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House for sale in Mansfield Road, Nottingham

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House - £750,000

Mansfield Road, Nottingham

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First listed on: 06th March 2015

Nearest stations: Bulwell (1 mi)Nottingham (1.5 mi)Carlton (3.1 mi)Netherfield (3.1 mi)Conisbrough (4 mi)

Interested in this property? Call See phone number 020 7625 9007

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Property Description

**For Sale By Auction on 5th June**

A Substantial Freehold Residential Investment Comprising a Detached Block of Forty-Two Flats & Sixty Garages. Thirty-One Flats are Sold Off on Long Leases Producing an Income of £925 per annum with Twenty-Four of those Leases Expiring in 64 years and therefore Highly Reversionary. The Remaining Eleven Flats are Fully Let (Ten AST\'s, One Assured Tenancy) Producing a further £51,780 per annum. Thirty-One Garages are held on Long Leases in Conjunction with the Flats and of the Remaining Twenty-Nine Garages, Seventeen are Let Producing £6,120 per annum. Twelve Garages are Vacant. Total Combined Income of £58,825 per annum

Guide Price - £750,000+

Tenure
Freehold

Location
The property is situated on the east side of Mansfield Road at its junction with Gregory Boulevard close to the local shops and amenities. Nottingham city centre is approximately 1km to the south. Transport links are provided by Nottingham rail station and the M1 motorway (J26) is within easy reach.

Description
The property comprises a substantial purpose built block comprising 42 flats (31 x 2 bed, 11 x 1 bed) arranged over ground and four upper floors. The block benefits from two passenger lifts.

Accommodation & Tenancy Schedule
(Not internally inspected - all information has been supplied by the vendor)

Property

Floor

Accommodation

Tenancy Details

Current Annual Rent

Flat 2

Ground

Two Bedroom Flat

6 month AST from 18/7/11 at a rent of £395 pcm (holding over)

£4,740

Flat 3

Ground

Two Bedroom Flat

 

6 month AST from 1/10/12 at a rent of £400 pcm

£4,800

Flat 10

First

One Bedroom Flat

 

6 month AST from 28/9/12 at a rent of £395 pcm

£4,740

Flat 11a

Second

Two Bedroom Flat

 

6 month AST from 28/3/13 at a rent of £425 pcm

£5,100

Flat 14

Second

One Bedroom Flat

 

6 month AST from 12/10/09 at a rent of £375 pcm (holding over)

£4,500

Flat 18

Third

Two Bedroom Flat

 

6 month AST from 15/2/13 at a rent of £425 pcm

£5,100

Flat 24

Ground

One Bedroom Flat

 

12 month AST from 1/12/06 at a rent of £375 pcm (holding over)

£4,500

Flat 29

First

One Bedroom Flat

 

Assured Tenancy from 11/9/02 at a rent of £320 pcm

£3,840

Flat 30

First

One Bedroom Flat

 

12 month AST from 29/1/07 at a rent of £375 pcm (holding over)

£4,500

Flat 41

Fourth

Two Bedroom Flat

 

6 month AST from 1/3/13 at a rent of £425 pcm

£5,100

Flat 42

Fourth

Two Bedroom Flat

 

6 month AST from 6/2/13 at a rent of £405 pcm

£4,860

24 Flats

Each flat is subject to a 99 year lease from 1978 at a ground rent of £25 p.a. Thus 64 years unexpired

£600

5 Flats

Each flat is subject to a 99 year lease from 2001/2002 at a ground rent of £25 p.a.

£125

2 Flats

Each flat is subject to a 125 year lease from 2009/2011 at a ground rent of £100 p.a.

£200

17 Garages

Each let on a monthly tenancy at 30 pcm

£6,120



Exterior
The property also benefits from communal gardens and sixty garages.

Total Current Rent Reserved £58,825 per annum. Vacant Possession of Twelve Garages

28 of the sold off flats are subject to leases with 64 years unexpired thus making them highly reversionary. One of the flats is currently extending their lease for £5,000 plus legal fees.

Note
S5(b) Notices have been served under the Landlord & Tenant Act 1987 and the leaseholders have not reserved their rights.

**For Sale By Auction on 5th June**

A Substantial Freehold Residential Investment Comprising a Detached Block of Forty-Two Flats & Sixty Garages. Thirty-One Flats are Sold Off on Long Leases Producing an Income of £925 per annum with Twenty-Four of those Leases Expiring in 64 years and therefore Highly Reversionary. The Remaining Eleven Flats are Fully Let (Ten AST\'s, One Assured Tenancy) Producing a further £51,780 per annum. Thirty-One Garages are held on Long Leases in Conjunction with the Flats and of the Remaining Twenty-Nine Garages, Seventeen are Let Producing £6,120 per annum. Twelve Garages are Vacant. Total Combined Income of £58,825 per annum

Guide Price - £750,000+

Tenure
Freehold

Location
The property is situated on the east side of Mansfield Road at its junction with Gregory Boulevard close to the local shops and amenities. Nottingham city centre is approximately 1km to the south. Transport links are provided by Nottingham rail station and the M1 motorway (J26) is within easy reach.

Description
The property comprises a substantial purpose built block comprising 42 flats (31 x 2 bed, 11 x 1 bed) arranged over ground and four upper floors. The block benefits from two passenger lifts.

Accommodation & Tenancy Schedule
(Not internally inspected - all information has been supplied by the vendor)

Property

Floor

Accommodation

Tenancy Details

Current Annual Rent

Flat 2

Ground

Two Bedroom Flat

6 month AST from 18/7/11 at a rent of £395 pcm (holding over)

£4,740

Flat 3

Ground

Two Bedroom Flat

 

6 month AST from 1/10/12 at a rent of £400 pcm

£4,800

Flat 10

First

One Bedroom Flat

 

6 month AST from 28/9/12 at a rent of £395 pcm

£4,740

Flat 11a

Second

Two Bedroom Flat

 

6 month AST from 28/3/13 at a rent of £425 pcm

£5,100

Flat 14

Second

One Bedroom Flat

 

6 month AST from 12/10/09 at a rent of £375 pcm (holding over)

£4,500

Flat 18

Third

Two Bedroom Flat

 

6 month AST from 15/2/13 at a rent of £425 pcm

£5,100

Flat 24

Ground

One Bedroom Flat

 

12 month AST from 1/12/06 at a rent of £375 pcm (holding over)

£4,500

Flat 29

First

One Bedroom Flat

 

Assured Tenancy from 11/9/02 at a rent of £320 pcm

£3,840

Flat 30

First

One Bedroom Flat

 

12 month AST from 29/1/07 at a rent of £375 pcm (holding over)

£4,500

Flat 41

Fourth

Two Bedroom Flat

 

6 month AST from 1/3/13 at a rent of £425 pcm

£5,100

Flat 42

Fourth

Two Bedroom Flat

 

6 month AST from 6/2/13 at a rent of £405 pcm

£4,860

24 Flats

Each flat is subject to a 99 year lease from 1978 at a ground rent of £25 p.a. Thus 64 years unexpired

£600

5 Flats

Each flat is subject to a 99 year lease from 2001/2002 at a ground rent of £25 p.a.

£125

2 Flats

Each flat is subject to a 125 year lease from 2009/2011 at a ground rent of £100 p.a.

£200

17 Garages

Each let on a monthly tenancy at 30 pcm

£6,120



Exterior
The property also benefits from communal gardens and sixty garages.

Total Current Rent Reserved £58,825 per annum. Vacant Possession of Twelve Garages

28 of the sold off flats are subject to leases with 64 years unexpired thus making them highly reversionary. One of the flats is currently extending their lease for £5,000 plus legal fees.

Note
S5(b) Notices have been served under the Landlord & Tenant Act 1987 and the leaseholders have not reserved their rights.

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Price History

Listed prices are those submitted to us and may not reflect the actual selling price of this property.

Date History Details
26/05/2013 Property listed at £750,000
13/05/2013 Property listed at £700,000

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Disclaimer

Disclaimer Property reference 9226EN5_3690412. Details are provided and maintained by Auction House London. Nethouseprices.com makes no warranty as to the accuracy or completeness of aforementioned details.

This property is marketed by

Auction House London

5 Hampstead Gate

1a Frognal

Hampstead

NW3 6AL

Telephone: See phone number 020 7625 9007

Arrange Viewing Arrange Viewing with Agent

Disclaimer

Disclaimer Property reference 9226EN5_3690412. Details are provided and maintained by Auction House London. Nethouseprices.com makes no warranty as to the accuracy or completeness of aforementioned details.

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This property is marketed by

Auction House London

5 Hampstead Gate

1a Frognal

Hampstead

NW3 6AL

Telephone: See phone number 020 7625 9007

Arrange Viewing Arrange Viewing with Agent

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