COVID-19 – Important Auction Information
For Sale By Auction | 2:30pm, 24 February 2022

Abacus Court, Abacus House, 17-33 Dudley Street, Luton, Bedfordshire, LU2 0NS

*Guide | £1,690,000+ (plus fees)

  • Block of Apartments
  • 14 Bedrooms
  • Tenure: Freehold

Call the team on 01234 362899 for more information

Auction Date

Thu 24/02/2022

Auction Time

2:30pm

Auction Venue

Venue 360 - 20 Gipsy Lane, Luton LU1 3JH

12 freehold let apartments, generating £104,100 per annum with the potential to enlarge the building with a further two floors.

Abacus Court is a former office building which was converted in 2007 into apartments. In total 18 apartments were created, on each floor there are six; five one bedroom and one with two bedrooms. Being sold are the six apartments which make up the entire first floor AND the six apartments which make up the entire second floor, making twelve in total, (10 x 1 bed and 2 x 2 bed) plus the ground rents of the six ground floor apartments, the freehold of the building and grounds, plus 12 parking spaces. The 12 apartments are fully furnished and they are each let under Assured Shorthold Tenancy (AST) agreements generating an annual income of £102,780. The six apartments on the ground floor have been sold away on 115 year leaseholds with the ground rent for each being set at £220 per annum. The property is very well located in Dudley Street, close to the town centre and the mainline railway station. Each of the apartments and all of the communal areas have been extremely well maintained and are offered in excellent order, as are the external areas which benefit from electronic vehicle and pedestrian gates. The overall parking area comprises 18 spaces (6 are allocated to the ground floor units) and there is the added benefit of CCTV for the car park and communal areas. Several the surrounding buildings are taller, setting a precedent which should allow for the height of Abacus Court to be increased. Accordingly, the current owner has sought a quotation for an additional two floors, which would allow for another 12 apartments to be added, subject to any necessary local authority consents. A copy of this quotation will be included within the legal pack.

Tenure

Freehold

First Floor:

1 x 2 bedroom apartment and 5 x 1 bedroom apartments each with sitting/dining room, kitchen and bathroom.

Second Floor:

1 x 2 bedroom apartment and 5 x 1 bedroom apartments each with sitting/dining room, kitchen and bathroom.

Rental Income:

The overall rental income is £102,780 per annum. A schedule of rents will be included within the legal pack. Ground rent income is £1,320 per annum.

Energy Efficiency Rating (EPC)

Current Rating C,C,C,C,C,C,D,D,C,C,D,D

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Local Authority

Luton Borough Council - 01582 546000

Solicitors

Neves Solicitors, 6-8 Stuart Street, Luton, Bedfordshire LU1 2SJ, Ref: Timothy O'Donoghue - timothy.o'donoghue@nevesllp.co.uk , Tel: 01582 506540

Additional Fees

Buyer's Premium - There is no Buyer's Premium payable on this lot.

Administration Charge - Purchasers will be required to pay an administration fee of £1,200 incl. VAT.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.