Key Information
- Current gross income of c.£64,860 pa
- 8 x Apartments (1 x 1 bed, 6 x 2 bed & 1 x 3 bed)
- Income producing freehold block of apartments
- Within close proximity to the city centre bus routes and amenities such as Sainsbury's, ALDI and Puregym
- A data vault is available for the property. For access please contact kjefcott@innes-england.com
- Offers in the region of £995,000 equating to a gross initial yield of 6.52%. It is estimated that the rental income could be increased to £82,980 per annum with active asset management producing a reversionary GIY of 8.34%.
The property comprises a detached block of 8 apartments sitting in its own grounds which provides extensive car parking. Some of the apartments have most recently been modernised to provide high quality accommodation. The accommodation consists of 1 x 1 bed, 6 x 2 beds and 1 x 3 bed. The accommodation is split over the basement, ground and first floors which is accessed via an entrance foyer. The property provides good quality accommodation and the specification includes:- gas fired central heating; double glazing; carpets throughout; bathrooms and kitchens.
Location
10-12 Mayo Road lies approximately 1.5 miles north of Nottingham city centre and is well served by public transport being within walking distance of the Forest Park & Ride/Tram facility as well as a number of local bus routes. Junction 26 of the M1 motorway is approximately 4 miles distant. The property is situated just off Sherwood Rise, one of the main arterial routes leading north from Nottingham city centre. The location is mixed in nature accommodating both residential and primarily commercial office premises.
VAT
VAT is not applicable.
EPC
Available from the Agents.
Viewing
Viewings are by appointment with sole agents Innes England.
Legal Costs
Each party will be responsible for their own legal costs incurred in the transaction.
Accommodation
Measurements are quoted on a Gross Internal Area basis in accordance with the RICS Code of Measuring Practice, 6th Edition. All parties are advised to carry out their own measurements.
Planning
We understand the property benefits from planning consent for their current use as private residential units. However, all parties are advised to make their own enquiries of the local authority.