Land For Sale £490,000
Investment Opportunity, Chapel Street/ Sitwell Street, Spondon DE21

Investment opportunity offering circa 11% gross

The property market remains open in Lockdown, and we are available to assist home viewings and valuations, safely and within recommended guidelines.

Family owned long term Investment Portfolio of 5 Apartments and 5 Commercial units offered as a once in a generation opportunity to acquire a cohesive Freehold range of properties in the heart of Spondon.
Offering an annual gross income of circa 11% return, £54,000 there is potential for increased income from the existing units and further development subject to planning.

The properties and site are situated in the heart of Spondon village thereby providing a key location to the local trading.

General Information General Information – The properties and businesses as currently let will be unaffected by a sale, the buyer gaining the benefit of the ongoing income. The majority of the leases have not had rent reviews since initial occupation.

Unit 1 Benefitting from a long term occupancy holding over on current lease £3840 p.a.

Unit 2 Ongoing occupancy on a yearly lease £4800 p.a.

Unit 3 Long term occupancy on yearly lease £3600 p.a.

Unit 4 Benefitting from a 7 year lease from 2020. £8400 p.a.

Unit 5 Recently Let with a 5 year lease due to commence £7200 p.a.

Apartment 1 Recently become available after longer term tenancy £5100 p.a.

Apartment 2 Occupied on a Assured Shorthold Tenancy £5100 p.a.

Apartment 3 Occupied on an Assured Shorthold Tenancy from 2018 £5100 p.a.

Apartment 4 Occupied on an Assured Shorthold Tenancy from 2016 £4800 p.a.

Apartment 5 A larger 2 Bedroomed apartment recently become vacant after a long term tenancy expected to deliver in the region of £6000 p.a. Once returned to the market.

General Site To the rear of the property there is a Car Park owned and being sold within the portfolio servicing the businesses and flats. The Car Park is accessed by a Private Drive leading from Chapel Street. Long Term a new owner may decide upon a comprehensive redevelopment which subject to any ongoing leases and planning approvals might encompass the whole area.

Potential Development Plot Currently providing a gated pedestrian access from Sitwell Street there is a gap between properties that may lend itself, subject to planning approval, to an "infill" property creating a further shop unit and flat above thereby extending the site opportunities and revenue.

Our Ref: Hblnh