The property comprises a pair of semi-detached buildings erected a number of years ago, with accommodation arranged on ground and one upper floor. The four flats are located two at ground floor level and two at first floor level. Access to the ground floor flats is from Carlton Hill, whereas there is a rear alleyway and accessway to the first floor flats.
The property occupies an extensive site with a return frontage and access to Baird-Parker Drive.
The property has been neglected in recent years and a considerable amount of work is required in order to upgrade the property before reletting.
As is indicated in the schedule of accommodation, these flats can either be interpreted as 3 no. 2-bed flats and 1 single flat.
These properties are in need of complete renovation and upgrading in order to comply with current legislation.
The vendors have commissioned a Building Survey and copies of this Survey are available to bona fide purchasers.
These properties are of traditional brick construction with a pitched timber roof, currently surfaced with pantiles.
Location
Nottingham is a major provincial city in the East Midlands with substantial interests in retail, manufacturing, education, call centre offices, warehousing and distribution. Nottingham has a population of circa 275,000 persons, 90,000 students, a leisure catchment of 750,000+ together with a shopping catchment of approximately 2,000,000.
Carlton is a predominantly residential area situated approximately 2-3 miles due east of Nottingham City Centre.
Carlton Hill forms part of the B680 trunk road and runs in a westerly direction from its junction with Carlton Square to eventually connect with Carlton Road at its western extremity and then into Nottingham City Centre.
This property is situated at the junction of Carlton Hill with Baird-Parker Drive to which it has an extensive return frontage. The surrounding properties are all occupied for residential purposes.
As elsewhere throughout the United Kingdom, Nottingham enjoys a buoyant letting market for apartments/flats such as the subject property where there is a strong demand.
This is a popular location with good access into Nottingham City Centre.
Accommodation
119 Carlton Hill - 463 sq ft
119a Carlton Hill - 840 sq ft
121 Carlton Hill - 732 sq ft
121a Carlton Hill - 840 sq ft
Total - 2,875 sq ft
Site Area & Development Potential
The land at the rear totals 0.074 acres (0.029 Hectares). It has an extensive frontage to Baird-Parker Drive of 310’0” (94.53m).
As will be evidenced from inspection the surrounding area has all been developed for town houses of varying sizes.
Subject to Planning Consent being granted, we anticipate that this site can accommodation two or three houses.
Terms
Tenure
Freehold.
Price
Offers are invited at £325,000 for the freehold interest in the above property, subject to the one occupational tenancy.
Rental Income
Currently No 119 and 121 are vacant. The first floor flats, Nos 119A and 121A, are current let at £390 and £420 pcm. Total income £9,720 per annum.
We estimate the total rental value of these flats to be not less than £32,000 per annum when they have been fully renovated and improved.
EPCs
The EPC rating for No 119 is C, expiring 20th March 2029
All the other three flats are either E or F, expiring September 2033. Consequently, the flats require upgrading.
VAT
VAT is not applicable to this sale.
Legal Costs
Each side to be responsible for their own legal costs.
Specification
- 4 Self-contained flats, 2 vacant and 2 let and income producing
- Current income £9,720 pa
- Potential income £32,000 pa together with rear garden suitable for redevelopment subject to PP
- Offers invited at £325,000