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- To be sold at the iOK Online Auction 21st March 2019 (iokauction.com)
- Maximum Reserve £700,000
- Lot 24
- Residential investment opportunity
- Comprises 21 no. student units
- Currently leased to Ulster University until May 2019
- Located approximately 1 mile from Coleraine town centre
The property comprises 21 student accommodation units and a caretaker's office on a site extending to approximately 1.13 acres (0.46 hectares) with good frontage of 640 ft to the Cromore Road. The units are of a modern construction built in the early 1990s and are finished with a plastered external render with pitched roofs covered with concrete tiles, uPVC double glazed windows and communal oil fired central heating.
We have been provided with the following accommodation details:-
16 no. 4 bed units of approximately 830 sq ft
4 no. 2 bed units of approximately 511 sq ft
1 no. 5 bed units of approximately 1,050 sq ft
We are advised the property is currently let to Ulster University Coleraine (UUC) from September 2018 to May 2019 (37 weeks) at a gross rent of £115,000 (Landlord responsible for communal costs). The lease with UUC is renewed on an annual basis.
EPCs Range from D68 - C78
Coleraine is a large town in Co Londonderry located approximately 55 miles (89 km) northwest of Belfast and 40 miles (64 km) northeast of Derry City. The property is located approximately 1 mile (1.6 km) north of the town centre on the Cromore Road opposite the entrance to the Ulster University Coleraine Campus. The surrounding area primarily comprises housing with a train halt located nearby to the rear of the premises.
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