Studio for sale

Basement Flat, 59 Castle Street, Luton, Bedfordshire LU1

For sale by auction on Wednesday, 23 Sep 2026 at 11:00

Venue: Livestream

** studio flat, close to luton town centre, with an unexpired lease term of 106 years and peppercorn ground rent **

This well-located basement studio flat offers an excellent opportunity for investors and would make an ideal addition to a rental portfolio. The property is held on a 125-year lease, with approximately 107 years remaining, and benefits from a peppercorn ground rent. Situated close to the town centre and a range of local amenities and public transport links, the property is also conveniently located within a short drive of the M1 motorway and London Luton Airport. The property is in need of general refurbishment, providing an opportunity for the incoming owner to modernise and improve the accommodation. Please note that a communal entrance door key is currently awaited. As a result, access to the property may not be possible prior to the auction, and prospective purchasers should take this into consideration when bidding.

Special note
Please be aware that, at present, we are unable to access the property as the seller has been unable to secure a copy of the communal entrance door key.

The property has previously been inspected, and the accommodation has been confirmed. It should also be noted that the property is in need of general refurbishment.

Upon completion of the sale, the new owner will be provided with the keys to the property. However, it will be the new owner's responsibility to obtain access to the communal entrance and make any necessary arrangements with the relevant parties to secure a communal door key.

Accommodation
Communal entrance


With a code entry door, leading to a further communal entry door
Inside


The property consists of an open plan studio room, with a kitchen area and a separate bathroom. We have been unable to access the property to take measurements or draw up a floor plan.
Lease details


The property is subject to a 125 year lease with around 106 years remaining with a peppercorn ground rent.

Service charge information:

Our client has been unable to provide this information to us because they are an Asset Management Company with limited knowledge of this property. Because of this we are unable to provide figures relative to the current charges that may be applicable to this property

Additional Fees
Buyers Premium: The purchaser will be required to pay a buyers premium charge of £2000 plus vat (£2400)

Administration Charge - The purchaser will be required to pay an administration charge of £1,140 (£950 plus VAT).

Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Price Information
* Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Additional Fees Information
Please be aware there may be additional fees payable on top of the final sale price. This includes and are not limited to administration charges and buyer's premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.