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.