Town house for sale

Apartments 1-8, 77-79 Upper Parliament Street, Nottingham NG1

Description

Fully let and income producing - 8 self-contained flats in the heart of Nottingham city centre, individually let on Assured Shorthold Tenancies (ASTs). The accommodation is arranged over the first and second floors, with private access at street level from Upper Parliament Street, and comprises one two-bedroom flat, six one-bedroom flats and a penthouse suite - all let and producing £68,820 per annum.

The property is in excellent condition throughout and has been well maintained internally, with all flats finished to a high standard and fully fitted bathrooms. It has an established rental track record and all EPCs are valid to 2031.

The property is held on a long lease for a term of 125 years from 24th June 2009 at a peppercorn rent, with approximately 108 years unexpired. An attractive lot size for private investors, with scope to review rents on renewal.

Offers are invited at £725,000, reflecting a gross yield of 9.49% and a net initial yield of 8.19% after service charge, building insurance and assumed purchaser's costs of 5.05%.

Location

The subject property occupies a prominent position within Nottingham's prime city centre core, on one of the principal thoroughfares linking the Old Market Square with the professional office quarter and the Theatre Royal & Royal Concert Hall.

The immediate vicinity is a short walk from both the Market Square and the Victoria Centre, in an established mixed-use area of residential, shops, offices and restaurants. The net tram network and numerous bus routes serve Upper Parliament Street, and Nottingham Trent University is just a short walk away.

Nottingham is a major East Midlands city with a population of 330,000 to 340,000, strong road links via the M1 and A52, and two major universities with over 70,000 students.

Terms

Tenure: We are advised the property is held on a long lease for a term of 125 years from 24th June 2009 at a peppercorn rent, with approximately 108 years unexpired. A copy of the lease is available on request.

Price: Offers are invited at £725,000, reflecting a gross yield of 9.49% and a net initial yield of 8.19% after service charge, building insurance and assumed purchaser's costs.

Service charge & buildings insurance: The property is managed by Workman, who deliver the site maintenance through the service charge. The current annual figure is approximately £5,136 pa and the building insurance for the current year is estimated at £1,295 pa.

VAT: We understand the property has been VAT elected and VAT is therefore applicable at the prevailing rate. It may be possible for the sale to be treated as a togc.

Legal costs: Each side is to be responsible for their own legal costs incurred in the transaction.

Identity checks: 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.

Viewings: Strictly by prior appointment through Cited Property.