14 residential apartments that make for excellent buy to let investments. The units are competitively priced from £50,500, and are all Below Market Value (BMV). The apartments will be ready for occupation in the Spring of 2017, construction is currently underway. The development boasts a favourable payment plan. All investors will enjoy a 10 year build warranty on completion of the construction. The development has full planning approval, with residential C3 status granted.
The local rental market is strong, there is a shortage of buy to let properties in the area. Erewash Works is just 3 minutes from the Town Centre of Ilkeston, and 3 minutes from the new £10m railway station due to open in the forthcoming months. In terms of a yield, the apartments are forecast to yield up to 8.9%.
Property Overview:
Property: Erewash Works
Address: 34-35 Wood Street, Ilkeston, DE7 8GE
Inventory: 14 units - studios, 1 bed, 2 bed and 3 bed apartments
Distance: 2 minutes from 24hr Tesco Superstore, 3 minutes from Ilkeston town centre, 3 minutes from Ilkeston’s new railway station, 10 minutes from Junction 25 of the M1, 19 minutes to Derby, 20 minutes to Nottingham
Why Invest In Erewash Works, Ilkeston:
- Apartments priced from £50,500
- Forecast rental yields unto 8.9%
- Below Market Value (BMV)
- Attractive base for young professionals
- Local management company
- New c.£10m railway station just 3 minutes away
- 6 month refurbishment programme, completion Spring 2017
The Town Of Ilkeston:
The market town of Ilkeston is situated within the Borough of Erewash in eastern Derbyshire. Geographically the town is closer to Nottingham than Derby, with the former conurbation being only around two miles from the town’s eastern border. Ilkeston is considered by the Office for National Statistics for all practical purposes to be part of Nottingham. The town lies strategically positioned close to Junction 25 of the M1.
Ilkeston is Derbyshire’s second largest town with a population of 38,640 (2011 census) and is said to be one one of the largest towns in England without a station. This is all set to change, as the new £10m Ilkeston Railway Station is projected to open at the end of 2016, located just 3 minutes from the Erewash Works development! It is estimated that 160,000 passengers will use the station with its first year of operation, with its direct link to Nottingham, Sheffield etc.
Payment Terms:
- Reservation deposit of £2,500 payable upon reservation, to secure the property
- Exchange deposit - 30% of the purchase price payable within 28 days of reserving (less the £,2500 reservation deposit already paid)
- Final instalment of 70% of the purchase price on practical completion of the building (Spring 2017)
Exit Strategy:
You are able to sell the unit at any point throughout your ownership. The apartment can be purchased by owner occupiers or investors alike, with local estate agents and ROC Invest providing a resale service.