Property

A modern student accommodation development completed in 2019. The property is arranged as two blocks providing a total of 39 studio apartments (35 sold off on long leases) arranged over lower ground, ground and two upper floors. Each studio contains a modern fitted kitchen and modern en suite shower room. Externally there is a communal garden with secure cycle storage.

Plymouth is a major commercial centre, port  and university city lying on the South Devon coast on the east bank of the River Tamar about 30 miles west of Torquay. It is accessed via the A38, which provides direct access to Cornwall to the west and Exeter and the M5 motorway about 43 miles to the north east. The City is home to the University of Plymouth with over 23,000 students. It is also home to the Peninsula College of Medicine and Dentistry, the University of St Mark and St John (Marjon) and City College Plymouth, all of which are within a few minutes' walk.

Marvel Lane lies within the St Jude's area of Plymouth to the east of the City Centre. The property lies on the north side of Marvel Lane in a predominantly residential area.

The freeholder is required to guarantee rent at 8% per annum for three years. The leaseholders have entered in to an underlease with a Management Company (Beaumont Square Management Company Limited), which collects the net rent from the block managers with the date of the last guarantee payment being 15/11/2023 thereafter leaving the freeholder with the benefit of the ground rent income and income from any unsold apartments. The sale will include the shares in the Management Company.