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Commercial Property for sale

Carlisle Mews, Gainsborough, DN21

Sold STC £1,375,000

Property Description

Key features

  • Superb Investment Opportunity
  • Modern Development - Fully Let
  • Range of Properties
  • 14 Flats, 2 Bungalows & 5 Houses
  • Current Rental Income 91,272 pax
  • Secure Compound with Gated Access
  • EPC Ratings C and D

Full description

Tenure: Leasehold

An excellent opportunity to acquire this modern residential investment opportunity comprising 21 properties ranging between 2 bedroom house, bungalows, flats and penthouses, generating an excellent income with secure tenants in a town centre location. High occupancy rates with few voids.


SITUATION 
The development is situated in a densely populated residential area close to all amenities and within a few minutes walk of Gainsborough town centre.

LOCATION 
Gainsborough has undergone major regeneration in recent years, with the £39 million Marshall's Yard development with all phases having been completed including 100,000 sqft of retail, 50,000 sq ft of offices together with leisure, trade counter and apartments with secure parking. Many of the High Streets national names have moved into the site including The Department Store Browns of York, Next, DW Sports, M&S Food, Laura Ashley, Greggs, Specsavers, New Look and many more. Gainsborough also boasts an internationally recognised 18 hole golf course owned by PING on the outskirts of the town. There is also major regeneration along the River Trent including the Granary Wharf development which has recently been completed. Gainsborough is also close to the Doncaster Finningley Robin Hood Sheffield Airport, the main National Express service at Retford to London Kings Cross and Doncaster Station.

GROUND RENTS 
£100 per annum. Reviewed after 25/50/75 years if sold on long leses. The property will be sold Freehold as one development.

SERVICE CHARGE 
All mains service charges paid by the new owners.

VAT 
The price expressed in these particulars is exclusive of VAT at the appropriate rate.

SERVICES 
Mains electricity, water and drainage are connected to the property; however all prospective purchasers are advised to check upon the adequacy of these supplies for their own purposes.

LOCAL AUTHORITY 
West Lindsey District Council, tel: 01427 676676.

VIEWING 
Viewing is strictly by appointment with the sole agents: Pygott & Crone Lawrence House 27-29 Clasketgate Lincoln LN2 1JJ Tel: 01522 536777 Contact: Mr William Downing / Jamie Thorpe / Robert Waterhouse Email: wdowning@pygott-crone.com / jthorpe@pygott-crone.com / rwaterhouse@pygott-crone.com

NOTE 
The Money Laundering Regulations 2007 has been extended to include estate agency work with the definition of relevant business. Estate agency is as defined in the Estate Agents Act 1979. Auctioneers and estate agents will have to put certain anti-money laundering procedures into place. Failure to do so will be a criminal offence that carries a penalty of a maximum of two years imprisonment, or a fine or both. The principal requirements are identification of clients, record keeping, internal reporting procedures and employee training and awareness.

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MISREPRESENTATIONS ACT 
Pygott & Crone for themselves and for the vendors of this property whose agents they are give notice that:- The particulars are set out as a general outline, for the guidance of the intending purchasers and do not constitute part of an offer or contract. All descriptions, dimensions, references to conditions and necessary permissions for use and occupation and other details are given in good faith, and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Pygott & Crone has any authority to make or give any representation or warranty whatever in relation to this property or these particulars, nor to enter into any contract on behalf of Pygott & Crone, nor into any contract on behalf of the vendor. No responsibility can be accepted for any expenses incurred by intending purchasers in (truncated)

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PHOTO GALLERY 

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ACCOMMODATION 
The accommodation is within an attractive gated yard with parking, generally comprising 12 x ground and first floor flats - 1 being a 1 bed the other 11 being 2 beds, 2 x second floor 2 bed penthouses, 5 x 2 bed houses, 2 x 2 bed bungalows, and more particularly comprise:

HOUSES 
1 - 2 bed - Rental Income £410 per month 12 - 2 bed - Rental Income £350 per month 17 - 2 bed - Rental Income £425 per month 18 - 2 bed - Rental Income £410 per month 19 - 2 bed - Rental Income £425 per month

FLATS 
2 - 2 bed - Rental Income £355 per month 3 - 2 bed - Rental Income £355 per month 4 - 2 bed - Rental Income £355 per month 5 - 2 bed - Rental Income £350 per month 6 - 2 bed - Rental Income £350 per month 7 - 2 bed - Rental Income £350 per month 8 - 2 bed - Rental Income £350 per month 9 - 1 bed - Rental Income £325 per month 10 - 2 bed - Rental Income £375 per month 11 - 2 bed - ental Income £375 per month 13 - 2 bed - Rental Income £330.50 per month affordable not RSL 14 - 2 bed - Rental Income £330.50 per month affordable 15 - 2 bed - Rental Income £322.50 per month affordable 16 - 2 bed - Rental Income £322.50 per month affordable

BUNGALOWS 
20 - 2 bed - Rental Income £350 per month 21 - 2 bed - Rental Income £390 per month

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