Location
This week I have got rather excited about an old pub, the Duke of Devonshire, which has a planning application to be renovated and converted into nine flats, making for a great investment opportunity. The plot is located at 31A-33 Carlton Road, Sneinton, Nottingham, NG3 2DG, almost opposite to my office. This adds an additional level of interest to me.
Unknown developers snapped up the pub for £222,500 in 2018, which was over £70,000 more than its original market guide price.
Savills Estate Agents were instructed to find a suitable buyer and Victor Ktori, head of commercial at Savills told the Nottingham Post, the works will add to recent “significant regeneration” in the area.
However, he also said “It does need work doing to it.” This is always music to my ears and often signifies an investment opportunity that will generate a good return.
Key features of the planning proposal:
- Conversion
- Extensions
- 9 flats
Potential benefits of locality:
The location is perfect for professionals commuting for work in the city centre or the outer skirts of Nottingham, as it is less than a mile from Nottingham Train Station.
The property is less than a five-minute walk to national chain supermarket, Lidl and access to other shopping facilities in the city centre and Victoria Centre which are nearby.
Nottingham City Centre is less than 2 miles from the Duke of Devonshire, therefore, professionals or tenants can walk into the city centre or use the bus links close by.
Bus routes: 24,25, 27 and 44 all provide transport into the city centre.
Attractive location for students as it is close to the main university campus’ in Nottingham. And also the King Edward Park is just across the road.
With Sneinton Market, The Arena and Ice Rink all a stone’s throw away, this really is a fabulous location.
You would be looking at selling each 1-bed apartment for between £70K - £85k. You could potentially rent out the 1 bed apartments for £550.00 per calendar month (pcm)if they were ready now, and more by the time that the development is completed.
Licensing:
The property lies within the area of Selective Licensing for private rented houses. The property is not within the HMO additional licensing area and is within the citywide mandatory licensing area for HMO.
The property is within the Sneinton Market conservation area (an area of notable environmental or historical interest or importance which is protected by law against undesirable changes)
The most common Council Tax band is A for the postcode in the St Ann’s Ward of Nottingham City Council. (Check my postcode)
The most common Energy Performance Certificate (EPC) rating is D. (check my postcode)
History:
The pub dates back to the late 19th Century and was at one time a hub in the local community.
I have a particular interest in this area and am always keen to see opportunities for regeneration. I will be keeping a close eye on any developments and will update you as soon as I have more information.
Useful links:
You can find details of the planning on the Nottingham City Council’s website - Application reference - 19/00545/PFUL3 https://publicaccess.nottinghamcity.gov.uk/online-applications/applicationDetails.do?keyVal=POAM5ULYJ3Y00&activeTab=summary
Check my postcode: https://checkmypostcode.uk/ng32dg
Information on licensing can be found here: https://geoserver.nottinghamcity.gov.uk/myproperty/
