Plymouth Flats on Sale for £1 Million

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

A block of student flats in Plymouth has been put up for sale at a price of nearly £1 million.

The Townhouse, a former pub converted into 16 student bedrooms, has been put up for sale for £950,000.

Investors are been sourced to purchase the freehold of the property, which it's estimated can generate up to £96,000 in annual rental income. The Townhouse also has planning permission for a six-room extension.

Located in Harwell Street, just off Western Approach, the property is situated close to Plymouth University, but in an area already busy with student accommodation.

Just across the road there is already a £3.5m block of student bedrooms being constructed on the site of a derelict ex-Comet store.

Mark Slade, from Bruton Knowles' Plymouth office said of the investment: "This is a unique opportunity to acquire a fully-fitted student accommodation scheme just five minutes' walk from Plymouth University, now the fifth biggest in the UK.

"While there are several conversion schemes active in the city at the moment, Harwell Street has been designed and fitted to meet the requirements of the international student market, which commands the highest rental incomes."

Mr Slade argued that student accommodation on the outskirts of the city have, to a large degree, become almost unlettable. In addition he suggested the modern day student accommodation market is highly demanding with quality and safety as important as it is in the hotel sector.