This freehold property presents a unique investment opportunity situated along a private drive near the borders of St. Annes and the town center, just a short distance from the proposed site for the new Luton Football Stadium at Power Court. This location is poised for significant capital growth due to ongoing development in the area, making it an appealing option for investors looking for both immediate rental income and long-term value.
Currently, the property consists of eight apartments with various configurations: four studio flats, three one-bedroom units, and a two-bedroom penthouse on the top floor. The diverse range of layouts caters to different tenant preferences and maximizes occupancy potential. Each apartment is fully tenanted, generating annual rental income that currently stands at approximately £69,000, with potential increases bringing target valuations closer to £72,000 per year.
Additionally, there is further renovation potential with existing garage space on the ground floor that has previously received planning permission to be converted into a ninth unit. This presents an excellent opportunity for added income and enhances the property's overall value.
Being located on a secluded private road allows for quiet living while still providing easy access to Luton town center and the train station, which appeals to tenants seeking convenience in their daily commutes. For those interested in property management support, Penrose is available to assist new owners in managing this investment effectively.
