4 Lucy Street Lancaster LA1 1YF

2 Bedroom Investment - Let

£120,000
Sold (STC)

  • Excellent investment opportunity
  • Potential gross income
  • 2 bedroom apartment
  • Planning consent for 3 bedrooms
  • All with en-suite bathrooms
  • Currently let to students
  • Current gross income
  • City Centre location
  • Double glazed, modern electric heating
  • Minimal alterations to increase income
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Description

EXCELLENT STUDENT INVESTMENT OPPORTUNITY. TOWN CENTRE MAISONETTE in good condition with the benefit of PLANNING PERMISSION to convert the 2 bedroom apartment into 3 BEDROOMS, each with an en-suite bathroom. Whilst the address and access is Lucy Street the property actually fronts George Street and used to have access from 3 George Street, above the barbers. Ideal student location adjacent all amenities. SPACIOUS LOUNGE, GOOD SIZED DINING KITCHEN, 2 DOUBLE BEDROOMS both with EN SUITE SHOWER ROOMS and washroom. The subject property can have 3 EN SUITED BEDROOMS if the alterations already approved are carried out. Electric heating and double glazing. VIEWING HIGHLY RECOMMENDED TO FULLY APPRECIATE THE TOWN CENTRE LOCATION AND POTENTIAL OF THE PROPERTY.

Ground floor

External staircase

External staircase leading to Upvc front door.

Hallway

Velux double glazed window and Upvc double glazed side window. Private inner staircase leading to first floor.

First floor

Landing

With staircase leading off to second floor, understairs storage, radiator.

Washroom/w.c.

Wash basin and toilet.

Lounge 4.133 x 3.131

Double glazed front window overlooking George Street, radiator, opening to kitchen.

Dining kitchen 4.976 x 2.264

Good sized Dining Kitchen with extensive range of fitted wall and floor units, tiled splashback, stainless steel sink unit, electric hob and built under oven, extractor hood, integrated dishwasher, integrated fridge/freezer including larder fridge, plumbing for washer, double glazed rear window, radiator.

Second floor

Landing

Bedroom 1 4.122 x 2.828

Double glazed front window, wall heater.

En suite showerroom/w.c.

Corner shower cubicle with electric shower unit, wash basin, toilet, tiled splashback, shaver light, extractor fan, electric towel radiator.

Bedroom 2 3.259 x 2.820

Plus deep recess, double glazed rear window, radiator.

En suite showerroom/w.c.

Corner shower cubicle with electric shower unit, wash basin, toilet, tiled splashback, shaver light, extractor fan, electric towel radiator.

Gross income potential

The property is currently let to 2 Students for the academic year 2016/2017 with each student paying 110 per week including bills giving a current gross income of 10,560 for the academic year. With the alterations carried out in accordance with the planning permission and proposed plans then it is considered that the gross income would increase to 15,840 per academic year, assuming fully let to 3 Students with 3 en suited bedrooms. Mighty House can offer a service of project managing the conversion works and letting the property for the 2017/18 academic year.