Chantry Square, Wakefield_New Style.q:Layout 1

Chantry Square, Wakefield_New Style.q:Layout 1

Chantry Square, Blocks 1 - 3 Temple Court, Wakefield, WF1 5DH
Freehold Residential Investment Opportunity with substantial existing rental income
Chantry Square, Blocks 1 - 3 Temple Court, Wakefield, WF1 5DH
Wakefield Kirkgate
Railway Station
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A61
Wakefield
Waterfront
Chantry Square
Freehold Residential Investment Opportunity
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Chantry Square, Blocks 1 - 3 Temple Court, Wakefield, WF1 5DH
Investment Highlights
•
35 retained apartments (26 two bedroom and 9 one bedroom)
within 3 purpose built modern blocks
•
The blocks are identical with the same mix of 2 bedroom and
1 bedroom apartments (3 no. 1 bed and 9 no. 2 bed) in each
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The 2 bedroom apartments benefit from en-suite shower rooms
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Freehold investment opportunity benefitting from a substantial
existing rental income
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1 apartment sold on a long lease
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100% occupancy - all retained apartments are subject to ASTs
- with 3 year history of full occupancy
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Rent Passing - £209,400 per annum gross
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Well managed and maintained
Block 1
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Future break up potential
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Part of a larger new build housing scheme offering a further
40 family homes
Freehold Residential Investment Opportunity
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Block 2
Block 3
Chantry Square, Blocks 1 - 3 Temple Court, Wakefield, WF1 5DH
Location - Wakefield
Chantry Square is accessed from Chancel Road, sandwiched between
Doncaster Road and Barnsley Road (A61), on the south eastern fringe of
Wakefield city centre. This locality has recently seen considerable new
development to add to its emergence as an established residential location
benefitting from a convenient position for access to the city centre and local
and regional connections.
The area benefits from convenient access to a range of amenities and transport
links, making the development very popular with professionals and young
families - Wakefield Westgate and Wakefield Kirkgate railway stations are both
located within walkable distance of the site, offering direct access to Leeds,
Manchester, York and London. Wakefield’s position at the intersection of the
M1 and M62 motorways provides excellent access by car to all parts of the UK.
Wakefield city centre remains a vibrant and attractive regional hub and
the Council is striving further to improve the city and surrounding area. In
very recent years the city has seen the Trinity Walk shopping centre and
The Hepworth Wakefield art gallery regenerate fringe areas of the city, thus
providing a significantly more attractive city centre.
Freehold Residential Investment Opportunity
Chantry Square, Blocks 1 - 3 Temple Court, Wakefield, WF1 5DH
Property Summary
The property is held Freehold and comprises 36 apartments within 3 purpose
built blocks (Block 1-3). Each block is an identical design and layout comprising
12 units (3 no. 1 bed and 9 no. 2 bed), constructed over 3-storeys of traditional
brick construction set beneath a pitched tiled roof.
Each block has a common core and communal entrance lobby with internal
tenant mail boxes on the ground floor. Access to the upper floors is provided
by way of a wide stairwell. All internal common areas have recently been
redecorated.
Chantry Square has been built to a modern and flexible design, which is
visually attractive. Internally, the property is presented to a good standard
and benefits from modern fixtures and fittings. The apartments are Let
unfurnished but benefit from carpets and curtains throughout. The 2 bedroom
apartments benefit from en-suite shower rooms.
There is one parking space per apartment, plus additional visitor spaces.
The apartments also benefit from a large dedicated area of public open space.
The development internally and externally is well maintained and managed.
The apartments are part of a larger completed development of 40 no.
detached and town houses and a further identical block of 12 apartments
(block 4).
Freehold Residential Investment Opportunity
Chantry Square, Blocks 1 - 3 Temple Court, Wakefield, WF1 5DH
Tenancies / Rental Income
Property & Tenancy Management
Blocks 1-3 comprise 36 apartments with just one apartment having been sold
on a long-lease in 2008. The remaining 35 unsold apartments in Blocks 1-3
are subject to 6 and 12 month Assured Shorthold Tenancies (ASTs), currently
producing £209,400 per annum gross (see over). Rents in the region of
£425 pcm are being achieved for the one bedroom apartments and £525 pcm
for the two bedroom apartments.
Linley & Simpson were appointed in December 2009 and are responsible for
full management & lettings of Blocks 1-3 Temple Court and provide the
following services:
All tenants are fully checked and financially qualified prior to taking
occupation. The tenants all pay a deposit equivalent to 1¼ month’s rent at
the outset of the tenancy which is held under the Tenancy Deposit Scheme
via the managing agents.
Tenancy renewals are generally for 6 or 12 month fixed terms and detailed on
the tenancy schedule overleaf.
The property will be sold with the benefit of NHBC / Premier structural build
warranties for each unit.
Freehold Residential Investment Opportunity
•
Individual apartment lettings including preparation of the Tenancy
Agreements and inventories
•
Advertising and marketing
•
Monthly rental collection
•
Regular Inspections
•
24 hour emergency contact number
•
All repairs and maintenance for individual apartments
Since their appointment Linley & Simpson have achieved and maintained 100%
occupancy on individual apartments and have increased the overall rental income
over time from £495 pcm to £525 pcm on all 2 bed apartments.
Typical kitchen in a 2 bed open plan layout
Chantry Square, Blocks 1 - 3 Temple Court, Wakefield, WF1 5DH
Tenancy Schedule
Address
Plot
No.
Floor
Tenancy
Start Date
Tenancy
Expiry Date
2 Temple Court, Wakefield, WF1 5DH
4 Temple Court, Wakefield, WF1 5DH
58
61
GF
GF
28/07/2010
01/07/2011
6 Temple Court, Wakefield, WF1 5DH
64
GF
25/01/2010
8 Temple Court, Wakefield, WF1 5DH
67
GF
25/01/2010
10 Temple Court, Wakefield, WF1 5DH
59
1st
20/10/2012
12 Temple Court, Wakefield, WF1 5DH
62
1st
10/12/2010
14 Temple Court, Wakefield, WF1 5DH
65
1st
12/09/2009
16 Temple Court, Wakefield, WF1 5DH
68
1st
29/08/2009
18 Temple Court, Wakefield, WF1 5DH
60
2nd
15/05/2010
20 Temple Court, Wakefield, WF1 5DH
63
2nd
17/08/2012
22 Temple Court, Wakefield, WF1 5DH
66
2nd
01/10/2012
24 Temple Court, Wakefield, WF1 5DH
69
2nd
29/05/2009
New 6 mth tenancy from 21/01/2013
Renewal 12 mths from 31/12/2012
exp 30/12/2013
Renewal 12 mths from 24/01/2013
exp 23/01/2014
Renewal 6 mths from 27/01/2013
exp 26/07/2013
New tenant to move in 20/10/2012
renewal 6 mths from 23/04/2013
exp 22/11/2013
Renewal 6 mths from 10/12/2012
exp 09/06/2013
Renewal 12 mths from 10/09/2012
exp 09/03/2013
Renewal 6 mths from 28/08/2012
exp 27/03/2013
Renewal 12 mths from14/05/2012
exp 13/05/2013
Renewal 12 mths from 16/02/2013
exp 15/02/2014
Renewal 12 mths from 31/03/2013
exp 30/03/2014
Renewal 12 mths from 29/06/2012
exp 28/06/2013
SUB TOTAL
BLOCK 2
26 Temple Court, Wakefield, WF1 5DH
70
GF
01/03/2011
28 Temple Court, Wakefield, WF1 5DH
73
1st
16/09/2011
30 Temple Court, Wakefield, WF1 5DH
76
GF
22/04/2012
32 Temple Court, Wakefield, WF1 5DH
34 Temple Court, Wakefield, WF1 5DH
79
71
GF
1st
19/12/2008
31/07/2009
Freehold Residential Investment Opportunity
Renewal 12 mths from 29/02/2012
exp 28/02/2013
Renewal 6 mths from 16/09/2012
exp 15/03/2013
Renewal 6 mths from 22/10/2012
exp 21/04/2013
18/12/2009
Renewal 12 mths from 30/12/2012
exp 29/12/2013
Gross
Rent
£ (pcm)
£525.00
£525.00
ERV
£525.00
£525.00
Monthly
Rent
Payment
28th
1st
EPC
Ref No.
8605-7336-3020-2406-6413
0767-2803-6443-0301-7685
£425.00
£425.00
25th
8851-6324-6440-0093-6006
£525.00
£525.00
25th
8602-2336-4020-9406-6413
£525.00
£525.00
20th
8771-6324-6440-4043-6006
£525.00
£525.00
10th
0638-2046-6264-6401-3020
£425.00
£425.00
12th
0167-2803-6446-0301-9625
£525.00
£525.00
29th
0567-2803-6444-0301-6661
£525.00
£525.00
15th
0438-2046-6244-6601-3084
£525.00
£525.00
17th
0968-2803-6444-0301-3685
£425.00
£425.00
1st
0938-6046-6244-6301-3094
£525.00
£525.00
29th
8600-6336-5020-9406-3413
£6,000.00
£6,000.00
£525.00
£525.00
1st
9255-2853-6325-0308-4755
£525.00
£525.00
16th
0138-6997-6202-5858-3020
£425.00
£425.00
22nd
0848-9927-6272-5258-3014
£525.00
£525.00
£525.00
£525.00
19th
31st /last
9557-2853-6324-0308-2761
0038-4927-6292-5258-3064
Chantry Square, Blocks 1 - 3 Temple Court, Wakefield, WF1 5DH
Address
Plot
No.
Floor
Tenancy
Start Date
36 Temple Court, Wakefield, WF1 5DH
74
1st
01/04/2011
38 Temple Court, Wakefield, WF1 5DH
77
1st
07/08/2012
40 Temple Court, Wakefield, WF1 5DH
42 Temple Court, Wakefield, WF1 5DH
80
72
1st
2nd
15/11/2008
07/01/2013
44 Temple Court, Wakefield, WF1 5DH
46 Temple Court, Wakefield, WF1 5DH
75
78
2nd
2nd
26/03/2012
01/09/2010
48 Temple Court, Wakefield, WF1 5DH
81
2nd
10/06/2011
BLOCK 3
50 Temple Court, Wakefield, WF1 5DH
52 Temple Court, Wakefield, WF1 5DH
82
85
GF
GF
15/06/2012
01/07/2010
54 Temple Court, Wakefield, WF1 5DH
88
GF
22/04/2011
56 Temple Court, Wakefield, WF1 5DH
91
GF
08/06/2012
58 Temple Court, Wakefield, WF1 5DH
83
1st
25/10/2008
60 Temple Court, Wakefield, WF1 5DH
86
1st
26/06/2010
62 Temple Court, Wakefield, WF1 5DH
89
1st
01/04/2011
64 Temple Court, Wakefield, WF1 5DH
92
1st
23/04/2010
66 Temple Court, Wakefield, WF1 5DH
68 Temple Court, Wakefield, WF1 5DH
84
87
2nd
2nd
n/a*
18/02/2011
70 Temple Court, Wakefield, WF1 5DH
90
2nd
31/03/2012
72 Temple Court, Wakefield, WF1 5DH
93
2nd
31/10/2008
*
Apartment 66 Temple Court was sold on a long leasehold.
Freehold Residential Investment Opportunity
Tenancy
Expiry Date
Renewal 12 mths from 01/10/2012
exp 30/09/2013
Renewal 6 mths from 06/02/2013
exp 05/08/2013
14/11/2009
Renewal 6 mths from 07/01/2013
exp 06/07/2013
Renewal 6 mths from 31/08/2012
exp 30/08/2013
Renewal 6 mths from 16/12/2012
exp 16/06/2013
SUB TOTAL
New tenancy from 19/01/2013
Renewal 12 mths from 30/06/1
exp 29/06/2013
Renewal 6 mths from 03/05/2013
exp 02/11/2013
Renewal 12 mths from 07/06/2013
exp 07/06/2014
Renewal 6 mths from 25/10/2012
exp 24/04/2013
Renewal 12 mths from 30/06/2012
exp 29/06/2013
Renewal 12 mths from 01/10/2012
exp 30/09/2013
Renewal 12 mths from 29/06/2012
exp 28/06/2013
n/a*
Renewal 12 mths from 18/08/2012
exp 17/08/2013
Renewal 6 mths from 31/03/2013
exp 30/09/2013
Renewal 13 mths from 31/03/2012
exp 29/04/2013
SUB TOTAL
TOTAL INCOME
Gross
Rent
£ (pcm)
£525.00
ERV
£525.00
Monthly
Rent
Payment
1st
EPC
Ref No.
8238-6322-5029-3563-9006
£425.00
£425.00
7th
0838-4938-6232-5558-3090
£525.00
£500.00
£525.00
£525.00
15th
7th
0238-9937-6242-5458-3084
0838-3918-6222-5158-3004
£525.00
£425.00
£525.00
£425.00
26th
1st
9153-2854-6325-0308-7745
0048-0997-6242-5358-3064
£525.00
£525.00
10th
9151-2853-6626-0308-3705
£5,975.00
£6,000.00
£525.00
£525.00
£525.00
£525.00
15th
30th
0138-4937-6272-5558-3034
8360-6932-7340-6241-1996
£425.00
£425.00
22nd
8578-6322-5849-1503-7006
£525.00
£525.00
8th
0238-6997-6292-5458-3030
£525.00
£525.00
25th
9488-9056-6392-7520-8994
£525.00
£525.00
26th
0079-3821-6624-9990-3135
£425.00
£425.00
1st
0538-0977-6222-5758-3024
£525.00
£525.00
23rd
8808-4887-0239-7196-4203
n/a*
£525.00
n/a*
£525.00
n/a*
18th
n/a*
8500-6932-7910-6271-2992
£425.00
£425.00
31st/last
9854-2853-6124-0308-1811
£525.00
£525.00
31st/last
8260-6932-7600-4251-0992
£5,475.00
£17,450.00
£5,475.00
Chantry Square, Blocks 1 - 3 Temple Court, Wakefield, WF1 5DH
Block 1
Block 2
Tenure
The property will be sold Freehold, as illustrated by the red line plan.
The nature of the development comprising 3 blocks of identical units offers a
purchaser a unique opportunity to consider a break up and retention strategy
from day 1.
Block 3
Method of Sale
The property is to be offered for sale by way of Private Treaty. However, we
reserve the right to conclude the marketing period by way of an informal
tender process.
Viewing Information
We will be undertaking block viewings over the course of the next few weeks.
If you wish to internally inspect, please register your interest with the joint
agents and you will be contacted in due course. Under no circumstances are
tenants to be approached directly.
Additional Information
Further detailed information is available to view and download at
www.chantrysquarewakefield.com
Asking Price
Offers are invited in excess of £2,400,000 for the Freehold interest, subject to
contract and existing tenancies.
Freehold Residential Investment Opportunity
Block 2
Block 1
Chantry Square, Blocks 1 - 3 Temple Court, Wakefield, WF1 5DH
Contact Information - Joint Agents
For all enquiries or to arrange a viewing, please contact:
James Wilson Allsop LLP
Louise Larking Fox Lloyd Jones
0113 236 6679
[email protected]
0113 243 1133
[email protected]
Image shown Block 2
Misrepresentations Act:
(1) The particulars in this brochure have been produced in good faith, are set out as a general guide and do not
constitute the whole or part of any contract.
(2) All descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and
other details are given without responsibility and any intending purchasers or tenants should not rely on them
as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the
correctness of each of them.
(3) All liability, in negligence or otherwise, arising from the use of the particulars is hereby excluded.
Designed and produced by www.thedesignexchange.co.uk. T: 01943 604500.
Freehold Residential Investment Opportunity
Details prepared April 2013