Jubilee House, Nottingham Road, Ripley, Derbyshire, DE5 3DJ

Description

Jubilee house is a substantial mixed use property comprising 14 self contained apartments above two ground floor commercial units (sold off on 999 year leases). The property occupies a prominent position, nearby occupiers include HSBC (next door), Lidl, Wetherspoon and Costa Coffee. A new fibre glass roof was installed in 2023 with the benefit of a 10 year warranty.

Location

Ripley is a popular active market town in the heart of the Amber Valley with excellent communication links across the region, being within close proximity to the A38 and A610. Amber Valley Borough Council’s town hall and the HQ for Derbyshire Constabulary are both located in Ripley. The property is located in the heart of the town centre and the nearby Market Place provides ample parking and also houses weekly open air markets on a Friday and Saturday.

Accommodation

There are 14 apartments distributed across the first floor. They are split as
follows:-
2 x 2 bedroom apartments
9 x 1 bedroom apartments
3 x studio apartments
The property also incorporates two ground floor retail units held on 999 year leases,
both of which are subject to a peppercorn ground rent.

Tenure

Freehold – Subject to the existing tenancies.

Tenancy

Each apartment is held on an AST (copies of which are available upon request)
Flat - Rental Income PCM - Property Type
Flat 1, 1 Nottingham Road 400 Studio
Flat 2, 1 Nottingham Road 475 1 Bed
Flat 3, 1 Nottingham Road 475 1 Bed
Flat 4, 1 Nottingham Road 525 2 Bed
Flat 5, 1 Nottingham Road 600 2 Bed
Flat 6, 1 Nottingham Road 475 1 Bed
Flat 7, 1 Nottingham Road 395 Studio
Flat 8, 1 Nottingham Road 500 1 Bed
Flat 9, 1 Nottingham Road 500 1 Bed
Flat 10, 1 Nottingham Road 400 Studio
Flat 1, Booth Street 450 1 Bed
Flat 2, Booth Street 525 1 Bed
Flat 3, Booth Street 472 1 Bed
Flat 4, Booth Street 475 1 Bed
The total passing rent is £6,669 pcm, equating to £80,004 per annum.

Price

Offers based on £945,000 are sought for the Freehold interest, equating to a gross initial yield of 8.46%

Service Charge

There is a variable service charge payable as a proportionate contribution to management of common areas.

VAT

We are advised that VAT is applicable to the purchase price, although the sale is likely to be treated as a TOGC.

EPC

Available on request.

Legal Costs

Each party are to be responsible for their own legal costs that may be incurred in this transaction.

Anti Money Laundering

In accordance with anti-money laundering regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.