Key Information
- Gross Income £72,000 pa
- Offers in the region of £825,000, which reflects a gross yield of 8.73% from August 2024. The property is held in a company and consideration will be given to selling shares if requested.
The property comprises of a ground floor restaurant/takeaway with a glazed frontage arranged over ground and lower ground floor. The retail unit also benefit from a yard area to the rear. There are two entrances at the front which allow the upper parts to be accessed separately from the retail unit at ground floor. The upper floors provide a 4-bedroom flat which is currently let to students and benefit from open plan kitchen/lounge with relevant bedrooms and 2 bathrooms. The student/residential element of the development has been completed to a modern standard providing a fully furnished 4 bed flat. The upper floors benefit from LED lighting, WIFI, lounge with television, electric heating and washing/drying facilities.
Location
The property benefits from a prime location in Nottingham City Centre being within close proximity to The Victoria Centre shopping centre, The Corner House leisure complex, Clumber Street, and John Lewis. The property is also only a 3-minute walk from Nottingham Trent University main city campus. Nottingham is a popular city with c. 50,000 students across Nottingham Trent University and Nottingham University and benefits from a vibrant nightlife and abundance of high-quality places to eat, drink and shop.
VAT
We understand the property is not elected for VAT.
Rates
From information taken from the Valuation Office Agency (VOA) website has the following assessments: Current Rateable value: £20,750 pa Indicative Rates Payable 2023: c.£10,354.25 pa Please note the current Tenant is responsible for the Business Rates. All parties are advised to make their own enquiries at the VOA.
Viewing
Viewings are strictly by appointment with the sole agents Innes England. Please find a link to the online Matterport showing the upper floors below: https://my.matterport.com/show/?m=vfDd3xoak6k
Legal Costs
Each party is to bear their own legal costs incurred in the transaction.
Planning
We understand the property benefits from the relevant planning uses however all parties are advised to make their own enquiries of Nottingham City Council.