24 Bedroom Detached For Sale   |   Lymouth Crescent, Bobbers Mill, Nottingham, Nottinghamshire, NG7 5RD   |    £1,150,000 Sold STC

Summary

This well-maintained 1960s apartment building offers a fantastic investment opportunity with 12 two-bedroom apartments, each spanning approximately 66 square meters. Located in a peaceful cul-de-sac, the property enjoys a quiet and desirable setting. Currently generating a total annual rental income of £98,000, averaging £674 per month per apartment, there is significant potential to increase rental income to £114,000 annually by raising rents to £795 per unit.

Each apartment is separately metered for gas, electricity, and council tax, with an estimated value of £110,000 per unit. The building holds EPC ratings of C or D and offers exciting opportunities for further development. The 10 garages situated alongside the block present potential for redevelopment, including the possibility of adding an additional storey, subject to planning approval.

The freehold property, including the garages, is being offered for £1.15 million, with the option to purchase via an SPV Ltd Co. The current annual running costs of £10,860 cover emergency lighting testing, gas safety checks, communal electricity, cleaning, gardening, window cleaning, and insurance.

Future growth prospects include rent increases through regular reviews, redevelopment of the garages to add more parking, and modernization of both the front façade and the apartments themselves to elevate rental values and long-term capital appreciation. With considerable upside potential, this is an exceptional investment with multiple avenues for improvement and value enhancement.

Location

Bobbers Mill is a vibrant and diverse neighbourhood located in the north of Nottingham, UK. It is situated just a short distance from the city centre, offering both the benefits of urban convenience and a more residential, quieter environment. The area has undergone significant regeneration in recent years, with a mix of traditional and modern housing, as well as improved local infrastructure.

Additional Information

For further information on this property please call 01157342000 or e-mail enquiries@lester-bingley.co.uk