Ref - 10469
Where is the property located?
47 Clarence Street, Leicester, LE1 3RW
How many units are in the development?
The property will consist of 47 purpose built student apartments.
Total Number of Student Flats: 47
Number of Studios: 36
Number of 1 bed Apartments: 9
Number of 2 bed Apartments: 1
Number of 3 bed Apartments: 1
What communal facilities does the development have?
Ground floor reception, laundry room, roof terraces, cycle parking, a fitness room, a communal lounge/games room and a garden area.
When will the building be completed?
The property will be completed Q4 2018.
Who will manage the property?
Mughni Property Company. They are managing all of Aronex's developments with great success.
What is the rental assurance?
7% assured NET rental income for the first 5 years following completion.
How does the assured yield work?
Rental income is paid quarterly in arrears directly to clients bank accounts for the tenure of the ssurance period, as specified in the contracts. What happens after the 5 year assurance period?
Mughni can continue to manage the property and the owner can negotiate a new assured rental income based on market conditions.
How do I select a unit?
Check availability and choose a unit. Complete reservation form and secure your choice by paying £5000 reservation fee.
What happens to the reservation fee?
The reservation fee is paid to the developer as part of the purchase price, your solicitor will ensure that this is deducted from the total purchase price during the legal process.
What is the ground rent?
The ground rent is £500 per annum for each of the studio apartment. However please note that this is NOT part of the calculated NET rental assurance.
How long is the lease of each apartment?
The lease is 250 years.
Can you recommend a solicitor to act for me on the purchase?
Our recommended client solicitor is:
R W Anderson & Co Solicitors
Lower Ground Floor, 95 Aldwych, London, WC2B 4JF
Tel: 0203 638 6708
Fax: 0207 430 0040