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11 bedroom house of multiple occupation for sale

Peveril Street, Nottingham, Nottinghamshire, NG7

Guide Price* £380,000

Property Description

Key features

  • 2 x 2 Bedroom units
  • 1 x 3 Bedroom unit
  • 1 x 4 Bedroom unit
  • 10.5% net yield based on current rents payable
  • 13.1% current gross yield
  • 11.6% potential net yield
  • 14.25% potential gross yield
  • Approximately 34,500 per bed
  • Beds let at 360 - 390 pcm
  • Potential to increase income

Full description

Location
The development is situated in an ideal location favoured by students and young professionals due to its proximity to the City Centre retail and leisure amenities, the surrounding businesses and education facilities.

Nottingham boasts two of the most popular universities in the UK, with a third of students remaining in this vibrant City after graduation. Nottingham University is part of the Russell Premier Group.

Peveril Street is less than one mile to the north of Nottingham city centre, immediately to the east of the A610.

Description
84 & 86 Peveril Street are two substantial terrace properties which have been converted to provide spacious residential apartments.

The flats are orientated over the ground and first floors of the building, and comprise spacious living/dining rooms, generous fully fitted kitchens, good size double bedrooms and modern white sanitary wear bathrooms.

Currently, 84 and 86 Peveril Street is let out as 11 bedrooms, within four flats. However, there will be an opportunity for the purchaser to let an additional room within 84B Peveril Street, which has been done previously.

Accommodation
Not measured.

Services
We understand the property is connected mains electricity, water and drainage.

Tenure
Freehold

Council Tax
84A - C Each flat rated in Council Tax Band A
86: Council Tax Band B

EPC Rating - See legal pack

*Guide Price
380,000

Investment Analysis
The property is let on short term tenancies to UK and Overseas tenants. Between October and December 2016, both 84A - 84C & 86 Peveril Street are fully let. The income generated from 84 Peveril Street during this period will be 3,405 pcm and for 86 Peveril Street during the same period will be 750 pcm. The combined annual rental income for 84A - 84C & 86 Peveril Street, if fully occupied over a 12 month period, based on a rental income of 3,405 pcm and 750 pcm respectively, will be 49,860 pa. Assuming a one month void period per bed over a 12 month period, this will provide an annual income of 45,705.

The property is fully occupied so there will be no council tax payable by the purchaser. The tenancies are all inclusive of bills which are between 7-10 per week per bed. Assuming an allowance of 5,500 per annum for bills, (approximately 9.60 per week for each tenancy) and a one month void period annually, this reflects a net yield in excess of 10%, based on an annual income of 45,705.

84B Peveril Street has previously been let as 4 bedrooms, as opposed to the current three bedroom set up. Assuming 84B Peveril Street is let as a 4 bedrooms, the annual rent achievable has the potential to increase from 12,960 to 17,280. This will increase the total gross annual income for the property from 49,860 to 54,860.


More information from this agent

Listing History

Added on Rightmove:
21 September 2016

Nearest stations

  • The Forest (0.3 mi)
  • High School (0.3 mi)
  • Hyson Green Market (0.4 mi)
Distances are straight line measurements from centre of postcode

Nearest schools

Use the school checker

To view this property or request more details, contact:

John Pye Property, Nottingham

James Shipstone House, Radford Road, New Basford, Nottingham, NG7 7EA

0115 798 0657 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • The Forest (0.3 mi)
  • High School (0.3 mi)
  • Hyson Green Market (0.4 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

John Pye Property, Nottingham

James Shipstone House, Radford Road, New Basford, Nottingham, NG7 7EA

0115 798 0657 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference peverilroad. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by John Pye Property, Nottingham . Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.

Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”

Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call John Pye Property, Nottingham on 0115 970 6060.


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