Block of flats for sale in Hounds Gate, Nottingham NG1
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Property features
- To be offered on Tuesday 24 September
- A freehold single collection
- Ground rent investment
- Subject to one overriding head lease
- Of 250 years having approx. 239 years unexpired
- Secured upon a development of 61 student units
- 61 self-contained studio flats
- 10 yearly rent reviews - next review 2033
- Rents doubling for the first three reviews then rising by rpi
- Currently producing £21,350 per annum
Property description
Strapline
Auction Sale - 24/09/2024
A freehold single collection rising ground rent investment subject to a one overriding head lease of 250 years and secured upon a development of 61 self-contained studio flats
Description
The property comprises a prominent three storey building arranged as 61 self-contained studio flats.
Location
Halley House enjoys a city centre position to the east of Maid Marian Way (A6008), within easy reach of the extensive local amenities on offer.and a short distance from Nottingham Castle to the west.
Transport
The A60 to the east connects to the A52, A453 and the M1 Motorway around six miles to the west. The Nottingham Express Transit (net) Tram service stops five minutes' walk away at Old Market Square and serves Nottingham Station, the University of Nottingham and Nottingham Trent University.
Tenancy
The property is subject to one overriding head lease for a term of 250 years (approx. 239 years unexpired) from 1 July 2013 at a current rent of £21,350 per annum with 10 yearly rent reviews. On the 10th, 20th and 30th anniversaries, the rent doubles. It then increases in line with the Retail Price Index (rpi) every 10 years thereafter. The next review is in 2033.
Accommodation
61 self-contained studio flats of various sizes
For more information about this property, please contact
Savills - National Auctions, W1G on +44 20 8022 4160 * (local rate)
Disclaimer
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Savills - National Auctions, and do not constitute property particulars. Please contact Savills - National Auctions for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.
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