Grove Court, Westgate, Worksop, S80 1NY

  • Investments
  • 0 sq ft
  • For Sale
Grove Court, Westgate, Worksop, Investments For Sale - WP_20181212_10_28_08_Pro.jpg
Grove Court, Westgate, Worksop, Investments For Sale - WP_20181212_10_29_25_Pro.jpg
Grove Court, Westgate, Worksop, Investments For Sale - WP_20181212_10_29_03_Pro.jpg
Grove Court, Westgate, Worksop, Investments For Sale - WP_20181212_10_29_08_Pro.jpg
Grove Court, Westgate, Worksop, Investments For Sale - WP_20181212_10_28_00_Pro.jpg
Grove Court, Westgate, Worksop, Investments For Sale - WP_20181212_10_29_38_Pro.jpg
Property Type Investments
Availability For Sale
Size 0 sq ft
Freehold Price Freehold £980,000
Energy Performance Rating Upon enquiry

Residential Investment for Sale

Key Features

  • 10 Fully Let Apartments
  • Producing £57,240 per annum gross
  • 42 Freehold Ground Rents Producing £10,500 per annum
  • Gross Income £67,740 per annum For Sale at a Gross Yield of 6.91%

Location

The property is located to the Eastern side of Westgate approximately 200 yards from the junction with Bridge Street close to Worksop Town Centre.

Worksop is the largest town within Bassetlaw District of Nottinghamshire with an estimated population of 45,000 and benefits from excellent access to both A1M and M1 Motorways and the Market Town is often referred to as The Gateway to The Dukeries given it's close proximity to Clumber Park and the extensive Woodland close by.

The property comprises a purpose built complex of apartments within a large gated community.  There are four blocks, each being of three storey design with three areas having been constructed of cavity brick with pitched slate effect tile roof over with the fourth building to the rear being constructed of reconstituted stone with pitched slate effect roof over.

The properties are arranged with four blocks having 42 apartments in total.  The buildings are strategically positioned within a larger than average plot having ample car parking and well maintained gardens and amenity areas. 

The properties offered for sale comprise 8 one bedroom apartments being situated at ground, first and second floor with 2, two bedroom apartments being located at first floor level.  All of the apartments are tenanted and a copy of the Tenancy Schedule attached summarises the rental income and tenancy details.

In addition to the 10 apartments the freehold of the whole development including 42 ground rents, each let on 150 year ground lease from the 1st of January 2013 at a rental of £250 per apartment per annum.

The ground leases provide for ground rent increase on the 1st of January 2024 and every 10 years thereafter.

Accommodation

The one bedroom apartments are all of the same design with entrance hallway leading to open plan lounge and kitchen with one double bedroom off and bathroom with 3 piece suite and over bath shower.  The apartments are self contained, each having their own supplies and gas central heating system.

The two bedroom apartments are of similar design with a second bedroom in addition.

A copy of the floor plan for the units is attached to these details.

Lease Terms

Each flat is let on a six month assured shorthold tenancy.

The Freehold Ground Rents are all for 150 years from the 1st of January 2013 at a Ground Rent of £250 per annum with the first rent review date on the 1st of January 2024 and every ten years thereafter.  The basis of review is the increase in the retail price index over the period.

Freehold Asking Price

£980,000 equating to a gross yield of 6.91%.

Energy Performance Certificates

All the apartments have Energy Performance Certicates Rating Band D.

Council Tax

Each apartment is assessed with Council Band A, with the current charge of £1,262 per annum.

Service Charge

There is a Service Charge and each tenant is liable to contribute towards the maintenance and repair of all common parts.

File Ref:-  WES021 11014

Fernie Greaves Chartered Surveyors

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