The property comprises a former public house, probably erected circa 100 years ago and currently developed by the current vendors to provide four two-bedroom flats and one studio flat.
To the west of the property there is a self-contained yard where plans are drawn up showing a proposed extension to the development to provide two selfcontained two-bedroom flats. Planning Consent was granted but has now expired.
The accommodation of each of the two-bedroom flats consists therefore of two bedrooms, living/kitchen and separate WC and bathroom. The studio flat is self-contained.
Each flat has the benefit of gas fired central heating and is separately metered.
Some of the flats have been recently refurbished. Outside the building was decorated about 12/18 months ago.
Location
Nottingham is a major provincial city with substantial interests in; retailing, manufacturing, education, call centres, offices, warehouses and distribution. Nottingham has a population of circa 275,000 persons, 90,000 students, a leisure catchment of 50,000 persons and a shopping population of approximately 2,000,000.
Leah Court lies 2 – 3 miles to the north of the city centre at the junction of Radford Road and Elan Street. Radford Road is one of the main thoroughfares running out of the city centre to the north, connecting with the Nottingham outer ring road approximately 0.5 miles to the north.
Opposite the property there is a former gasworks site which has been partly developed as a builder’s merchants. Shortly starting there is a major new residential development.
To the east, the area has been developed over the last 100 years for commercial and residential uses and continues to be occupied for such purpose.
Close by there is the Djanogly Northgate Academy and New Basford Community Centre.
Accommodation
1 Leah Court - 2 bedroom Ground Floor Flat - 63 sq m (678 sq ft)
2 Leah Court - 2 bedroom Ground Floor Flat - 56 sq m (602 sq ft)
3 Leah Court - 2 bedroom Ground Floor Flat - 50 sq m (538 sq ft)
4 Leah Court - 2 bedroom Ground Floor Flat - 66 sq m (710 sq ft)
5 Leah Court - Ground Floor Studio - 23 sq m (247 sq ft)
Please see attached brochure for further details
Terms
Tenure - Freehold.
Price - Offers are invited at £435,000 to show an initial yield of 8.13% before costs and a reversionary yield based upon an income of £36,000 per annum of 8.27%.
EPCs, ASTs and Plans - Copies of the EPCs, ASTs and Plans are available Price upon request.
VAT and Costs - Each side are to be responsible for their own costs. VAT is not payable.
Specification
- Four self-contained two-bedroom Flats and one Studio Flat
- Current income £35,400 per annum
- Potential Income £36,000 per annum
- Potential to extend the existing building on the side yard
- Offers invited at £435,000
- Initial yield 8.13%. Reversionary yield 8.27% before costs.