Student investment oppertunity in Chapel Street, Salford. Being sold Via Auction only.

Our Live/Work studio apartments are perfect for students looking to live in a larger accommodation block, but with a little more privacy.

Each studio apartment comes fully furnished with a separate bedroom and it’s own bathroom, 24/7 access to our onsite gym!

X1 Sales and Lettings presents this investment opportunity within our popular Chapel Street building in Salford. Our Live/Work studio apartments are perfect for students looking to live in a larger accommodation block, but with a little more privacy.

The property is tenanted currently with s trnant in place until August 2023 paying £183.00 per week.

Each studio apartment comes fully furnished with a separate bedroom and it’s own bathroom. Rent is inclusive of bills (excluding TV license) including complimentary wifi and 24/7 access to our onsite gym!

Projected rental growth forecast over the next 5 years: 16.5% (source - JLL)

Please note we await the management pack before confirming all above figures. Prospective buyers are advised to see the legal pack for further clarification.

With great travel links to both Salford Central and Victoria Station, X1 Chapel Street is the perfect development for students at the Manchester universities, lending itself as the perfect base for anyone looking for affordable luxury student accommodation.

Exciting plans for the redevelopment of Salford Crescent have been released and the current masterplan for development - designed by the English Cities Fund - incorporates the University of Salford, Peel Park and the Innovation Forum in Frederick Road and details the transformation of the area over the next 20 years.

The plans in the pipeline for the expansion of Salford Crescent - a £2.5billion major regeneration plan - include the building of it's own Metrolink station, the pedestrianisation of the A6 and the eventual removal of general traffic on parts of the route between Chapel Street and Broad Street.

Substantial regeneration has already taken place within Salford - including the expansion of MediaCityUK - which has placed Salford firmly on the map whilst ensuring it continues to attract global investment.

Development within Salford is continuing at pace and viewings of this property - which sits within the area of regeneration - are highly encouraged.

Ground rent - £250
2022 service charge - £5,160.78 (with it being a student development it covers Water , wifi and electricity for the tenants)

Please Note: Photos are of a dressed apartment of similar size and layout within X1 Chapel Street.

Starting Bid and Reserve Price
*Please note this property is subject to an undisclosed reserve price which is generally no more than 10% in excess of the starting bid, both the starting bid and reserve price can be subject to change. Terms and conditions apply to the Unconditional Method of Auction, which is powered by IAM Sold.

Auctioneer's Comments
This property is for sale under Traditional Auction terms. Should you view, offer or bid on the property, your information will be shared with the Auctioneer, iamsold.

With this auction method, an immediate exchange of contracts takes place with completion of the purchase required to take place within 28 days from the date of exchange of contracts.

On exchange of contracts, the buyer is required to make a payment of a 10% deposit, sign a reservation agreement and make payment of a non-refundable Reservation Fee of 4.80% of the final agreed sale price including VAT, subject to a minimum of £6,000.00 including VAT. The Reservation Fee is paid in addition to the agreed purchase price and is considered as part of the chargeable consideration for the property in the calculation for stamp duty liability.

Buyers will be required to go through an identification verification process with iamsold and provide proof of how the purchase would be funded.

This property has a Buyer Information Pack which is a collection of documents in relation to the property. The documents may not tell you everything you need to know about the property, so you are required to complete your own due diligence before bidding. A sample copy of the Reservation Agreement and terms and conditions are also contained within this pack.

The buyer will also make payment of £300.00 including VAT towards the preparation cost of the pack, where it has been provided by iamsold.

The property is subject to an undisclosed Reserve Price with both the Reserve Price and Starting Bid being subject to change.

Referral Arrangements

Should you opt to use Conveyancing Services recommended by iamsold or the Partner Agent, please be advised that the iamsold will receive payment of up to £450.00 from the Conveyancing Provider for that recommendation where the services are taken, and a sale completes. It is important to note that recommended services are optional, and you should consider your options carefully before accepting any recommended services.

Energy Performance Certificate (EPCs)
Energy Performance Certificates (EPCs) give information on how to make your home more energy efficient and reduce your energy costs. All homes bought, sold or rented require an EPC. EPCs carry ratings that compare the current energy efficiency and estimated costs of energy use with potential figures that your home could achieve. Potential figures are calculated by estimating what the energy efficiency and energy costs could be if energy saving measures were put in place. The rating measures the energy efficiency of your home using a grade from ‘A’ to ‘G’. An ‘A’ rating is the most efficient, while ‘G’ is the least efficient. The average efficiency grade to date is ‘D’. All homes are measured using the same calculations, so you can compare the energy efficiency of different properties.