Clock Tower Apartments, Rock Valley, Mansfield, Nottinghamshire, NG18 2HT

Flat in Mansfield, 62 bedroom(s), 50 bathroom(s). Located in NG18 2HT. For sale: £8,000,000. CLOCK TOWER APARTMENTS ROCK VALLEY, MANSFIELD 50-APARTMENT FORWARD PURCHASE AND INVESTMENT OPPORTUNITY An opportunity to acquire the proposed Clock Tower Apartments, a substantial 50-apartment residential development forming part of the established Rock Valley scheme in Mansfield. Designed around the site’s distinctive retained Clock Tower, the proposed development will provide a mix of 38 one-bedroom and 12 two-bedroom self-contained apartments, arranged across the ground and four upper floors. The current proposals include passenger-lift access, communal circulation areas, external amenity space, cycle storage, landscaping and 42 proposed car-parking spaces. At the £8,000,000 asking price, the acquisition equates to approximately £160,000 per apartment. Based upon the current indicative furnished rental appraisal, the development is projected to generate approximately £571,080 per annum, representing an indicative gross yield of approximately 7.14%. The seller is prepared to consider a range of acquisition structures with suitably qualified purchasers, including a forward purchase, potential forward funding or acquisition of the completed development on an agreed turnkey basis. INVESTMENT AT A GLANCE Indicative acquisition price: Offers over £8,000,000 Number of apartments: 50 One-bedroom apartments: 38 Two-bedroom apartments: 12 Average acquisition price: Approximately £160,000 per apartment Proposed parking: 42 spaces Indicative furnished ERV: Approximately £571,080 per annum Indicative gross monthly rent: Approximately £47,590 Indicative gross yield: Approximately 7.14% Tenure: Freehold Target completion: January 2029, subject to planning and the agreed construction programme PROPOSED ACCOMMODATION The revised residential mix comprises: 38 × One-Bedroom Apartments 12 × Two-Bedroom Apartments Total: 50 apartments The mixture of one- and two-bedroom accommodation is intended to appeal to a broad section of the local rental market, including single professionals, couples, key workers and smaller households. Whole-block ownership also provides an incoming purchaser with potential operational efficiencies across lettings, management, maintenance, insurance, compliance and long-term asset strategy. INDICATIVE RENTAL APPRAISAL The current working rental appraisal assumes the apartments will be offered as furnished accommodation at the anticipated completion date. One-Bedroom Apartments 38 apartments Indicative rent: Approximately £905 pcm per apartment Combined monthly rent: Approximately £34,390 Combined annual rent: Approximately £412,680 Two-Bedroom Apartments 12 apartments Indicative rent: Approximately £1,100 pcm per apartment Combined monthly rent: Approximately £13,200 Combined annual rent: Approximately £158,400 Combined Development Indicative gross monthly rental income: Approximately £47,590 Indicative gross annual rental income: Approximately £571,080 Against an acquisition price of £8,000,000, this represents an indicative gross yield of approximately 7.14%. Allowing for an illustrative operating-cost provision of 20% would produce indicative income before finance and taxation of approximately £456,864 per annum, equivalent to an indicative net yield of approximately 5.71%. All rental and yield information is provided for investment-appraisal purposes only. Prospective purchasers must undertake their own rental, valuation, financial and operational due diligence. DEVELOPMENT AND DESIGN Clock Tower Apartments has been designed as a distinctive contemporary residential development incorporating the site’s retained Clock Tower as a prominent architectural feature. The current proposals include: • Five residential levels • 50 self-contained apartments • Passenger-lift provision • Contemporary facing-brick elevations • Aluminium window systems • Balustraded external areas • Communal circulation space • 42 proposed parking spaces • Dedicated cycle storage • External landscaping • Resident amenity and seating areas • Indicative rooftop solar-panel provision • Retention and integration of the landmark Clock Tower The combination of contemporary residential accommodation and the original Clock Tower will give the development a recognisable identity, distinguishing it from more conventional apartment schemes. PURCHASE STRUCTURES The seller is open to discussions with suitably qualified purchasers regarding the preferred acquisition structure. Potential structures include: FORWARD PURCHASE An agreement to acquire the completed development at an agreed price, allowing the purchaser to secure the investment ahead of practical completion. FORWARD FUNDING Potential purchaser involvement during the development programme, subject to an agreed funding structure, construction programme, specification and contractual protections. COMPLETED TURNKEY ACQUISITION Acquisition following practical completion, with the development d…

Price: £8,000,000.00

Location: Mansfield, NG18 2HT

Published by John Milne on OmniList.