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HMO Residential Investment, 72-74 Nottingham Road, Spondon, DE21 7NL

not specified / Other

For Sale - £700,000.00

Available - Last updated: 21 September 2021

The property comprises a pair of semi-detached buildings erected approximately 6 years ago, together with a forecourt to the front providing car parking and a shared rear garden.

The properties were acquired by the current owners and then adapted and converted into their current use. The accommodation of each building is identical. The ground floor consists of two small bedrooms, communal kitchen and eating area to the rear. The first floor consists of two larger bedrooms and the second floor consists of two smaller bedrooms built into the roof space. Each bedroom has en-suite facilities.

The communal kitchen has been well fitted out with two freezers, two fridges, two hobs, fitted units and dishwasher. There is also a separate room containing a washer and dryer.

These buildings are of solid 10.5 inch cavity brick and blockwork construction with PVC windows. They have a pitched roof surfaced with concrete tiles.

The properties benefit from gas fired central heating. The properties have been extremely well maintained and because of their construction have ease of maintenance costs.

Location

The city of Derby has a resident population of 236,000 persons, a metropolitan area of 1,540,000 persons, together with a retail catchment of well over 550,000 persons. The main sources of employment within the Derby area are; British Rail, Bombardier, Rolls Royce and Derby Royal Porcelain.

To the south of Derby, Toyota have established their European headquarters adjacent to the A38. In recent years the economic activity of Derby has broadened and covers a full range of facilities including; manufacturing, warehousing and distribution, financial services and white collar industries.

Nottingham Road, Spondon is situated to the east of the centre, close to the outer ring road and the A52 trunk road to Derby. This property is situated on the southern side of Nottingham Road, part of the A6052 leading from Derby towards Borrowash and elsewhere. The immediate area is a mixture of commercial, industrial and residential uses, with the predominance being on residential. The Rolls Royce complex is situated 2 – 3 miles to the west.

Accommodation

GF Room 1

GF Room 2

FF Room 3

FF Room 4

SF Room 5

SF Room 6

Terms

Tenure - Freehold

VAT and Costs - Each side are to be responsible for their own costs. VAT is not payable.

Price - Offers are invited in the region of;

£700,000 (Seven Hundred Thousand Pounds)

After allowance for the current net costs of £10,040.64 p.a. and excluding management, this produces a net income of £57,879.36 p.a. The net yield is 8.26% after all outgoings, except purchaser’s costs.

Alternatively the properties are available separately by negotiation at a price to be agreed.

Re-letability - The properties have a very good track record for re-letabiltiy. As and when the rooms become available they are usually re-let almost instantly. Throughout the Pandemic the property has remained virtually fully occupied. It is considered that the full ERV is circa £69,000 p.a.

EPCs and ASTs - Copies of the EPCs and ASTs are available upon request.

Specification

  • Virtually fully let and income producing throughout the Pandemic
  • Realistic rents – ERV £68,280/£69,000
  • No VAT payable
  • 6 tenancies to each property
  • Well maintained, excellent condition and minimal maintenance costs
  • Offers invited in the region of £700,000 to show 9.7% gross before purchaser’s costs and outgoings

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
Offers invited in the region of For Sale Freehold £700,000.00 NA

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Contact agents

Noel Roper

FHP Property Consultants

0115 882 1132



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