The property comprises a substantial building with accommodation arranged on ground and one upper floor, being formerly a Public House.
The building is of 9” and 10½” cavity brick construction under a slate roof.
The property has been extensively altered and modernized by the Vendors to provide three spacious ground floor apartments together with four similar apartments at first floor level.
The property has been upgraded with the installation of PVC windows throughout and has metal gutters and downpipes.
Each apartment consists of a living room, kitchen area with separate bedroom and en-suite facilities.
Each flat is separately metered. Heating is provided by electric convectors.
At the rear of the property there is a small rear yard approached via a covered, secure walkway from Breach Road.
As elsewhere throughout the United Kingdom, the area enjoys a buoyant letting market for apartments such as the subject property.
Location
Heanor is a town in the Amber Valley District of Derbyshire. It lies 8 miles north-east of Derby, 9.5 miles north-west of Nottingham and forms with the adjacent village of Loscoe the Civil Parish and Town Council Administered Area of Heanor and Loscoe. This has a population at the last Census of 17,250.
More than 20% of the local working population is involved in manufacturing, with the retail industry employing over 17%.
A number of well-known manufacturing companies are situated within the immediate area providing a good source of employment.
Breach Road runs in a north-westerly direction from its junction with Ilkeston Road which forms part of the A6007 Trunk Road. Breach Road connects in an easterly direction with Lacefields Road.
This property is situated close to the junction with the main road and was a former Public House. In some instances the surrounding properties have been redeveloped for modern residential use, whereas other properties also occupied for residential purposes have been upgraded.
This is a popular area, convenient for the facilities within Heanor Town Centre, but also a short travelling distance to Ilkeston and elsewhere.
Accommodation
Flat 1 - 474 sq ft
Flat 2 - 474 sq ft
Flat 3 - 474 sq ft
Flat 4 - 355 sq ft
Flat 5 - 290 sq ft
Flat 6 - 474 sq ft
Flat 7 - 474 sq ft
Total - 3,014 sq ft
Site Area - 0.024 hectares (0.06 acres)
Terms
Tenure
Freehold.
Price
Offers are invited at £577,500 to show an initial yield of 8% before costs.
EPCs, ASTs and Plans
Each apartment has an EPC rating of C. 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.
Tenancies & Rents - For a detailed view of tenancies and rents, please view attached brochure. You will note that quite a few of these rents were agreed a number of years ago and therefore there is the potential to increase the income in shall we say six to twelve months’ time.
Specification
- Seven self-contained studio apartments
- Current Income £46,200 per annum
- Fully let and income producing
- Excellent condition
- Offers invited at £577,500 to show an initial yield of 8%