The Property comprises a 5-storey building arranged into amix of 90 self-contained studio and 1-bed apartments alongwith communal and service areas along with a fenced rear carpark for 20 vehicles.
The building is of steel frame construction with concrete-clad elevations sitting beneath a flat roof. Aluminium-framed double glazed windows and doors are fitted throughout.
Location
Doncaster is the second largest settlement in South Yorkshire, with a resident population of 308,100 recorded in the 2021 census.
Transport links, whether by road or rail, are excellent with the major junctions of the M1, M18, M62, A1M and M180 motorways lying within 10-miles proximity alongside the central train station serving as a major hub on the East Coast Main Line. Rail travel times between London and Edinburgh are approximately 1h 35m and 3m 05m respectively.
The city centre benefits from an abundance of shopping and leisure amenities including the Frenchgate Shopping Centre, a plentiful supply of convenience retailing, a multiplex cinema and a diverse array of restaurants, pubs and clubs making it an excellent place to live, work, and invest.
The Property is prominently situated on Princegate within the heart of the city centre, conveniently located between The Frenchgate Shopping Centre, the city’s main transport interchange and the recently developed Waterdale Civic and Cultural Quarter.
The Civic and Cultural Quarter provides the following modern amenities:
- A major new 5 storey, 157,500 sq ft Grade A Civic Office
- Cast – an 820-seat state of the art theatre
- A new state of the art 6 screen cinema let to Savoy
- A new University Technical College
- The Gables – 100 contemporary family homes
Accommodation
Floor Areas - We are advised that the apartments provide a range of sizes with gross internal floor areas of between 245 sq ft to 398 sq ft.
Site Areas - AreasThe total site area is 0.26 acres (0.10 hectares).
Terms
Asking Price & Offers - We are instructed to seek expressions of interest for the unencumbered freehold.
Data Room - Our online data room provides further information for parties wishing to conduct detailed due diligence. Please contact us regarding access.
VAT - The property is not elected for VAT purposes.
Legal Costs - Each party is to be responsible for their own legal costs incurred in connection with a sale.
Management and Services:
Longer Term Lettings - The current managing agent charges a 6.5% + VAT management fee in respect ofthe gross rental income collected from units subject to longer-term AST agreements(currently comprising 73 of the total 90 units). In addition to contracted rent acontribution to utilities is collected from each occupier.A breakdown of the current income generated from the longer-term lettings isprovided within our data room.
Shorter Term Lettings - In respect of the shorter-term lettings (comprising 14 of the total 90 units) thecurrent agent charges a 12.5% + VAT booking fee in respect of each letting.
Bookings are currently made through the My Property Host onlineportal(https://www.mypropertyhost.com/).
Operating Costs - A schedule detailing the Property’s operating costs is contained with our data room.
The Property’s 2024 operating budget is c. £218,000 + VAT.
Specification
- 90 self-contained studio and 1-bed apartments with fitted kitchens and bathrooms.
- Well-portioned floor space.
- Dual staircases both serving all floors.
- 2 passenger lifts serving all floors.
- Secure car park (20 spaces), providing additional income.
- Additional cycle store.
- All mains services provided.
- High-speed broadband connection to all apartments.