Buy a Mill on 10%+ yield

Any landlord that likes old building and architectural heritage will be interested in this renovated Mill.  Springfield Mill located just outside Nottingham has over 100 apartments and comes with a rent roll that equates to over a 10% gross yield on the 5.5 million asking price.

Details are contained below.  For more info contact

Michael Gorman
Email: michael.gorman@allsop.co.uk
Tel: 0113 236 6683

Robbie Underhill
Email: robbie.underhill@allsop.co.uk
Tel: 0207 344 2659

Springfield Mill, Sandiacre, Nr Nottingham NG10 5QD
Freehold Grade II Listed Converted Mill comprising 105 Apartments
11 apartments sold on long leases 94 apartments fully let subject to ASTs
20 x studios
20 x one bed apartments (including one duplex)
54 x two bed apartments (including 18 duplexes) 72 car parking spaces
Total AST income £614,760 per annum
Total ground rent income £3,025 per annum

Investment finance & mortgage search

Rental void periods fall

According to the most recent Paragon survey rental void periods have continued to fall.

The average rental void is now down to 2.8 weeks, down from 3.5 weeks in the second quarter of 2010.

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Property price twitter - fitter

Any fitter?

Halifax house price rise fails to boost year forecast - Sky news
House prices continue to fall - Cityam
House sales fall 47 percent in 3 years - Mortgage Strategy
Property investors are delusional - house price will fall - Moneyweek
Homeowners believe house prices will rise - Telegraph
Stoke house prices tumble 9 percent - Thisisbusiness
North south divide in property prices worsening - Guardian
House prices remain buoyant - BBC
Mortgage defaults rise - Guardian

See all the property price tweets

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ROI from kitchen development

Despite the general air of austerity in the UK and its property market at the moment, new instructions and buyer enquiries are on the up after dropping in the second half of 2010, according to RICS. On the other hand, the figures also revealed that house prices continue to fall in most regions – with 26 per cent of surveyors reporting a drop. That said, this is good news for landlords and property developers who have been put off from making home improvements in a bid to increase their return on investment (ROI).

When most people think of sprucing up the kitchen of a property they wince at the expected costs and efforts associated with such a feat. This isn’t necessarily the case, however, and even landlords and developers who are tightening their belts in these turbulent times can make some effective improvements to increase property value.

Choosing a modern kitchen is key to this process. Be sure to choose a kitchen that is stylish but not overbearing, as this allows any potential buyers or tenants to picture themselves adding their own personal touch to the character of the room. Take a step back and consider what you like about your kitchen and what it is lacking. If necessary, replace tired cupboards and units and update appliances such as cookers and fridges. When carrying out your property development, bear in mind that a spacious kitchen is essential for many homebuyers, especially those with large families. Online retailers can offer advice on how to structure a kitchen to your requirements.

As the hub of a home, a quality kitchen can be the USP of a property. If the kitchen isn’t quite up to standard, kitchen redevelopment is well worth the investment and can result in a substantial increase in property value. Surveys suggest that up to 80 per cent of homebuyers would be prepared to spend more on a house with a newly renovated kitchen. What is more, independent surveys suggest that sellers can see up to a 93 per cent ROI they have made renovating a kitchen.

Fire doors cost landlord £115k

Landlords need to take fire safety very seriously. Fires cost lives and as a case down in Devon demonstrate it also could cost a landlord millions.

Joseph Draper was fined £115,000 for failing to comply with the Regulatory Reform Fire Safety Order 2005. Draper admitted the lapses in the terrace house which provided accommodation on 5 floors with a total number of 7 bedrooms.

Draper admitted some of the doors did not have enough fire protection such as self closing protection or smoke seals.

Draper also faces insurance claims of up to £1.5 million, building costs of £500,000 and legal fees of £100,000.

The case does illustrate the dilemma for many landlords with HMOs. Fire safety doors may be needed to comply with regulations; but how often are they then just kept propped open totally negating their intended purpose due to their total impracticality.

Any views about the use of fire doors in HMOs post them below.

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Tips On Tenancy Deposit Disputes 38: Tenancy Agreements #2

Tip 38: Get a tenancy agreement drawn up professionally

There are a lot of Assured Shorthold Tenancy agreements available for download on the internet and they are, in the most part, fine. They will do the basics of making your let legal. There is, however, absolutely no substitute for getting an agreement drawn up by a solicitor that you trust. Just half an hour or so of their time will get you a legally compliant agreement that includes all the clauses that you need.

Landlords often lose deposit disputes because the clauses they seek to rely on, dealing with supplementary issues such as smoking or pets, are either not there or don’t say what they need them to say. By getting a bespoke document you ensure that you maintain proper control over the conditions of the contractual arrangement. Are you really happy to hand control of your property over to a tenant with only a £5 downloaded pro-forma contract as security?

Getting a solicitor to draw up your AST may seem expensive, but when you consider that you will probably reuse it many many times in your letting career, and that agreements from solicitors come backed by their professional indemnity insurance policy, the value is clear.

Tom Derrett is the Principal of Deposit Claim, an experienced deposit protection adjudicator and an expert on the Deposit Protection Schemes. Tom helps landlords to claim money through the deposit protection schemes.


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