Project Description

Location
The development is situated in an ideal location favoured by students and young professionals  due to its proximity to the City Centre retail and leisure amenities, the surrounding businesses and education facilities.

Nottingham boasts two of the most popular universities in the UK, with a third of students remaining in this vibrant City after graduation. Nottingham University is part of the Russell Premier Group.

Peveril Street is less than one mile to the north of Nottingham city centre, immediately to the east of the A610.

Description
84 & 86 Peveril Street are two substantial terrace properties which have been converted to provide spacious residential apartments.

The flats are orientated over the ground and first floors of the building, and comprise spacious living/dining rooms, generous fully fitted kitchens, good size double bedrooms and modern white sanitary wear bathrooms.

Currently, both 84 and 86 Peveril Street are let out as 11 bedrooms, within four flats. However, there will be an opportunity for the purchaser to let an additional room within 84B Peveril Street, which has been done previously.

Accommodation
Not measured.

Services
We understand the property is connected mains electricity, water and drainage.

Tenure
Freehold

Council Tax
84A – C Each flat rated in Council Tax Band A
86: Council Tax Band B

EPC Rating – See legal pack

*Guide Price
£340,000

Investment Analysis
The property is let on short term tenancies to UK and Overseas tenants.  Between October 2016 and end of January 2017, both 84A – 84C & 86 Peveril Street are fully let. The income generated from 84 Peveril Street during this period will be £3,405 pcm and for 86 Peveril Street during the same period will be £750 pcm. The combined annual rental income for 84A – 84C & 86 Peveril Street, if fully occupied over a 12 month period, based on a rental income of £3,405 pcm and £750 pcm respectively, will be £49,860 pa. Assuming a one month void period on average per bed over a 12 month period this will provide an annual income of £45,705.

A separate schedule has been prepared showing the current contractual and projected income between September 2016 and August 2017. The estimated annual income over this period is £43,172.50, reflecting a gross yield of 12.69%. A new tenant will be moving into 84A Peveril Street between 11 February 2017 and 9 June 2017, paying a rent of £390 per calendar month.

The property is fully occupied so there will be no council tax payable by the purchaser. The tenancies are all inclusive of bills which are estimated to be between £7-10 per week. Assuming an annual rent of £45,705 and a net annual rent of £40,205 after accounting for bills (£5,500 pa) and voids, this reflects a net yield based before purchasers costs of 11.82%.

84B Peveril Street has previously been let as 4 bedrooms. The annual income of £49,860, which assumes the property is fully let over a 12 month period at £3,405 pcm for 84A – 84C and £750 pcm for 86 Peveril Street, therefore has the potential to increase to £54,180 if 84B is let as 4 bedrooms.

Viewing by Appointment

To view this property, please contact John Pye Property – property@johnpye.co.uk – 0115 970 6060

Please click the following link to access the legal pack documents – http://www.johnpye.auctiondocs.com/
*Submit Pre-Auction Offer

Address

84-86 Peveril Street
Nottingham
NG7 4AH

Features

✓2 x 2 Bedroom units
✓1 x 3 Bedroom unit
✓1 x 4 Bedroom unit
✓HMO licenses in place
✓11.82% net yield based on current income
✓Approximately £36,000 per bed
✓Beds let at £360 – £390 pcm
✓Potential to increase income
✓84b previously let as four beds at £360 pcm each
✓Proven record of full occupancy
✓Let to UK & overseas students
✓Good sized double bedrooms
✓Fully fitted kitchens
✓Spacious living / dining

Contact

Chris Roper MRICS
Phone: 0115 970 6060
Email: property@johnpye.co.uk
Our Ref: PR277

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