Residential propety

Derby multi-tenant residential investment sold

Acting on behalf of private clients, FHP Property Consultants has sold a residential investment property in Derby.

Carlton House, which is located on London Road, Derby comprises a Grade II listed four storey building. The property comprises six 1 bedroom apartments, eight 2 bedroom apartments and benefits from private parking to the rear.

When fully let the building produces an income of around £80,000 a year. The sale price offered was £1m and a deal was struck at that level reflecting a net initial yield of 7.59%.

Darran Severn of FHP Property Consultants said: “I am delighted to have completed this sale which has been a great outcome for everyone involved. Given the nature and location of the property, I was not surprised at the strong interest we received in the building. This allowed us to close a deal within weeks. There is strong demand for freehold, occupied and vacant properties, particularly lots under £1million from local investors.

Daniel Holder, the buyer, says: “I am delighted to take possession of Carlton House, a few bumps in the road along the way, but with the help of FHP and Phoenix Lettings Derby managing agents we have managed to complete the purchase.”