Derbyshire, DE75 

PROPERTY DESCRIPTION 

We currently have a portfolio of 8 properties situated in a gated community in the Derbyshire area. These are 8 newly build properties which have just completed in November. The portfolio consist of x1 6 bed and x7 3 bedrooms comprising of detached and semi-detached. These are being sold as freehold properties with an overall estimated annual income of £132,000.

Photographs can be found below

Proposed Plan

A variety of options can be used with this development

1 x Six Bedroom Detached – Serviced accommodation/ Single Let/ B2S

3 x Three Bedroom Detached - Serviced accommodation/ Single Let/ B2S

3 x Three Bedroom Semi-Detached - Serviced accommodation/ Single Let/ B2S

Accommodation features

Floor Area Measurement

Measurements and calculations have been made to measure with accuracy but cannot be guaranteed. Any measurements taken at this point are approximate and no responsibly is taken for error, omission or misstatement.

Condition

The condition is a blank canvas ready for an investor of buyer simply to just furnish and move in straight away. Fresh tiling, paintwork, kitchen and bathrooms, what more do you need! There should be very little do, if anything, you need to do to it.

Construction Summary

LOCATION

The development is situated on the north side of Loscoe-Denby Lane, to the East of its junction with Bailey Close. Local shops are available along High Street which is within a short walk to the east. Both Derby and Nottingham City Centre's are accessible by car The A38 and A610 and M1 motorway are all within easy reach Both Ripley Hospital and Ilkeston Community Hospital are easily accessible.

Key Risks

• Global Economy
• Potential future increase in interest rates
• Impact of Coronavirus
• Impact of the 3% stamp duty surcharge

Tenure

• The properties will be owned on a freehold basis once the brought and assume that the title is free from any restrictions, encumbrances, rights of way, easements or other matters which would adversely affect value or marketability.

Council Tax

This will be reviewed by VOA Valuation Office Agency (VOA) once the property has been occupied.

Article 4 Area

TBC

ANALYSIS OF SALE COMPARABLE DATA 

The comparable analysis data shown below is shown of each type of property within the local proximity of the subject property dependent on size relative to the one stated.

6 Bedroom Comparable Properties

19, Mansfield Road, Heanor – This property is a small 5 bedroom detached house made for a family. The property consist of a modern family kitchen keeping all its natural features of the property. The property benefits of a large drive way and three receptions rooms with a games room. property sold in June 2022 at £415,000 with potential to get a further uplift with an extension. We would expect a similar value of the subject property on the open market as there is less chance of PD to be accepted on a new build

Wilmot Street, Heanor -  This property is a newly built similar 5 bed property ½ mile away with 3 bathrooms, driveway for 2 cars. Internally the property has a brand new kitchen but keeps all modern features such as oak doors and skirtings. In terms of location this is right near to the heart of Heanor and with local stations, bus links and the local primary school being 0.1 miles. Is currently on the marking asking £370,000 which is reasonably priced.

3 Bedroom Detached Comparable Properties

Fletcher Street, Heanor, Derbyshire  - This 3 Bedroom Detached Family Home is located close by to the Town Centre. The property benefits from a Driveway and Double Garage, good sized Garden with two Reception Rooms!  This home is described as a ‘Deceptively Sized Property’. Sold at £250,000 in May 2022 

Watson Avenue, Heanor, Derbyshire - This Home is a 3 Double Bedroom, Detached Dormer Bungalow. The property has a lovely Conservatory, ground floor modern Shower Room, Lounge, kitchen and Dining Area. The property is also complimented by a Driveway and a double detached Garage. Good sized Plot Incorporating Front & Rear Gardens. This property was sold at £258,000 in March 2022

3 Bedroom Semi-Detached Comparable Properties

Mundy Street, Heanor, Derbyshire - This property is a Three Bed Semi Detached Terrace house featuring two reception areas, Breakfast Kitchen, Downstairs WC & Shower Room and a Family Bathroom. The property also benefits from a very spacious Conservatory, a Detached Garage and off road Parking. Internally the property was in a reasonable condition. In March 2014 this property was sold at £165,000 then a further 16% was added to the total which was then sold at £190,00 in February  2022. 

Grace Crescent Heanor, Derbyshire - This property is a 3 Bedroom, Semi Detached house which is in a great location as it’s only walking distance to the town centre and schools. It’s also a short drive to the A610. The property benefits from a great sized back garden and a drive way. Internally the property is in reasonable condition. It is located in a CUL-DE-SEC area which is nicely tucked away. No upward chain and a new roof has been put in. This property was sold at £213,500 in November 2021. 

Fletcher Street, Heanor, Derbyshire - This 2 Bedroom, End of Terrace house is located in Derbyshire. Internally the property is in reasonable condition. It benefits from a large kitchen with tiled flooring. The rest of the property has carpet running throughout the bedrooms and laminate flooring in the living room area. The bathroom is very modern and spacious featuring a bath with shower and a sink. The property also benefits from a spacious conservatory leading out in to the back garden. This property was sold at £185,000 in April 2022

VALUATION

As this portfolio has been agreed to buy as all 8 properties, the final figures are shown subject to all properties.

Market Value of the portfolio in its existing condition, it’s current market and its location, with the benefit of Vacant Possession as at the date of valuation:

Having regard to the foregoing and subject to the assumptions set out earlier within this Report, we are of the opinion that the Market Value (as defined in this report) of the freehold interest in the subject property as it exists, on the basis of full Vacant Possession of all properties as at the date of this report, is:-

£2,300,000

(Two Million, Three Hundred Thousand)

Market rent of the portfolio properties are rented out in single lets when, as at the date of valuation:

Having regard to the foregoing and subject to the assumptions set out within this Report, we are of the opinion that the Market Rent (as defined in this report) of the subject portfolio when fully vacant as at the date of this report, is:-

£11,000 Per Calendar Month

(Eleven Thousand pounds)