On behalf of our retained client we are delighted to offer on a freehold basis 41 to 47 Stafford Street, Derby which comprises a multi let residential and car park investment located in the heart of Derby city centre.
Offered for sale at £1,800,000, the property is split with the largest part being 43-45 Stafford Street which consists of a block of 32 self-contained residential lets each with a bedroom/sitting room, kitchenette facility and private en-suite shower room. With a mix of tenants including professionals and students the units are all let by way of standard AST agreements. In addition, the sale includes 41 and 47 Stafford Street, with the former comprising a single three bedroom end terrace house and the latter providing four one bedroom flats, with both properties again being let out on AST’s.
To the rear of the main block is a pay and display car park offering 31 spaces throughout the day and also with potential for significant evening trade as it is to the rear of the popular Annie’s Burger Shack. The whole investment is located within close walking distance of the city centre and Derby University’s city campus together with the dedicated student accommodation at Roman House and Agard Street. With it’s prominent location close to the city this is a mixed investment scheme with significant potential to further increase its rent roll and value.
Mark Richardson of BB&J Commercial commented “43 to 45 Stafford Street is currently producing a gross income of circa £160,000 via the residential units alone with potential for further rental growth. An investment in this location will appeal to a wide target audience given the properties proximity to the city centre, local amenities, university campus and excellent transport links. As a result we would expect a healthy demand from tenants seeking space in this location so we anticipate that any vacant units will be relatively few. The rear car park is something of a ‘cherry on top’ and again the proximity to the city centre means there is a significant parking need in this area. This in turn will generate a solid stream of income but with potential to further enhance this through clever asset management to circa £50,000pa when fully occupied. When added to the income from the residential element this looks to be a valuable freehold investment opportunity for somebody.”
To register your interest in this property or to discuss an existing requirement, please do not hesitate to contact us and an agent would be delighted to be of assistance. Contact us at commercial@bbandj.co.uk or on 01332 292825.
