Barker Gate, Nottingham, Nottinghamshire, NG1 1JU
- PROPERTY TYPE
Apartment
- BEDROOMS
3
- BATHROOMS
2
- SIZE
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Key features
- BEING SOLD VIA SECURE SALE ONLINE BIDDING. TERMS & CONDITIONS APPLY
- Excellent rental history spanning 15+ years
- Huge 6.78m x 7.00m open-plan living/kitchen/dining space
- VACANT POSSESSION – Refurbish, reposition & re-LetThree
- EPC B Until 2035 | 999-Year Lease | Ground Rent £NIL
- Price reflects refurbishment opportunity
- Potential Rental Income £1,750 PCM / £21,000 per year
- Total floor area approximately 1,200 sq ft
- Three Double Bedrooms, Two Bathrooms & Gated Parking
- No chain, immediate exchange of contracts available
Description
This excellent HMO property represents a compelling opportunity to acquire a generously proportioned three-bedroom HMO investment in the heart of Nottingham city centre.
Offered for sale in partnership with Pattinson Auction through its Secure Sale online bidding process, the property presents an attractive opportunity for investors seeking an established rental investment with considerable potential for improvement.
**OVERVIEW**
Extending to approximately 1,194 sq ft / 111 sq m, the apartment is notably larger than many conventional city-centre apartments and offers a layout particularly well suited to three sharers.
The property has an excellent rental history spanning approximately 15 years, demonstrating long-standing appeal within the Nottingham rental market. Based on a potential rental income of around £1,750 per calendar month, the property could generate approximately £21,000 per annum before expenses. The gross yield will depend on the final purchase price, achievable rent and associated costs.
**THE PROPERTY**
At the centre of the apartment is an impressive open-plan living, kitchen and dining room measuring approximately 6.78m x 7.00m, creating a substantial communal space with clearly defined areas for cooking, dining and relaxing.
For an investor targeting shared occupation, this is a significant strength. The property offers tenants a genuinely comfortable communal environment rather than simply a series of bedrooms with limited shared space.
The fitted kitchen provides extensive work surfaces and storage, integrated appliances and an island-style breakfast bar, although an incoming purchaser may wish to modernise elements of the kitchen as part of a wider cosmetic refurbishment.
The apartment provides three well-proportioned double bedrooms:
Bedroom One: approximately 2.89m x 4.74m
Bedroom Two: approximately 2.98m x 4.39m
Bedroom Three: approximately 2.89m x 5.61m
Each offers space for a double bed together with storage and study furniture, making the accommodation suitable for either student or professional sharers.
There are also two bathrooms, including an en-suite arrangement, which further strengthens the practicality of the layout for shared occupation.
**THE RENTAL OPPORTUNITY**
While investors often favour tenanted property for immediate income, vacant possession can be a genuine advantage here. The purchaser is not inheriting an existing tenancy, historic rental level, furniture package or another landlord's specification.
Having operated successfully as a rental property for many years, it would now benefit from cosmetic updating, particularly to the kitchen, bathrooms and general presentation. This opportunity for improvement has been considered within the auction pricing strategy.
The surrounding rental market strongly supports the investment proposition. Census analysis of the approximately 1km catchment identifies 23,455 residents and 9,304 households, with 50% of homes privately rented, demonstrating a firmly established rental market.
The tenant pool is also broader than students alone. Census records 24,007 people working within the catchment, alongside a daytime population of approximately 38,155, reinforcing the area's appeal to working professionals as well as students.
The city's urban character is further reflected in travel behaviour, with approximately 60.1% of households having no car or van, supporting the importance of walkability, public transport and proximity to employment and amenities.
Despite this, the apartment also benefits from one secure parking space behind electric gates, adding another useful point of difference from competing city-centre stock.
Another notable investment feature is the property's EPC rating of B (85), stated as valid until 2035, providing a strong starting point from an energy-efficiency perspective.
The tenure position is also attractive, with a 999-year lease from 24 June 1999, £NIL ground rent and service charges currently stated at £3,348.58 per annum.
**INVESTMENT SNAPSHOT**
- Starting Bid: £185,000 (Secure Sale Online Auction)
- Potential Rent: £1,750 PCM
- Potential Annual Income: £21,000
- Approx. 1,194 Sq Ft / 111 Sq M
- Three Double Bedrooms
- Two Bathrooms
- Secure Parking
- EPC B
- Vacant Possession
This is a substantial city-centre apartment with a proven rental history spanning approximately 15 years, excellent internal proportions, strong local rental fundamentals and clear scope for an incoming investor to improve, reposition and relaunch the property for its next rental cycle.
**PROPERTY INFORMATION**
Tenure: Leasehold
Lease: 999 years from 24 June 1999
Ground Rent: £NIL
Service Charge: £3,348.58 per annum
Council Tax: Band C
EPC: B (85), valid until 2035
The above tenure, lease and service-charge information has been provided by the Seller and should be verified by the purchaser's legal representative during conveyancing.
Council Tax Band: C
Tenure: Leasehold
Length of Lease: 972
Annual Service Charge Amount: £3,348.00
Auctioneers Additional Comments
Pattinson Auction are referred to as The Auctioneer. This auction lot is being sold by either conditional (Modern) or unconditional (Traditional) auction terms and overseen by The Auctioneer. The method of auction sale and the applicable terms and conditions are found on the lot page of this property on The Auctioneers website. The property is available to view strictly by appointment only via any Marketing Agent or The Auctioneer. Please be aware that any enquiry, bid or viewing of the subject property will require your details to be shared between any marketing agent and The Auctioneer so that matters can be dealt with effectively. The property is being sold via a transparent online auction. To submit a bid, all bidders must adhere to a verification of identity process in line with Anti Money Laundering procedures. Bids can be submitted at any time and from anywhere.
Auctioneers Additional Comments
The advertised price is commonly referred to as a Starting Bid or Guide Price and is accompanied by a Reserve Price. The Reserve Price is confidential to the seller and The Auctioneer and will typically be within a range above or below 10% of the Guide Price or Starting Bid. These prices are subject to change. An auction can be closed at any time, with The Auctioneer permitting the property (the lot) to be sold prior to the end of the auction. A Legal Pack associated with this property is available to view upon request and contains details relevant to the legal documentation, enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers obligations and sellers commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.
Auctioneers Additional Comments
In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit equivalent to 5% of the purchase price. The deposit will form part of the purchase price. A non-refundable reservation fee of up to 6% inc VAT (subject to a minimum fee which could be up to 7,200 inc VAT) is also payable upon agreement of sale. The Reservation Fee is in addition to the agreed purchase price, and consideration should be given by the purchaser to any Stamp Duty Land Tax liability associated with the overall purchase costs. Both the Marketing Agent and The Auctioneer may consider it necessary or beneficial to pass customer details to third-party service suppliers, from whom a referral fee may be received. There is no requirement or obligation to use any recommended suppliers or services.
Brochures
Brochure- COUNCIL TAXA payment made to your local authority in order to pay for local services like schools, libraries, and refuse collection. The amount you pay depends on the value of the property.Read more about council Tax in our glossary page.
- Band: C
- PARKINGDetails of how and where vehicles can be parked, and any associated costs.Read more about parking in our glossary page.
- Secure
- GARDENA property has access to an outdoor space, which could be private or shared.
- Ask agent
- ACCESSIBILITYHow a property has been adapted to meet the needs of vulnerable or disabled individuals.Read more about accessibility in our glossary page.
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About Pattinson Estate Agents, Auction
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Notes
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Visit our security centre to find out moreDisclaimer - Property reference 523392. 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 Pattinson Estate Agents, Auction. 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.
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 Pattinson Estate Agents, Auction on 0191 625 0242.
*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.”
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