House For Sale £2,750,000
Closing date for offers: 12 noon on Friday 19th August 2022. For details of the information required to accompany bids, contact CP Walker.
Sycamore Court is situated off Broadgate, close to the West Entrance to Nottingham Uni's University Park Campus and a short walk away from Beeston town centre.
Built in the 1960s, Sycamore Court is made up of 2no three storey blocks and 1no two story block proving a total of 21 flats. There are 9no two bed flats and 12no one bed flats. The flats are all currently let unfurnished at rents between £465pcm and £650pcm.
Floor plans are provided to show the layout of the flats. They offer spacious living accommodation and the potential for investors to re-organise the accommodation to create additional units.
There are 6 garages on site with 3 let at rents of £23pcm each and one at £45pcm. Further garages are being used for bin / bike / storage.
To the rear of the site is a development plot. Planning permission ref 07/00658/ful was granted for the construction of 6no two bedroom flats on this site. We understand that this permission has been implemented but there is potential to revisit planning and develop over a larger plot, to include the rear gardens of 22 and 24 Albert Road (Lots 1a and 1b outlined below).
The rear garden of No 20 Albert Road is included within the Lot but there is the option if so required to purchase the house (Lot 1c).
Sycamore Court is offered for sale as part of the disposal of the assets. Offers are invited for:
Lot 1 individually: Sycamore Court (21 flats)
Lot 2 individually: The Yard, Albert Road (6 flats)
Lots 1 and 2 together: Sycamore Court and 20 Albert Road and The Yard, Albert Road (6 flats)
In addition, if purchasers want to expand the development site at the rear of Lot 1, bids should be made for Lot 1a (rear garden of 22 Albert Road), Lot 1b (rear garden of 24 Albert Road). The house at 20 Albert Road is also offered an an option as Lot 1c.
Location
Sycamore Court is situated off Broadgate, the main road connecting Nottingham University's West Entrance with Beeston town centre. The close proximity to the University means that much of the surrounding housing provides student accommodation. There are a number of pbsa blocks adjoining: Broadgate Park, Dagfa House, Lower Court and Varsity Beeston.
Beeston town centre is a 5-10 minute walk away along Broadgate. There is a wide range of grocery and other shopping and leisure facilities in the town. There are three supermarkets (Sainsburys, Tesco and Lidl) as well as greengrocers, butchers, fishmongers and specialist food stores. The main High Street banks are also represented and there is a fantastic selection of pubs, restaurants and take aways selling food from all around the world.
Floor Plans
A set of floor plans is available showing the layout of Blocks A, B and C at Sycamore Court and of 20 Albert Road.
Sycamore Court Flats
Sycamore Court was built in the 1960s and comprises three blocks of 21 flats. Elevations are brick with a flat asphalt roof. Windows are uPVC. The flats are to varying internal standards but would benefit from further refurbishment. The flats all offer good sized accommodation and layouts could be reorganised to create further units. Heating is via electric panel or electric storage heaters.
Block A
Block A is 3 storey and has two entrances.
A1 leads to Flats 1-7 - 4no 2 bed units and 3 no 1 beds
A2 leads to Flats 8-10 - 3no 2 bed units
Block B
Block B is 2 storey and the flats are self contained.
Block B contains Flats 11-12 - 2no 2 bed units
Block C
Block C is 3 storey and has a single entrances.
Block C contains Flats 13-21 - 9 no 1 beds
Rear Development Site
To the rear of the ownership and at a lower level to the rest of the site is an area of land which has the potential for further development. Planning permission reference 07/00658/ful was granted for the erection of 6no flats each with two bedroom and on two floors. We understand that this permission has been implemented. Copies of the Plans and Permission are available in the Information Pack.
There is also the potential for purchasers to develop over a larger area to include the rear gardens to No 22 and No 24 Albert Road. If purchasers want to acquire this land, they should submit separate bids for Lot 1a (rear garden to 22 Albert Road) and Lot 1b (rear garden to 24 Albert Road).
The rear garden of 20 Albert Road is included within Lot 1 and there is an option as Lot 1c to purchase the house at 20 Albert Road if required.
Lot 1a
Also available to purchase - the rear garden to 22 Albert Road. Separate bids invited for this property.
Lot 1b
Also available to purchase - the rear garden to 24 Albert Road. Separate bids invited for this property.
Lot 1c
Also available to purchase - 20 Albert Road: A 2 bedroom semi detached property built in the 1930s with brick and render elevations and a pitched tile roof. The accommodation provides a living room, dining room and kitchen on the ground floor with two bedroom and a bathroom on the first floor. The property is let unfurnished on an AST from 1 June 2018 at £650 pcm (equating to an additional income of £7,800 per annum).
Occupational Leases
Each of the properties is let on an Assured Shorthold Tenancy with many now occupying by way of periodic tenancies following the expiry if the initial fixed term.
The properties are all let on an unfurnished basis.
1 bed rents vary between £465 pcm and £625 pcm.
2 bed rents vary between £485 pcm and £650 pcm.
The total income at Sycamore Ct is £139,284 per annum.
A Tenancy Schedule detailing the rents is available separately.
Asset Management
The properties have historically been let on an unfurnished basis to professional occupiers. Some refurbishment has taken place but there is significant potential to refurb and reorganise the layouts of the properties to improve the income stream.
Method of Sale
The assets of the Limited Company that owns Sycamore Court (and The Yard, 6 flats located on Albert Road close to Sycamore Court) are offered for sale on the following basis:
Lot 1: Sycamore Court flats and 20 Albert Road
Lot 2: The Yard, Albert Road
Offers are also invited for the purchase of Lots 1 and 2 together.
Alternatively, offers will be considered for the shares of the company so that the purchase can be completed by way of share transfer rather than freehold property sales.
Closing Date for Offers
1. Receipt of Offers - Best and final offers are to be in writing, marked "Private and Confidential", and received either at CP Walker & Son's office (107 High Road, Beeston, Nottingham, NG9 2JU) or by email to by no later than 12:00 noon on Friday 19th August 2022.
2. Amount of Offer(s): The amount offered for the purchase of:
Lot 1: Sycamore Court (21 flats), Development Land (To the rear of 14-20 Albert Road) - Guide Price £2.75m
Lot 1A: Land to the rear of 22 Albert Road - Guide Price £40k
Lot 1B: Land to the rear of 24 Albert Road - Guide Price £40k
Lot 1C: 20 Albert Road - Guide Price £245k
Lot 2: The Yard (6 flats) - Guide Price £875k
Or alternatively the amount offered for the purchase of the shares of Sycamore Enterprises (Nottingham) Limited
3. The Bidder: The name of the person or company that would be making the purchase
4. Funding: Confirmation of how the purchase is to be financed. We recommend providing evidence.
5. Conditions: Any conditions that your offer is subject to. If your offer is subject to the usual enquiries that a solicitor would make, state "subject to contact only". Other conditions (such as obtaining alternative planning consent) must be clearly stated.
6. Due Diligence: Details of any due diligence carried out and confirmation that the property has been inspected
7. Any Other Information: Any other points you feel are relevant to your offer and/or ability to complete the sale
Notes
X Offers will be opened by the vendor or agent at the same time
X The vendor is not committed to accepting the highest or any offer
X All offers received will be considered. The offer best suiting the vendor's purposes will be selected
X Any offer accepted will be conditional upon exchange of contract
Asking Price
Offers are invited for the Lots as follows:
Lot 1: Sycamore Court flats - offers in the region of £2.75m (plus options to purchase neighbouring lands if required)
Lot 2: The Yard, Albert Road - offers in the region of £875k
Offers are also invited for the purchase of Lots 1 and 2 together.
Information Pack
The following information is available on request:
Tenancy schedule
Floor Plans
Internal Photographs
Sample Tenancy Agreements
Title Plan
EPCs
Asbestos Report
Plans and Planning Permission for the development site
EICRs will be provided during the due diligence period
Planning
The properties are all within C3 use. Prospective purchasers are advised that the property falls within an area where the Local Planning Authority has made an Article 4 Direction. Accordingly, any proposed change of use from C3 to C4 use would require planning consent.
EPC Rating
EPCs are available for each of the properties (with the exception of Flat 8 where the EPC has been ordered).
Viewing
Viewings are strictly by appointment and on specified open days.
Further Information
Please contact Dan Walker on or or Rex Walker on or at
Sycamore Court is situated off Broadgate, close to the West Entrance to Nottingham Uni's University Park Campus and a short walk away from Beeston town centre.
Built in the 1960s, Sycamore Court is made up of 2no three storey blocks and 1no two story block proving a total of 21 flats. There are 9no two bed flats and 12no one bed flats. The flats are all currently let unfurnished at rents between £465pcm and £650pcm.
Floor plans are provided to show the layout of the flats. They offer spacious living accommodation and the potential for investors to re-organise the accommodation to create additional units.
There are 6 garages on site with 3 let at rents of £23pcm each and one at £45pcm. Further garages are being used for bin / bike / storage.
To the rear of the site is a development plot. Planning permission ref 07/00658/ful was granted for the construction of 6no two bedroom flats on this site. We understand that this permission has been implemented but there is potential to revisit planning and develop over a larger plot, to include the rear gardens of 22 and 24 Albert Road (Lots 1a and 1b outlined below).
The rear garden of No 20 Albert Road is included within the Lot but there is the option if so required to purchase the house (Lot 1c).
Sycamore Court is offered for sale as part of the disposal of the assets. Offers are invited for:
Lot 1 individually: Sycamore Court (21 flats)
Lot 2 individually: The Yard, Albert Road (6 flats)
Lots 1 and 2 together: Sycamore Court and 20 Albert Road and The Yard, Albert Road (6 flats)
In addition, if purchasers want to expand the development site at the rear of Lot 1, bids should be made for Lot 1a (rear garden of 22 Albert Road), Lot 1b (rear garden of 24 Albert Road). The house at 20 Albert Road is also offered an an option as Lot 1c.
Location
Sycamore Court is situated off Broadgate, the main road connecting Nottingham University's West Entrance with Beeston town centre. The close proximity to the University means that much of the surrounding housing provides student accommodation. There are a number of pbsa blocks adjoining: Broadgate Park, Dagfa House, Lower Court and Varsity Beeston.
Beeston town centre is a 5-10 minute walk away along Broadgate. There is a wide range of grocery and other shopping and leisure facilities in the town. There are three supermarkets (Sainsburys, Tesco and Lidl) as well as greengrocers, butchers, fishmongers and specialist food stores. The main High Street banks are also represented and there is a fantastic selection of pubs, restaurants and take aways selling food from all around the world.
Floor Plans
A set of floor plans is available showing the layout of Blocks A, B and C at Sycamore Court and of 20 Albert Road.
Sycamore Court Flats
Sycamore Court was built in the 1960s and comprises three blocks of 21 flats. Elevations are brick with a flat asphalt roof. Windows are uPVC. The flats are to varying internal standards but would benefit from further refurbishment. The flats all offer good sized accommodation and layouts could be reorganised to create further units. Heating is via electric panel or electric storage heaters.
Block A
Block A is 3 storey and has two entrances.
A1 leads to Flats 1-7 - 4no 2 bed units and 3 no 1 beds
A2 leads to Flats 8-10 - 3no 2 bed units
Block B
Block B is 2 storey and the flats are self contained.
Block B contains Flats 11-12 - 2no 2 bed units
Block C
Block C is 3 storey and has a single entrances.
Block C contains Flats 13-21 - 9 no 1 beds
Rear Development Site
To the rear of the ownership and at a lower level to the rest of the site is an area of land which has the potential for further development. Planning permission reference 07/00658/ful was granted for the erection of 6no flats each with two bedroom and on two floors. We understand that this permission has been implemented. Copies of the Plans and Permission are available in the Information Pack.
There is also the potential for purchasers to develop over a larger area to include the rear gardens to No 22 and No 24 Albert Road. If purchasers want to acquire this land, they should submit separate bids for Lot 1a (rear garden to 22 Albert Road) and Lot 1b (rear garden to 24 Albert Road).
The rear garden of 20 Albert Road is included within Lot 1 and there is an option as Lot 1c to purchase the house at 20 Albert Road if required.
Lot 1a
Also available to purchase - the rear garden to 22 Albert Road. Separate bids invited for this property.
Lot 1b
Also available to purchase - the rear garden to 24 Albert Road. Separate bids invited for this property.
Lot 1c
Also available to purchase - 20 Albert Road: A 2 bedroom semi detached property built in the 1930s with brick and render elevations and a pitched tile roof. The accommodation provides a living room, dining room and kitchen on the ground floor with two bedroom and a bathroom on the first floor. The property is let unfurnished on an AST from 1 June 2018 at £650 pcm (equating to an additional income of £7,800 per annum).
Occupational Leases
Each of the properties is let on an Assured Shorthold Tenancy with many now occupying by way of periodic tenancies following the expiry if the initial fixed term.
The properties are all let on an unfurnished basis.
1 bed rents vary between £465 pcm and £625 pcm.
2 bed rents vary between £485 pcm and £650 pcm.
The total income at Sycamore Ct is £139,284 per annum.
A Tenancy Schedule detailing the rents is available separately.
Asset Management
The properties have historically been let on an unfurnished basis to professional occupiers. Some refurbishment has taken place but there is significant potential to refurb and reorganise the layouts of the properties to improve the income stream.
Method of Sale
The assets of the Limited Company that owns Sycamore Court (and The Yard, 6 flats located on Albert Road close to Sycamore Court) are offered for sale on the following basis:
Lot 1: Sycamore Court flats and 20 Albert Road
Lot 2: The Yard, Albert Road
Offers are also invited for the purchase of Lots 1 and 2 together.
Alternatively, offers will be considered for the shares of the company so that the purchase can be completed by way of share transfer rather than freehold property sales.
Closing Date for Offers
1. Receipt of Offers - Best and final offers are to be in writing, marked "Private and Confidential", and received either at CP Walker & Son's office (107 High Road, Beeston, Nottingham, NG9 2JU) or by email to by no later than 12:00 noon on Friday 19th August 2022.
2. Amount of Offer(s): The amount offered for the purchase of:
Lot 1: Sycamore Court (21 flats), Development Land (To the rear of 14-20 Albert Road) - Guide Price £2.75m
Lot 1A: Land to the rear of 22 Albert Road - Guide Price £40k
Lot 1B: Land to the rear of 24 Albert Road - Guide Price £40k
Lot 1C: 20 Albert Road - Guide Price £245k
Lot 2: The Yard (6 flats) - Guide Price £875k
Or alternatively the amount offered for the purchase of the shares of Sycamore Enterprises (Nottingham) Limited
3. The Bidder: The name of the person or company that would be making the purchase
4. Funding: Confirmation of how the purchase is to be financed. We recommend providing evidence.
5. Conditions: Any conditions that your offer is subject to. If your offer is subject to the usual enquiries that a solicitor would make, state "subject to contact only". Other conditions (such as obtaining alternative planning consent) must be clearly stated.
6. Due Diligence: Details of any due diligence carried out and confirmation that the property has been inspected
7. Any Other Information: Any other points you feel are relevant to your offer and/or ability to complete the sale
Notes
X Offers will be opened by the vendor or agent at the same time
X The vendor is not committed to accepting the highest or any offer
X All offers received will be considered. The offer best suiting the vendor's purposes will be selected
X Any offer accepted will be conditional upon exchange of contract
Asking Price
Offers are invited for the Lots as follows:
Lot 1: Sycamore Court flats - offers in the region of £2.75m (plus options to purchase neighbouring lands if required)
Lot 2: The Yard, Albert Road - offers in the region of £875k
Offers are also invited for the purchase of Lots 1 and 2 together.
Information Pack
The following information is available on request:
Tenancy schedule
Floor Plans
Internal Photographs
Sample Tenancy Agreements
Title Plan
EPCs
Asbestos Report
Plans and Planning Permission for the development site
EICRs will be provided during the due diligence period
Planning
The properties are all within C3 use. Prospective purchasers are advised that the property falls within an area where the Local Planning Authority has made an Article 4 Direction. Accordingly, any proposed change of use from C3 to C4 use would require planning consent.
EPC Rating
EPCs are available for each of the properties (with the exception of Flat 8 where the EPC has been ordered).
Viewing
Viewings are strictly by appointment and on specified open days.
Further Information
Please contact Dan Walker on or or Rex Walker on or at
