72 Ilkeston Road

Sold STC

Location

72 Ilkeston Road
Nottingham
Nottinghamshire
NG7 3GQ

Size

3669 sq ft (340.86 sq m)

Price

Offers are invited in the region of £600,000 which reflects a net initial yield of 6.35%. The income could increase by £18,000 per annum by converting the first floor into a 5-bed student flat (assumes £75pw). This increases the yield to 8.77% which includes allowing for management at 15%, but not the costs of converting the first floor. Offers are invited by 5.30pm on Wednesday 28th March. Interested parties should request the offer format prior.

The premises comprise a former public house converted in 2008 to provide a pharmacy at ground floor and first floor accommodation suitable for residential / student lettings. The property has a substantial frontage onto Ilkeston Road and also benefits from a large self-contained car park for upto 13 vehicles. The upper floor accommodation is currently vacant and requires refurbishment, but offers an opportunity for an investor to create value by converting to residential use. There are 9 rooms on the first floor including bathroom and kitchen and the current vendors believe the accommodation would convert to a large 5 bedroomed self-contained flat.

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