Freehold Investment for sale in St. Marys Gate NG1 1AY < Back to search results

Offers In Region £550,000


A once in a lifetime opportunity to purchase the freehold of this exclusive development situated in the highly sought after Lace Market area of Nottingham.

*Please note that we are not selling the apartments themselves but the ground rent investment*

PLEASE NOTE The freehold on offer includes

Ground rents of 35 apartments generating £350pa per property

An on site first floor office space which could be used as a concierge office or rented out separately as a serviced office.

A basement area with toilet and kitchen.

Three car parking spaces - one of which is currently being used as a store room

Various store rooms

The head lease of Unit D which is currently rented to NCP car parks on a peppercorn rent with approximately 85 years remaining.

Further details including floor plans are available upon request.

LOCATION The St Mary's Court development is located within the heart of Nottingham's vibrant Lace Market district, within a short walk of Nottingham City Centre, as well as major transport links such as Nottingham Train Station and the NET Tram System.

NOTTINGHAM Nottingham is the second largest City in the East Midlands, with a population of 305,700 in the official City boundary, and a larger Nottingham urban area catchment population of 729,977 (2001 Census).
In 2012, the City was named "Transport City of the Year", having the largest public bus network in the UK and expansion of the Nottingham Express Transit transport system's second line. Nottingham is also the headquarters of many well known companies including Boots, Eon UK, Speedo and Vision Express. The City has two universities - The University of Nottingham and Nottingham Trent University, which are attended by over 60,000 students.
St Mary's Court is located on St Mary's Gate within the Lace Market area of Nottingham City Centre. Access to the multi-storey car park is at the rear of the property off Stoney Street and Kings Place. It is within walking distance of Nottingham City Centre and in close proximity to Nottingham Railway Station and Nottingham's NET Tram System.

DESCRIPTION St Mary' Court is a mixed use development comprising a multi-storey car park and 35 apartments. The premises comprise a concrete framed building with brick elevations under a pitched tiled roof. The entrance to the flats is off St Mary's Gate into a foyer area accommodating the main stairwell and a single lift, providing access to the three blocks of residential apartments.
The apartments are a mixture of 16 one bedroom flats, 30 two bedroom flats, 5 three bedroom flats and 1 four bedroom flat.
Two blocks are located on the roof of the car park, and all were extensively refurbished in 2014 when they were converted from office premises into residential occupancy.
Access to the car park is off Stoney Street and Kings Place and provides parking 350 parking spaces. The top two levels are separated via an electronic roller shutter providing private parking for the residential accommodation.

SERVICES We understand that all mains services are available and connected to the property. We have not undertaken any tests to ascertain their condition or capacity.

We have made enquiries of Nottingham City Council Planning Control Department. Detailed information regarding the subject property is only available through formal written enquiries of the Local Planning Authority and other relevant Authorities.

Therefore having scrutinised the Nottingham City Council website, we have found that a number of planning applications have been submitted and successfully determined in respect of the property as follows:-

Planning Application Ref 14/00453/PFUL3.
New replacement windows and door openings to Block A. Application received 25th February 2014, validated 25th February 2014.

Planning Application Ref 13/02056/PFUL3.
New replacement windows and door openings and metalwork. Application received 24th August 2013, validated 9th September 2013.

Planning Application Ref 13/01575/PACPD.
Conversion of offices to C3 residential dwellings. Application received 27th June 2013, validated 27th June 2013.

Planning Application Ref 13/01071/PDS4.
Details submitted to discharge Condition 2 Noise Assessment of planning permission reference 13/00210/PFUL3 received 30th April 2013, validated 30th April 2013.

Planning Application Ref 09/02539/PFUL3.
Installation of roller shutter, received 28th August 2009, validated 5th October 2009.
The property is not Listed, however it is located within the Lace Market Conservation Area, as far as we are able to determine from the Local Authority's website.

PROPERTY TAXATION We are not aware as to the property's VAT registration status. Accordingly, we have assumed that either the landlord has not elected to Waive Exemption status or that if he has it has no adverse effect on rental or capital value.

We are not aware of whether or not there are any capital allowances that might transfer with the property. Such capital allowances are dependent upon the tax position of an individual purchaser and it is not feasible to make reliable enquiries in this regard. Accordingly, we have assumed that no allowances would be available and have not adjusted our valuation. It should be noted, however, that should a purchaser be able to use significant capital allowances, this might enable him to improve his bid for the property, which could result in increasing the purchase price above our valuation.

DISCLAIMER Fixtures and fittings other than those mentioned are to be agreed with the Seller.
All measurements are approximate and are taken using a laser tape.
Statements contained within this brochure are provided in good faith and are understood to be accurate, although cannot be guaranteed since we rely on information provided by other parties. Prospective purchasers are advised to satisfy themselves as to the validity of the information contained, either by inspection or through their solicitors, prior to any exchange of contracts to purchase. Services have not been tested and it is recommended that purchasers undertake independent tests on all services and mechanical installations, prior to exchange. Details correct at time of going to print.

Money Laundering
In line with The Money Laundering, Terrorist Financing and Transfer of Funds (information on the Payer) Regulations 2017, as a regulated profession, Liberty Gate require any successful purchasers proceeding with a purchase to provide two forms of identification i.e. Passport or photo card driving license and a recent utility bill. This evidence will be required prior to Liberty Gate instructing solicitors in the purchase or the sale of a property. We are duty bound to carry out due diligence on all of our clients to confirm their identity. Rather than traditional methods in which you would have to produce multiple utility bills and a photographic ID we use an electronic verification system. This system allows us to verify you from basic details using electronic data, however it is not a credit check of any kind so will have no effect on you or your credit history. As a seller or purchaser, by proceeding with a sale or purchase, you understand that we will undertake a search with Experian for the purposes of verifying your identity. To do so Experian may check the details you supply against any particulars on any database (public or otherwise) to which they have access. They may also use your details in the future to assist other companies for verification purposes. A record of the search will be retained.