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Listed for £925,000
February 14, 2025
A Prominent Detached Newly Refurbished Block Of 8 Ready Made Luxury Self Contained Apartments In A Very Strong Rental Demand Area On The Doorstep Of Nottingham City Centre With Forecast Income Of Over 8% Gross Yeild And Scope To Add 2 Further Self Contained Apartments...
A Prominent Detached Block Of 8 Luxury Apartments - The opportunity has arisen to acquire a prominent detached, charming and very substantial trophy building formerly a bank, perfectly situated for Nottingham city centre, Nottingham Trent University and array of local amenities, compromising of 8 luxury apartments set across 3 floors. Each apartment along with communal areas have been newly fully refurbished to an exceptional standard, with the apartments arranged to provide 1 x studio apartment, 2 x two bedroom apartments and 6 x one bedroom apartments. Each apartment benefits from it's own utility and electricity meters along with individual digital intercom access. The building itself benefits from the latest cctv security cameras, with a dedicated server room to the basement, along with secure mail letter boxes for each individual apartment. Planning permission for 2 further two bedroom apartments to the rear of the property was granted in 2021, providing further potential scope for increasing rental income.
Apartment 1
Ground floor apartment with open plan lounge and high finish kitchen, separate bedroom, new no expense spared double glazed UPVC sash windows and ensuite bathroom comprising of a three piece suite. LED lighting throughout, electrical wall mounted heaters with wireless mobile phone control functionality. Dedicated intercom, and separate metering for electric and water.
Apartment 2
Ground floor apartment with open plan lounge and high finish kitchen, separate bedroom, new no expense spared double glazed UPVC sash windows and ensuite bathroom comprising of a three piece suites. LED lighting throughout, electrical wall mounted heaters with wireless mobile phone control functionality. Dedicated intercom, and separate metering for electric and water.
Apartment 3
Ground floor apartment with open plan lounge and high finish kitchen, separate 2 bedrooms with new no expense spared double glazed UPVC sash windows and bathroom comprising of a three piece suite. LED lighting throughout, electrical wall mounted heaters with wireless mobile phone control functionality. Dedicated intercom, and separate metering for electric and water.
Apartment 4
First floor apartment with open plan lounge and high finish kitchen, separate bedroom, new no expense spared double glazed UPVC sash windows and bathroom suite comprising three piece suites. LED lighting throughout, electrical wall mounted heaters with wireless mobile phone control functionality. Dedicated intercom, and separate metering for electric and water.
Apartment 5
First floor apartment with open plan lounge and high finish kitchen, separate bedroom, new no expense spared double glazed UPVC sash windows and ensuite bathroom comprising three piece suites. LED lighting throughout, electrical wall mounted heaters with wireless mobile phone control functionality. Dedicated intercom, and separate metering for electric and water.
Apartment 6
First floor apartment with open plan lounge and high finish kitchen, separate bedroom, new no expense spared double glazed UPVC sash windows and bathroom suite comprising three piece suites. LED lighting throughout, electrical wall mounted heaters with wireless mobile phone control functionality. Dedicated intercom, and separate metering for electric and water.
Apartment 7
First floor apartment with open plan lounge and high finish kitchen, bedroom, new no expense spared double glazed UPVC sash windows and bathroom suite comprising three piece suites. LED lighting throughout, electrical wall mounted heaters with wireless mobile phone control functionality. Dedicated intercom, and separate metering for electric and water.
Apartment 8
Second floor apartment with open plan lounge and high finish kitchen, separate bedroom, new no expense spared double glazed UPVC sash windows and bathroom suite comprising three piece suites. LED lighting throughout, electrical wall mounted heaters with wireless mobile phone control functionality. Dedicated intercom, and separate metering for electric and water.
Price Guidance
The property is available to purchase at a guide price of £925,000.
There is an expected rental income of £74,820 per annum conservatively.
This figure represents a proposed high yield of 8.10%, based on the gross rent receivable
EPC
Each of the apartments have separate EPC's with ratings ranging from C to D.
A full list of the EPC's for each individual apartment is available upon request.
Location
Nottingham city centre and surrounding areas over the past decade has seen a substantial rise in affluence and investment, becoming a hub of prosperity and prestige. With it being home to two major universities, University of Nottingham and Trent University, one of the largest hospitals in the UK, QMC, and hub for major companies looking for a more centralised position as a whole in the UK, it is little wonder why we seeing significant change for the better in this area.
The property itself is positioned on the door step of the city centre, Peverill St just off A610 Alfreton Road, one of the main arteries to and from the centre. Just 1.6 miles from one of the UK's largest hospitals QMC, a very short walking distance of under 0.6 miles from Nottingham Trent University and just 1.7 miles from the University of Nottingham. Nottingham city railway station a mere 1.4 miles away. An array of excellent local amenities for all ages can be found nearby including a bus stop directly outside the building, with access to the M1, and other major travelling routes as little as a few miles away.
Pertinent Information
Tenure: Freehold
Local Authority: Nottingham City Council
VAT: We understand there to be no VAT applicable
Services
Mains electricity, drainage and water are understood to be connected.
Local Authority
Nottingham City Council
Important Information - Making An Offer: As part of our service to our Vendors we ensure that all potential buyers are in a position to proceed with any offer they make and would therefore ask any potential purchaser to speak with our Mortgage Advisor to discuss and establish how they intend to fund their purchase. Additionally we can offer Independent Financial Advice and are able to source mortgages from the whole of the market helping you secure the best possible deal and potentially saving you money. If you are making a cash offer we will ask you to confirm the source and availability of your funds in order for us to present your offer in the best possible light to our Vendor.
Property Particulars: Although we endeavour to ensure the accuracy of property details we have not tested any services heating plumbing equipment or apparatus fixtures or fittings and no guarantee can be given or implied that they are connected in working order or fit for purpose. We may not have had sight of legal documentation confirming tenure or other details and any references made are based upon information supplied in good faith by the Vendor. Any proposed rental figures are speculative based on comparable market data and knowledge of the local rental market. These values should not be relied upon.
Floor Plans: Purchasers should note that if a floor plan is included within property particulars it is intended to show the relationship between rooms and does not reflect exact dimensions or indeed seek to exactly replicate the layout of the property. Floor plans are produced for guidance only and are not to scale.
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