The property comprises probably a Victorian/Edwardian building acquired by the vendors a number of years ago and converted into six self-contained studio apartments. There are two apartments on the ground floor and four to the upper floors. Access to the ground floor apartment is directly off King Street, whilst access to the upper floor apartments is via the secure side yard to the south.
Each apartment is self-contained being well fitted out to comprise a living area with built-in kitchen facilities together with a separate bedroom. There is then a self contained shower unit, wash basin and toilet.
Each property is separately metered. Space heating is via electric convectors. Generally speaking all the properties have been well fitted out.
The original property is of 9 inch solid brick construction under a pitched slate roof.
As elsewhere throughout the United Kingdom, the area enjoys a buoyant letting market for apartments such as the subject property. Once a unit becomes vacant, it is let fairly readily.
Location
Alfreton lies within the Amber Valley, 14 miles north of Derby and 17 miles north-west of Nottingham. It has good road communications via the A38 providing access to the M1 (Junction 28) in the east with the airport to
the south.
The town has a population of 23,000 and a retail catchment of 138,000. The retail element of the town serves the needs of the surrounding community.
King Street which forms part of the A61 trunk road, runs in a southern direction from its junction with High Street and Church Street to connect with the A38 to the south. This property is situated on the western side of King Street approximately 300 yards south of the junction with the High Street. The surrounding properties are occupied by a mixture of residential and commercial use. Virtually opposite the subject property is a major Tesco store. Local shopping facilities are contained within the High Street, 5 minutes walk from the subject property. This property is situated close to the town centre of Alfreton with all the town centre amenities immediately available.
Town centre occupiers in Alfreton include Lloyds Bank, Nationwide Building Society, British Heart Foundation, Wilkinsons, Home Bargains, Boots, Bon Marche and Costa Coffee.
Accommodation
Flat 1a - Ground Floor: 430 sq ft
Flat 1b - Ground Floor: 408 sq ft
Flat 1 - First Floor: 377 sq ft
Flat 2 - First Floor: 376 sq ft
Flat 3 - First Floor: 376 sq ft
Flat 4 - First Floor: 376 sq ft
Total - 2,344 sq ft
Site Area - 0.018 hectares (0.045 acres)
Terms
Tenure
Freehold.
Price
Offers are invited at £XXX to show an initial gross yield of 8.5%.
EPCs, ASTs and Plans
Four of the units have EPC ratings of D and one has a rating of E. Copies of the EPCs, ASTs and Plans are available upon request.
VAT
VAT is not applicable to this sale.
Legal Costs
Each side to be responsible for their own legal costs.
Tenancy & Rents - For a detailed view of tenancies and rents, please view attached brochure. Please note that some of the tenants have been in occupation for many years. The most recent lettings are two new 6 month AST’s for Flat 1 and Flat 2 at £XXX pcm.
Specification
- Six self-contained studio apartments
- Central location, close to town centre
- Current Income £XXX pa
- Potential Income £XXX pa
- Well fitted out
- Offers invited at £XXX to show an initial gross yield of 8.5%