure that these details are accurate and not misleading. If there is any point which is of particular importance to you, please contact us and we will provide any information you require. This is advisable, particularly if you intend to travel some distance to view the property. The mention of any appliances and services within these details does not imply that they are in full and efficient working order. These particulars are in draft form awaiting Vendors confirmation of their accuracy. These details must therefore be taken as a guide only and approved details should be requested from the agents.