This is a substantial building probably erected 120 years ago with accommodation arranged on ground and three upper floors, with a main frontage to Woodborough Road and a return frontage to Dagmar Grove.
No 420 has a main entrance from Dagmar Grove and consists of six flats on basement/lower ground, first and second floors. No 422 which is an integral part of the building, consists of three flats arranged on ground, lower ground and first floors. This has a separate entrance from Woodborough Road.
This property is of traditional brick construction under a pitched slate roof. In recent years a number of the windows have been modernised with PVC sections.
To the rear of the property there is a car park capable of accommodating at least 6 to maybe 9 cars.
In our opinion, subject to Planning Consent being granted, this is suitable for development for further apartments as is evidenced from what has happened on one of the sites opposite.
The accommodation of this property consists, therefore, of a mixture of one bedroom and two bedroom flats. All properties have the benefit of fitted units to the kitchens, separate bathrooms with wash basin and WC, and full gas fired central heating. All properties are separately metered.
Location
Nottingham is a major provincial city in the East Midlands with substantial interests in retail, manufacturing, education, call centres, 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.
Woodborough Road is one of the main thoroughfares out of the city centre to the north-east of the City. This property is situated on the western side of Woodborough Road, in a prominent location opposite substantial houses forming part of the Mapperley Park Conservation area, whereas those properties on the eastern side are more densely developed.
The property has a main frontage to Woodborough Road and a return frontage to Dagmar Grove. To the rear of the property there is a car park accessed off Denmark Grove.
The surrounding properties are almost entirely occupied for residential purposes.
As elsewhere throughout the United Kingdom, Nottingham enjoys a buoyant letting market for apartments such as the subject property.
Accommodation
420 Woodborough Road – Flat 1 - 34 sq m (366 sq ft)
420 Woodborough Road – Flat 2 - 48 sq m (517 sq ft)
420 Woodborough Road – Flat 3 - 69 sq m (743 sq ft)
420 Woodborough Road – Flat 4 - 75 sq m (807 sq ft)
420 Woodborough Road – Flat 5 - 61 sq m (656 sq ft)
420 Woodborough Road – Flat 6 - 51 sq m (549 sq ft)
422 Woodborough Road – Flat 1 - 54 sq m (581 sq ft)
422 Woodborough Road – Flat 2 - 56 sq m (602 sq ft)
422 Woodborough Road – Flat 3 - 44 sq m (473 sq ft)
Total - 492m² (5,296ft²)
Terms
Tenure - Freehold.
EPCs, ASTs and Plans - Copies of the EPCs, ASTs and Plans are available upon request.
Development Potential - Some of the apartments have been modernised, whereas the others should be upgraded which will considerably enhance their lettability and the rental value achieved. At the same time the car park at the rear, subject to Planning Consent, is capable of being developed to provide additional accommodation. We estimate the site at the rear has a net area of 0.049 acres.
Price - Offers are invited at £XXX
Legal Costs - Each side to be responsible for their own legal costs.
VAT - VAT is not applicable to this sale.
Identity Checks - In order to comply with Anti-Money Laundering Legislation, any purchaser will be required to provide identification documents. The required documents will be confirmed to and requested from the successful purchaser at the appropriate time.
Legal Costs - Each side to be responsible for their own legal costs.
Specification
- Nine self-contained flats: five one-bedroom and four twobedroom.
- Current Income £XXX pa
- Potential Income £XXX pa
- Offers invited at £XXX to show an initial yield of 6.82% on the current residential income and 7.5% on the reversionary income