Longdales Lodge, Longdales Road, Lincoln, Lincolnshire, LN2 2EQ

Student investment block let to BGU

38 en-suite rooms in 6 suites

10 year lease from 2021

Fully let for 24/25 at £230,596 p/a

Further summer income see brochure

Student investment block let to BGU - 38 en-suite rooms in 6 suites - 10 year lease from 2021 - Fully let for 24/25 at £230,596 p/a - Further summer income see brochure - Located on same street as BGU

Detailed Description

Longdales Lodge was constructed in 2015 by local developers Cherry Tree Homes as a purpose built accommodation block. The building has 38 en-suite rooms contained within 6 suites. All students have access to a communal living space as well as laundry facilities, bicycle storage and a concierge.

The property is currently let to Bishop Grostesste University on a 10 year lease which commenced in 2021 based on a 40 week term running from September - June with a 5 year break clause option in 2026. The property is fully let for 2024/25 at £230,596 per annum

The seller also rents the property out during July & August and this income can fluctuate.
2024 - £31,000 pre-booked | 2023 - £68,000 - NHS | 2022 - £0 due to full re-dec | 2021 - £15,500 | 2020 - £8,000 (Covid) | 2019 - £38,200

There is also some additional income from the solar RHI payments of £1,600 per annum and car parking which is charged at £380 per space per year with 8 spaces available.

Entrance Hall
The property is accessed by a secure key card entry system which leads to the entrance hall with a vending machine, under
stairs storage, stairs to first floor and doors to the Nettleham and Greetwell Suites.

Concierge Office
As part of the lease agreement there is a concierge service provided which is located on the ground floor with a small office area and W.C.

Ground Floor

The Minster Suite
Comprising 6 en-suite bedrooms and a common room.

The Nettleham Suite
Comprising 6 en-suite bedrooms and a common room.

First Floor
The Greetwell Suite
Comprising 6 en-suite bedrooms and a common room.

The Eastgate Suite
Comprising 7 en-suite bedrooms and a common room.

Laundry Room
With washing machine, tumble dryer and ironing board.

Second Floor
The Newport Suite
Comprising 6 en-suite bedrooms and a common room.

The Longdales Suite
Comprising 7 en-suite bedrooms and a common room.

Outside
The property nestles in a generous walled and hedged plot of around 0.32 of an acre. To the side is a block paved parking area offering 9 spaces with one currently reserved for the concierge. There is a timer bin store with bike racks and a further secure bike storage area with 28 bike racks.

Security
The property has CCTV outside, in the common parts and common rooms. The main entrance is accessed via electronic key card system and each suite and room is individually coded which ensures a high level of security.

Amenities
The property is situated on the same road as Bishop Grostesste University and within walking distance to the desirable Cathedral Quarter which boasts a variety of restaurants, cafés, butchers, bakery, grocer and various boutique shops. Excellent state and private sector schools, (both primary and secondary) and the County Hospital can be found within walking distance. Lincoln City centre is also a few extra minutes' walk down the hill and is a thriving City Centre that is developing more each year.

Tenure & Possession
Freehold, subject to the existing lease and for sale by private treaty.

Council Tax
All suites are Band C

Mobile
We understand from the Ofcom website there is good coverage from Vodafone and limited mobile coverage from EE, O2 and
Three.

Broadband
We understand the property has dedicated fibre broadband line with two access points in each suite. Plant Room/Services
The property offers mains water, gas, electric and main sewer connections. There is a large 1000 litre hot water tank which
will provide ample hot water for the property, two 60w Ideal Evomax boilers and Solar panel controls.

Buyer Identity Check
Please note that prior to acceptance of any offer, Brown&CoJHWalter are required to verify the identity of the buyer to comply with the requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Further, when a property is for sale by tender, an ID check must be carried out before a tender can be submitted. We are most grateful for your assistance with this.

Viewing
Viewing is strictly by appointment with the selling agent and due to the concierge working times Monday - Friday 9-11am is preferred.

Agent
James Mulhall
or