Acting on behalf of private clients FHP Property Consultants have sold a residential investment property in Derby.
Carlton House, which is situated on London Road, Derby comprises a Grade II Listed four storey building. The property comprises six 1 bedroom flats, eight 2 bedroom flats and benefits from a private car park to the rear.
When fully let, the building produces an income in the region of £80,000 per annum. The quoting sale price was £1 million and a deal was agreed at that level reflecting a Net Initial Yield of 7.59%.
Darran Severn of FHP Property Consultants says: “I am delighted to have completed this sale which has been a great result for all involved. Given the nature and location of the property I was not surprised at the strong interest we received for the building. This enabled us to strike a deal within a matter of weeks. There is great demand for freehold properties, both occupied and vacant, particularly lot sizes under £1 million from local investors.”
Daniel Holder, the purchaser, says: “I am thrilled to take ownership of Carlton House, a few bumps in the road along the way but with the help of FHP and the managing agents Phoenix Lettings Derby we managed to complete the purchase.”
