Royal Riverside, 60 Priestley Street, South Yorkshire S2

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£950,000

Lot 44 - This lot is for sale by auction as lot 44 on Thursday 19th July 2018.

A Freehold Ground Rent Investment secured upon a recently completed Block of Student Apartments

- Internally arranged to provide 129 Self-Contained Apartments
- Together with 21 Car Parking Spaces
- Each Apartment and Parking Space subject to a Lease
- 10 Yearly Upward Only Rent Review Provisions, linked to rpi
- Total Current Rent Reserved

£39,750 per annum

Tenure
Freehold.

Location
The property is situated on the west side of Priestley Street, immediately to the north of its junction with Charlotte Road on the southern fringe of Sheffield city centre and within 8 minutes’ walk of the city’s new China Town. An extensive range of shops and amenities is available in the city centre and both the University of Sheffield (1.2 miles) and Sheffield Hallam University (0.6 miles) are within easy reach. Rail services run from Sheffield Station approximately 0.7 miles to the north and the M1 Motorway is also within easy reach to the north-east. The open spaces of Norfolk Heritage Park and Mount Pleasant Park are within reach to the east and south-west respectively.

Note
The construction of the development is scheduled for completion on 10th September 2018 and the students are due to take up occupation on 16th September 2018.

Description
The property comprises a ground rent investment secured upon a recently constructed student block arranged over ground and four floors. The property is internally arranged to provide 129 self-contained apartments and the property includes a gym and communal social spaces. Externally, there are 21 car parking spaces.

Tenancies
Each apartment is subject to a lease for a term of 250 years from 1st September 2018 at a current ground rent of £300 per annum. Each car parking space is subject to a lease for a term of 250 years from 1st September 2018 at a current ground rent of £50 per annum. Each lease includes upward only rpi linked rent reviews every 10 years of the term.

Management and Insurance
The Freeholder insures the property. Student FM manage the property.

Seller’s Solicitor

Messrs Reiss Solicitors Ltd (Ref: Mr G Gouldsborough).Tel: Email: [email protected]

Guide Prices. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller might be prepared to sell on the date on which the guide price, or range of prices, is published. The reserve price is the minimum price at which the property can be sold. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. All guide prices are quoted 'subject to contract'. The latest published guide price, or range of prices, are displayed on our website. The latest published guide, or range of prices, will normally be at or above any reserve price. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any lot may exceed the previously quoted guide price - as the seller may fix the final reserve price just before bidding commences. If a guide price is listed as 'tba', it means that there is no guide price at present - please do not call our office. The guide price, or range of prices, will be published online immediately it becomes available at: Please check regularly for updates. Lots may be sold or withdrawn prior to auction.

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