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Flats 1-5
97 Sunningdale
Grantham
Lincolnshire
NG31 9SB

Guide Price £375,000
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INCOME PRODUCING INVESTMENT OPPORTUNITY

2884 sq, ft

Approximate Site Area

For Sale

Features Include....

  • 21 SPACE CAR PARK
  • 5 TENANTED RESIDENTIAL UNITS
  • NET YIELD 6.75%
  • SERVICE CHARGE IN PLACE FOR RESIDENTS
  • THREE GROUND FLOOR RETAIL UNITS SOLD OFF ON 999 YEAR LEASE
  • TOTAL ANNUAL INCOME OF £27,300 PER ANNUM

Property Summary

Description
The property comprises a modern mixed use building built in 2008 containing three ground floor retail units and 5 residential units (2 x 1 beds and 3 x 2 beds) all situated on the first floor level. Each residential unit has one single car parking space in the main car park which provides 21 spaces in total.

The five flats measure 268 sq m (2,884 sq ft) net internal area, in total, comprising 2 apartments of 717 sq ft, one of 606 sq ft and two of 422 sq ft.
The ground floor retail units are occupied by Costcutter convenience store, Frydays Fish and Chip shop and Tailored Hair, Hairdressers.

5 units in are in Council Tax Band A
£1,152.44 per annum

Guide Price
£375,000
Note: This sale excludes the 3 retail units at ground floor, which have already been sold off on 999 year leases at a peppercorn rent.

Terms
The vendor is selling the Freehold interest in the whole property and site, including the ground floor retail units, five residential flats and the 21 space car park.
However, the ground floor retail units (3 in total) have been sold off on 999 year leases at peppercorn rents.

Service Charge
The five residential units are responsible for 44% of the service charge of the whole building, which equated to £2,000 in the last 2 years (subject to change), to cover external repairs and cleaning, lighting, maintenance of any common areas and includes the buildings Insurance
VAT
Unless stated all prices are quoted exclusive of Value Added Tax (VAT).

Legal Costs
Each party will be responsible for their own legal costs incurred in this transaction

Energy Efficiency Rating
A copy of the Energy Performance Certificate is available upon request.

Services
Mains water, electric and drainage are connected to the property. The services or installations have not been serviced or tested. Heating is provided to all five residential units by way of wall mounted electric storage heaters

Viewing
Strictly by prior appointment through the sole letting agents, Musson Liggins.

Grantham is an historic thriving and rapidly expanding market town with a population of some 35,000. The town is ideally situated for communication links being bypassed by the main A1 Trunk Road convenient for Nottingham and Peterborough and having regular Inter City train services to London's Kings Cross.

Grantham has excellent facilities including first class Junior, Secondary and Grammar Schools and a wide range of health care services. The town also benefits from a new shopping centre development, sports and recreation pursuits and has everything which should be associated with a progressive community

0 - 10,000 sq ft

For Further Information Contact

Matthew Wade BSc (Hons) MRICS

Director

Professional Experience I first came to Nottingham in 1999 and my first job was as a graduate surveyor with FHP. I qualified as a chartered surveyor in 2000 and then joined Geo. Hallam & Sons and latterly Humberts where I..

Jack Farrell - Surveyor

Experience I have worked at Musson Liggins since May 2018 having previously worked at Bairstow Eaves in Nottingham. I assist with all aspects of General Practice surveying however the majority of my time is spent dealing with commercial property agency...

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