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Abbey Court, Cambridge

£ 137,800

 

Description

A second floor studio apartment with private balcony forming part of this prime STUDENT TIED ACCOMMODATION scheme located in central Cambridge just a short walk from Anglia Ruskin University and the City Centre. Open plan student studio accommodation of approximately 342sqft featuring a high quality finish with fitted kitchen area, shower room and small private balcony. There is a landscaped communal quad area, communal laundry room and bin storage area. It is estimated that the monthly rental for this studio will be 900 per calendar month producing a gross yield of 7.8% per annum.

Property summary

  • Bedrooms: 1
  • Bathrooms: 1
  • Property status: Under Offer
  • Second Floor Studio
  • Prime Student Location
  • Fitted Kitchen Area
  • Shower Room
  • Private Balcony
  • 342 Square Foot
  • 900 Monthly Rent
  • 7.8% Gross Yield

Property details

THE DEVELOPMENT
The development by Highgrove Partnership LLP is a high quality scheme of 24 self contained student accommodation studio apartments within 600 meters of the Anglia Ruskin University Campus and within one mile of the City Centre and many of the colleges of Cambridge University.
The scheme comprises three blocks of accommodation from single storey to four storeys in height. The front block is four storeys in height and comprises thirteen of the studio apartments, two with direct access from Abbey Street. The rear block is two storeys high and cpmprises a further seven studio apartments, two of which are designed for disabled access and area accessed via the quad. The garden block is a detached block of four studio apartments with private patio areas and fronting onto the landscaped quad area.
A mixture of the studio apartments have private terraces and patio areas and all enjoy use of the communal landscaped quad style amenity area.
LOCATION
Abbey Street is located just off Newmarket Road and is accessed from foot via Newmarket Road and vehicular access is from New Street, the site lies within 600 meters of the Anglia Ruskin University campus, 400 meters of the Grafton Shopping Centre and within a short walk of the City Centre and the colleges of Cambridge University. The city railway station and Marshalls airport are both located within a mile of Abbey Court.
SPECIFICATION
Internal partitions between rooms and rooms and corridors to be generally two 100mm block walls with 75mm cavity. In some areas this will be a double stud dry partition wall with double plasterboard incorporating acoustic plasterboard. All areas to be plasterboard dry lined. Ceiling to be acoustic double boarded plasterboard on a resilient bar ceiling system. Common areas to be carpeted. Stairs to be timber with have aluminium nosings with rubber insert and with stained timber balustrading and wall rails.
Studio rooms have suspended acoustic floors with boarded finish. Rooms to have broadloom carpet with are in front of kitchen units finished in vinyl sheet and shower room floor finished with ceramic tiles.
Walls to shower room to be metal stud with plasterboard facings. Walls in shower rooms tiled full height to shower cubicle and half height to remainder. Walls to room painted off white with one contrast colour wall. Tiled or laminate faced splash back to kitchen area.
Doors to be hardwood veneered. Door frames and skirtings to be MDF painted eggshell finish white. Ironmongery to be brushed nickel plated. Each studio door to have 5 lever dead locking latch. Pair of coat hooks to back of front door and shower door. Each room to have a built in wardrobe with hot water cylinder at low level to one side. Full width shelf at high level with hanging rail to half width and two additional shelves over cylinder.

FURNITURE
The furniture pack inlcudes this is agreedable to be included subject to offer and conditions.
One 1370mm ( 4'6) wide bed base and mattress
Built in desk top 1500mm long
Desk chair: Adjustable with arms
KITCHEN SPECIFICATION
- Two ring electric ceramic hob.
- Stainless steel sink integrated into laminate worktop with mixer tap.
- Laminate faced cupboards and wall storage units.
- Built in combi-microwave/oven.
- Under countertop fridge with freezer compartment
- Extract cooker hood discharging to outside via heat exchanger
SHOWER ROOM SPECIFICATION
- Clayware WC with close coupled cistern.
- Ceramic Wash hand basin with chrome plated monoblock mixer tap and sprung waste.
- Shower with cast resin tray and thermostatic mixer with hand shower with rail and
sliding metal framed shower screen with toughened glass infill.
- Mirror over WHB with glass shelf.
- Heated towel rail.
- Disabled rooms to have disabled shower and WC.
SERVICES TO STUDIO
- Double socket switched outlets: White plastic 5 no: 2 at desk ,2 elsewhere in room and 1 in kitchen
- Fused spurs for kitchen appliances
- Shaver outlet in shower room
- BT broadband/telephone outlet at desk & 2 No cable outlets for cableTV / telephone / broadband
- BT cabling to central point for connection arranged by tenant. Cable points wired for free view channels via digibox or subscription decoder.
The image shows a typical layout, space and design but is for identification purposes only.
LIGHTING
- Two ceiling mounted bulkhead lights with fluorescent fittings switched from door
- Under cupboard light in kitchen
- Ceiling mounted spotlights over kitchen/eating area
- Sealed fluorescent downlight in en suite
- Units with external access to have external light by front door with PIR movement sensor.
SERVICES
Each unit to have its own metered electrical supply. Single new metered mains cold water connection. Heating to be supplied by individual panel storage heaters in each studio. Hot water supplied by individual 90 litre hot water cylinders with twin switched immersion heaters. Ventilation extracts from shower room and kitchen to discharge to outside via heat exchanger with pre-heat ducted fresh air supply into rooms.
Studios accessed from stairs to have audio entryphone handset linked to panels at the
external stair doors. These external doors to have electronic lock released by adjacent key pad outside and from entryphone. Doors to be opened internally by snib/handle operation. Studios with direct access to have door bell. Each studio to have a mains fed smoke alarm with battery backup. Common area and stairs to have emergency lighting with permanently on LED background lighting and bulkhead fittings controlled by PIR's for full lighting.
LAUNDRY ROOM AND REFUSE
Laundry room to have services for installation of two washers and two dryers, electric heating, ventilation and PIR controlled lighting. Access via key pad controlled door. Refuse store to have PIR controlled light and external type tap for wash down and garden watering.
EXTERNAL INFORMATION
Entrance gates to have CCTV camera with 30 day recording facility. Surface water and rainwater to discharge to new soakaways in landscaped area. Foul water to discharge to local authority drains in road. All external areas to have bollard type lighting controlled by photocell sensor with PIR controlled floodlight at entrance gates.
Vehicle/pedestrian entrance area and manoeuvring and parking area in concrete block paving. Pedestrian paths in textured concrete slabs. Vehicle and pedestrian entrance gates 1800mm high in painted galvanised steel. Bicycle parking to be powder coated steel stands. Covered bicycle store adjacent to quad to be timber framed with timber cladding. Central quad area laid to grass with box hedges around. Studios with direct access from quad to have front paved area with 750mm hit and miss timber fencing. These units will also have a private paved area to the rear of the unit with 1500mm close boarded fencing. A bank of powder coated metal lockable post boxes for each unit will be located externally adjacent to the pedestrian entrance gate.
Site boundaries to be existing brick walls/fencing or new 1800mm high timber fencing
Soft landscaped area laid out with mixture of shrubs, trees and perennials.
INVESTMENT SUMMARY
The proposed scheme will provide a high quality specification studio scheme offering 24 student accommodation units in a quad formation with a grass centre. The scheme is in a prime location within Cambridge city centre, within 600m of Anglia Ruskin University campus and 400 m from the Grafton Shopping Centre. Cambridge Railway Station and
Cambridge Airport are both 1 mile from the scheme, to the south and east respectively.
There is excellent demand in Cambridge for student accommodation as over 87% of the full time students do not have access to purpose built accommodation. Practical Completion expected in September 2013.

RENTAL PROJECTIONS
It is estimated the the achievable rents for the development will range from 650 pcm to 900 pcm which will provide the owners or investors with a gross yield of between 6.09% and 7.75% per annum.
We are able to offer complete investment packages and advice on the rental market within the student market to all prospective buyers and can send full details of our services and charges upon request. If you would like an informal discussion about the rental market and student accommodation advice please contact Kane Astin at the office.
We already have a selection of the aprtments within the scheme sub let to tenants for the academic year beginning in September 2013 - for further details on the agreed rents and studios which are let please call us on 01223 352170.
FINANCE AND MORTGAGES
Due to the nature of the restriction on the properties and the fact that the only tenants are students of either ARU or Cambridge University (in full time education) various lenders have a very strict policy on lending. We have a fully certified IFA whoi has put together a example proposition to a lender outlining the availablilty of mortgages and the depsoits needed to satisfy lenders in the current market. There are for example only and we cannot guarantee the ability to gain a mortgage via our IFA without the necessary criteria and checks being carried out and the application being succesful.
If you would like to discuss this further or would like an informal meeting with our IFA then please contact us at he office and we will organise an appointment for you.
FLOOR PLANS

ADDITIONAL INFORMATION
TENURE - Leasehold - Brand new 125 year lease with an esimated 150 per annum ground rent and a service charge which is estimated to be 720 per annum.
POSTCODE - CB1 2QP
COUNCIL TAX - TBC
SERVICES - All mains services are believed to be connected to the property. Each studio will have a metered electric connection and are not conneceted to mains gas.
LOCAL AUTHORITY - Cambridge City Council
FIXTURES & FITTINGS - Unless specifically mentioned in these particulars all fixtures and fittings are expressly excluded from the sale
VIEWINGS - Strictly through the vendors selling agents 01223 352170. Please contact either John Lorimer or Kane Astin.
DRAFT PARTICULARS
AWAITING VENDORS APPROVAL

These sales particulars do not constitute, nor constitute any part of, an offer or contract. We have not carried out a structural survey nor tested any of the mains services, appliances or specific fittings.

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