4 bedroom semi-detached house for saleMansfield Road, Nottingham, NG1
- Fully let and income producing for the academic year 2016/2017
- Retail premises on the ground and lower ground floor fully let
- 4 bedrooms
- Two separate bathrooms and
- shower unit
- Projected income 2016/2017 £35,540
- Scope for further increases
- Offers are invited at a figure in excess of £385,000 to
- show 9% before costs
Full descriptionThis property is situated on the western side of Mansfield Road, immediately adjacent to its junction with Bluecoat Close and near the junction with Huntingdon Street.
The property is well located being close to the Victoria Centre, House of Fraser Department Store, Tesco Metro, multi-storey car parks and the bus station. The area to the rear is densely populated with other student accommodation.
This property was acquired by the vendors approximately 2 years ago and was completely refurbished in 2014/2015. It therefore can be considered to be in excellent condition with no immediate repairs required to the external part of the property.
Nottingham is the capital of the East Midlands with around 50 Regional and National Headquarters including Capital One, Boots and Experian. The city is still growing commercially and is home to over 90,000 students and a retail catchment in excess of 2,000,000 persons and continues to expand.
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.
Nottingham is 90 minutes by train from London St. Pancras, East Midlands Airport is a 30 minute drive time from the City Centre. Nottingham also has a tram system which has been expanded and runs from Nottingham Train Station through the City Centre to the north Nottingham suburbs.
The student accommodation is let for the academic year 2016/2017 from 15/08/2016 to 4 students at a rate of £115 per bed, per week for 48 weeks at £460 per week (1 tenancy agreement).
The ground floor is let to Brit Rocks Boutique Ltd (Company No: 09701870) for a term of 5 years from 04/12/2015 at a rent of £12,500 payable monthly, expiring on 03/12/2020 and subject to a break as at 04/12/2018 upon the service of 6 months notice prior to that date. 3 months rent deposit is held by the landlord which will be returned in full at the end of the term.
The premises are currently being marketed at a rate of £120 per week, per person, for a period of 48 weeks. In our view there is scope to increase this income by increasing the tenancy to 50 52 weeks per annum. By increasing the term by 2 weeks the gross income will increase to £36,500 per annum, with a reversionary yield 9.48%.
Copies of the AST and lease are available upon request.
The ground floor shop is held on a full repairing lease, together with insurance by way of a service charge. The landlord will be responsible for the external repairs and maintenance which should be minimal.
The student rents are inclusive of all services. The clients have extensive experience of managing such properties. We are advised by the vendors that the gas and electricity costs since the purchase of the property in January 2015 totaled £2,998. BT provide internet at £94 per quarter (£376 p.a). Severn Trent Water provide water and drainage. The vendors have been billed £205 since the purchase of this property in 2015.
It is not anticipated that there should be any repairs or maintenance required to the external parts of the property as it has been recently completely refurbished and is in excellent condition.
Planning Consent has been obtained for the use of the premises as a hair extension boutique within Use Class A1 or A3 of the Town and Country Planning use Classes Order 1987.
For further information or to arrange to view please contact:
Noel Roper -
0115 841 1132
Property Misdescriptions Act 1991 - all statements contained within this brochure have been provided in good faith and are understood to be accurate although cannot be guaranteed as we rely on information provided by others. Potential purchasers should satisfy themselves as to the validity of the information contained either by inspection or through their solicitors prior to any exchange of contracts to purchase. Services have not been tested and purchasers are recommended to undertake independent tests on all services and mechanical installations prior to exchange. Details correct at time of going to print.
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