Full description

TENURE: Leasehold

INVESTMENT OPPORTUNITY – almost 9% return– a row of 4x terraced houses, 3 of which are 4 beds and one a 3 bed. They are located on Cathedral Street in the city centre and each house has off-road parking to the rear. Three of the houses are currently let on ASTs with the 4th due for new tenants shortly. The annual rental is approximately £57,840 which gives a yield of 4.82% based on our advertised guide price. All 4 houses are under the same ownership and being sold as a single lot under one land registry title – NK385232.

SITUATION
The property is within easy walking distance of the city centre, Norwich Cathedral, Norwich Castle, the mainline station, and the River Wensum. The River Wensum meanders through the city and offers boat and canoe rental and there are various pubs situated along the river itself. The riverside path winds its way around the centre of Norwich. Heading south on the path, takes you out towards the twenty-six miles of paths that make up Marriott’s Way, a route loved by runners and cyclists.

Norwich has a vibrant business community and as the regional centre has an extensive range of cultural and leisure facilities, including the Norwich City Football Club, the Riverside Leisure Development, complete with cinema and numerous restaurants and pubs. In May each year, the city hosts the Norfolk and Norwich Festival, bringing cultural and exciting acts and performances to the city. The city has an excellent range of state and private schools and is well known for its excellent shopping with a combination of independent retailers along with a number of premium department stores. The mainline railway station is within walking distance with regular inter-city trains to London (Liverpool Street Station). Norwich also has an expanding international Airport, which is just 4 miles north of the city.

Both the North Norfolk coast, renowned for its sandy beaches, bird reserves, seals and sailing facilities, and the Norfolk Broads are within easy driving distance.

LOCAL AUTHORITY
Norwich City Council, Band: D to E, Annual cost: £1,808.37 to £2,210.18 (2018/19).

SERVICES
Mains electricity, gas, water and drainage

LAND REGISTRY
Title NK385232

DIRECTIONS
From the train station head towards Foundry Bridge / Prince of Wales Road. Continue to follow Prince of Wales Road for 0.2 miles and then turn right onto Cathedral Street. Walk for a short distance and the properties will be located on the right-hand side.

Local Transport:

Air
East Midlands Airport (EMA), at Castle Donington 20 miles (32 km) north northwest of the City is the closest international airport. The airport is a national hub for mail/freight networks.

Alternatively, Birmingham Airport (BHX),located 38 miles (61 km) west southwest of Central Leicester, is about a 45 to 60 minute drive and can be reached by train, changing at Birmingham (New Street). London Luton Airport (LTN), about 74 miles (119 km) to the southeast, can be reached in 1 h 30 mins to 1 h 45 mins by road or main line train services. Heathrow Airport (LHR) is a 102 miles (164 km) 2 – 3 hour journey to the south by motorway, or rail travelling on East Midlands Trains and LUL/Heathrow Express/Heathrow Connect.
Leicester Airport (LRC) is a small airport some 6 miles (10 km) east of Leicester City Centre and does not currently operate scheduled services.

Note: distances from Every Street, Leicester LE1 VI

Buses
Leicester has two main bus stations: St Margaret’s Bus Station and the new and re-commissioned (May 2016) Haymarket Bus Station.

There are three permanent Park and Ride sites at Meynells Gorse (Leicester Forest East), Birstall and Enderby; buses operate every 15 mins from all sites. The park and ride services are branded as quicksilver shuttle and are contracted to Roberts Coaches from the City Council and County Council, buses use a purpose built terminal near St. Nicholas Circle.

The main bus operators for Leicester and the surrounding area are Arriva Fox County, Centrebus, First Leicester, Hinckley Bus (Part of Arriva Midlands), Kinchbus, Leicester Bus, and Stagecoach Midlands.

National Cycle Network
National Cycle Network Route 6 passes through Leicestershire along with other secondary routes. The Leicester Bike Park is in Town Hall Square. ‘Cycle Works’ Bike Mechanic Training Centre is in Wellington Street Adult Education Centre and former Central Lending Library.

Rail
Mainline rail – Leicester railway station lies on the eastern side of the city centre on the A6 London Road.
The rail network is of growing importance in Leicester, and with the start of Eurostar international services from London St Pancras International in November 2007 Leicester railway station has gained connections at St Pancras station to Lille, Brussels and Paris onwards.

InterCity services are operated by East Midlands Trains providing connectivity on ‘fast’ and ‘semi-fast’ services to London and the south east, and to major cities and towns in the East Midlands and Yorkshire in addition to providing local services within the East Midlands region. Trans-regional services to the West Midlands and East Anglia are provided by CrossCountry, enabling connexions at nearby Nuneaton onto the West Coast mainline and at Peterborough with the East Coast mainline.

The 99 miles (159 km) from Leicester Railway Station to London St Pancras International on the Midland Main Line, are covered in an average of 1h 25m during the morning peak, with journey times as low as 1h 06m later in the day. Transfers onto London Underground or Thameslink train services to London City or West End add another 15 to 25 minutes to the journey time and to Canary Wharf, double. The journey time to Sheffield is around one hour, with Leeds and York taking approximately two. Birmingham is 50 minutes away and Cambridge via Peterborough can be reached in around 1 hour 55m with further direct services available onto Stansted Airport in north Essex.

Road
Leicester is at the midpoint; Junctions 21, 21A and 22, of the primary English north/south M1 motorway between London and Leeds/York. This is where the M1 motorway transects with one of the primary northeast/southwest routes; the M69 motorway/A46 corridor linking to the A1 and M6 motorway at Newark-on-Trent and Coventry respectively. The M42 motorway towards Birmingham Airport terminates in North West Leicestershire some 12 miles (19 km) west northwest of the Leicester urban area.
Leicester is at the nexus of the A6/(A14), A50, A47 and A607 trunk roads and A426 and A5199 primary routes.

Across the East Midlands the housing marking is bouncing back but it is a lack of stock that continues to impede sales growth.

Momentum in the East Midlands housing market picked up in March, as buyer enquiries and agreed sales bounced back, according to the March 2018 RICS UK Residential Market Survey.

Respondents to the RICS survey reported some volatility in new buyer enquiries and agreed sales in the East Midlands, since the start of 2018, but one of the main factors impeding growth, alongside the ongoing concerns over affordability, is the lack of fresh stock coming onto the market.

In March, the flow of properties slowed once again, marking the 30th consecutive month respondents reported a fall in the number of houses being put up for sale. As such, average stock levels on estate agents’ books remain near an all-time low.

Sales recovered very slightly last month, with 9 percent more respondents reporting a rise rather than fall; ending a run of negative readings stretching back to February 2017. To compare, respondents in virtually all parts of the UK noted either a flat or downward sales trend this month. Looking ahead, in the near term sales are expected to remain flat but the year ahead picture does look more positive, with 25 percent of contributors anticipating an increase in sales over the next year.

Prices in the East Midlands saw little change in March (net balance of +35 percent). As prices continued to rise across the region, anecdotal evidence suggests the lack of stock as the main driving force behind house price rises. House prices also continued to drift higher in all other parts of the UK apart from London, the South East, East Anglia and the North East, where respondents reported prices to be falling.

DETAILS

Currently, 3 out of the 4 houses are let, but based on the previous and expected rental of the empty house, the 4 houses are generating an annual income of £57,840. Based on our guide price of £1.2m this generates a return of 4.82%.

Our client has instructed us to sell the 4x houses with the existing tenants in situ, offering the new owner an immediate investment, avoiding any costly vacant periods. Jackson-Stops are not the letting agent for the property – our client lets and manages the properties directly, we have only been instructed to sell the houses.

All 4 houses are on the same title with the Land Registry – NK385232 – a copy is available upon request.

All 4 houses are very similar but do have subtle differences. At the time of writing, only 7 was empty so the photos and floor plan in these details are for number 7.

The houses have each been converted into the loft to create an additional room on the top floor.

Each house also has a cellar, most of which are accessed from the rear courtyard. The ceiling height in the cellars is compromised, but they make excellent storage areas.

They each have a small courtyard/off-road parking space to the rear. The road in front of the house itself is restricted to permit parking.

IMPORTANT NOTICE

1. These particulars have been prepared in good faith as a general guide, they are not exhaustive and include information provided to us by other parties including the seller, not all of which will have been verified by us.

2. We have not carried out a detailed or structural survey; we have not tested any services, appliances or fittings. Measurements, floor plans, orientation and distances are given as approximate only and should not be relied on.

3. The photographs are not necessarily comprehensive or current, aspects may have changed since the photographs were taken. No assumption should be made that any contents are included in the sale.

4. We have not checked that the property has all necessary planning, building regulation approval, statutory or regulatory permissions or consents. Any reference to any alterations or use of any part of the property does not mean that necessary planning, building regulations, or other consent has been obtained.

5. Prospective purchasers should satisfy themselves by inspection, searches, enquiries, surveys, and professional advice about all relevant aspects of the property.

6. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact; we have no authority to make or give any representation or warranties in relation to the property. If these are required, you should include their terms in any contract between you and the seller.

7. Viewings are strictly by prior appointment with sole agents Jackson-Stops. If there is any point which is of particular importance to you, we invite you to discuss this with us, especially before you travel to view the property.