Summary - Rivergate Towers, Block of eight apartments LU2 0AY
8 bed 8 bath Detached
**Standout Features:**
- Freehold block consisting of 8 apartments with a previous planning approval for a 9th unit in garage space
- Current rental income around £67,000 PA, with potential to increase to £72,000 PA
- Ideal HMO conversion opportunity with scope for extension subject to planning
- Located on a private road, walking distance to Luton town center and train station
- Detached Victorian architecture featuring tall ceilings and bay windows
**Summary:**
Discover a remarkable investment opportunity with this freehold block of eight detached apartments located in Rivergate Towers, LU2. The property not only generates a steady rental income but also holds excellent potential for growth in a rapidly developing area near the new Luton Football stadium site. Currently configured as four studio flats, three one-bedroom apartments, and a two-bedroom penthouse, there’s scope to accommodate even more tenants with the previously approved plans for a ninth unit within the existing garage space.
Set on a quiet private road, this property is conveniently located within easy reach of local amenities and transport links—ideal for attracting tenants. With a current income of approximately £67,000 PA, there’s further upside, targeting an increased rental potential. Investors seeking to maximize their portfolio will appreciate this unique blend of immediate returns and long-term growth potential, all while enjoying the character of a stylish detached Victorian home with large rooms and high ceilings.
Please note, the area has challenges, as it experiences higher crime rates and significant deprivation, which may impact both tenant choice and property upkeep. However, the inherent value and demand for rental properties in urban mixed communities cannot be overlooked. Don't miss out on this exceptional opportunity to elevate your investment strategy!
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