Auction Property Mixed Use 

Nottingham Road, Derby

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Features

  • Auction date: 25th & 26th November 2020
  • Mixed use investment opportunity
  • Ground floor retail premises
  • First floor self contained one bedroom flat
  • Substantial garden to the rear
  • Potential to add capital value through refurbishment
  • Currently let for £1,150 pcm (£13,800 pa)
  • Current gross yield of 9.2%
  • Freehold
  • Close to all amenities

Quick Details

1 Bedroom1 Reception1 Bathroom

Address

478 Nottingham RoadDerbyDerbyshireDE21 6PF
Details
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Property Details

•For Sale By Online Auction – 25th & 26th November 2020
•Guide Price: £150,000+
•Mixed use investment property
•Semi-detached property, retail to ground floor with residential one bedroom flat to upper floor
•Refurbishment required: Opportunity to Add Value
•Freehold

The property is in a prominent trading location fronting Nottingham Road in Chaddesden, Derby.

The immediate area is predominantly characterised by a mixture of commercial and residential occupants, the property its self enjoying good passing foot trade with nearby occupants including Travelodge, Co-op, Aldi & Iceland.

The property offers versatile accommodation arranged over two storeys and would benefit from a programme of upgrading internally to lift the capital value.

The ground floor is currently let to R. Smeeton & Co Memorials and benefits from a small sales office and larger open plan retail space both having separate access points from the front façade. There is a small kitchen area, storage space, side access door and staff WC.

The flat is accessed through the gate to the side of the property with steps leading to the entrance. The accommodation includes an open plan kitchen/ living room, one double bedroom and a bathroom.

Externally to the rear of the property there is a substantial garden, as such the property offers excellent potential for extension (STP).

Tenure

Freehold

Investment Analysis

This property is currently let for £1,150 pcm (£13,800 pa) in total, this represents a gross annual yield of 9.2% based on the guide price. Should the property be upgraded internally the rents could be increased accordingly.

We are advised that the ground floor tenant wishes to vacate the property and as such the retail shop will be vacant on completion. The tenant residing in the one bedroom flat wishes to remain in situ, he is currently paying a rent of £250 pcm (£3,000 pa).

Services

We understand the property to have mains electricity, water and drainage.

Business Rates

The shop and premises have a current rateable value of £8,100 pa.

Council Tax

The flat is rated in Council Tax Band A.

Guide Price

£150,000+

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