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Forester Road Development, Nottingham, NG3

East Midlands

£595,000
Listed on 11/03/2024

Property Details

Bedrooms
4
Type
Semi-detached house

Description

This unique property presents a remarkable investment opportunity, featuring a combination of a detached home and a semi-detached building that has been thoughtfully converted into four separate apartments. The current configuration allows for immediate rental income, while the approved planning permission provides the potential to expand the project further. With plans in place to create a total of eight apartments—seven two-bedroom units and one three-bedroom unit—this property is ideal for those looking to enhance their portfolio and capitalize on the growing demand for rental accommodation. Located in an area with excellent connectivity to major road networks, this property also benefits from proximity to reputable schools and various local amenities. This combination makes it appealing not only for investors but also for future residents who prioritize accessibility and convenience. Each apartment features functional living spaces that can be updated or renovated according to market trends or individual preferences. For instance, Flat 32A includes two bedrooms, a reception room, a kitchen, and a bathroom, while flats 34A and 34B offer similar layouts with generous dimensions. Each unit also comes equipped with essential amenities that ensure comfortable living while offering scope for modern improvements. The freehold status of the property allows for flexibility in management and potential alterations. With council tax band A categorization, this property represents an attractive option for budget-conscious tenants or homeowners alike. In summary, this listing not only affords a steady income stream through existing rentals but also positions itself as a strategic long-term investment due to its renovation potential and expansion possibilities.

Investment Analysis

(NG3 area)
Area Average
£247/sq ft
Avg Rent (weekly)
£271
Avg Yield
6.4%

Renovation Potential

Medium Refurb
Est. Renovation Cost
£80,000 - £120,000
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
37
Average per month
Market Turnover
16%
Properties sold annually

Local Market Trend (NG3)

Area prices are stable by +1.1% over the last 12 months
3 year growth: 2.1%
5 year growth: 21.7%
Investment Disclaimer: Analysis based on NG3 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Any renovation cost estimates provided are AI-generated and should be considered indicative only. Renovation costs vary significantly based on property condition and scope of work. Always conduct professional surveys and get multiple quotes before making investment decisions.

Location

Forester Road Development, Nottingham, NG3
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Mortgage Calculator

£
£
£
%
%
years

Current average 2-year fixed rate is 4.19%

Current average variable rate is 6.78%

Monthly Repayments
£2,180
Based on a loan of £446,250 over 30 years at 4.19% interest

These results are estimates and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE