CLOCK TOWER APARTMENTS

ROCK VALLEY, MANSFIELD

WHOLE-BLOCK RESIDENTIAL INVESTMENT OPPORTUNITY – 50 APARTMENTS

An opportunity to acquire the proposed Clock Tower Apartments, a substantial 50-apartment residential development within the established Rock Valley scheme in Mansfield.

The development has been designed around the site's distinctive retained Clock Tower and comprises a mix of 40 one-bedroom and 10 two-bedroom self-contained apartments, arranged over ground and four upper floors.

The proposed accommodation extends to approximately 2,390 m² / 25,726 sq ft of apartment floor area, together with communal circulation, lift access, external amenity areas, cycle storage and 42 proposed car-parking spaces.

The seller is prepared to discuss a variety of acquisition structures with suitably qualified purchasers, including a forward-purchase arrangement during the development programme, potential forward funding, or acquisition of the completed scheme on an agreed turnkey basis.

INVESTMENT AT A GLANCE

Indicative acquisition price: £8,500,000
Number of apartments: 50
One-bedroom apartments: 40
Two-bedroom apartments: 10
Apartment accommodation: c.2,390 m² / 25,726 sq ft
Average acquisition price: c.£170,000 per apartment
Proposed parking: 42 spaces
Indicative furnished ERV: c.£566,400 per annum
Indicative gross monthly rent: c.£47,200
Indicative gross yield: c.6.7%
Tenure: Freehold
Target completion: January 2029, subject to planning and construction programme

PROPOSED ACCOMMODATION

The current architectural schedule provides the following proposed unit mix:

20 × One-Bedroom / One-Person Apartments
Approximately 39 m² / 420 sq ft each

20 × One-Bedroom / Two-Person Apartments
Approximately 50 m² / 538 sq ft each

10 × Two-Bedroom / Three-Person Apartments
Approximately 61 m² / 657 sq ft each

Total: 50 apartments

The mixture of apartment sizes provides an incoming investor with exposure to different sectors of the local rental market while retaining the operational efficiencies associated with whole-block ownership.

INDICATIVE RENTAL APPRAISAL
The current working rental appraisal assumes furnished accommodation at the anticipated January 2029 completion date.

One-Bedroom Apartments
40 apartments
Indicative rent: c.£905 pcm per apartment

Combined monthly rent: c.£36,200
Combined annual rent: c.£434,400

Two-Bedroom Apartments
10 apartments
Indicative rent: c.£1,100 pcm per apartment

Combined monthly rent: c.£11,000
Combined annual rent: c.£132,000

Combined Scheme
Indicative gross monthly rental income: c.£47,200

Indicative gross annual rental income: c.£566,400

Against an indicative acquisition price of £8.5 million, this represents an indicative gross yield of approximately 6.7%.

Allowing for an illustrative 20% operating-cost assumption would produce income before finance and taxation of approximately £453,120 per annum, equivalent to an indicative net yield of approximately 5.3%.

Rental and yield information is provided as an investment appraisal only and purchasers should undertake their own valuation and rental due diligence.

DEVELOPMENT & DESIGN
Clock Tower Apartments has been designed as a distinctive contemporary residential development incorporating the site's retained Clock Tower as a defining architectural feature.

The current architectural proposals include:

Five residential levels
Passenger lift provision
Private apartment accommodation
Contemporary facing-brick elevations
Aluminium window systems
Balustraded external areas
Communal circulation
42 proposed parking spaces
Dedicated cycle storage
External landscaping
Resident amenity/seating area
Indicative rooftop solar-panel provision
Retention and integration of the landmark Clock Tower
The combination of contemporary residential accommodation with the site's original Clock Tower provides the scheme with an identity that differentiates it from conventional apartment developments.

PURCHASE STRUCTURE
The seller is open to discussions with suitably qualified purchasers regarding the preferred transaction structure.

Potential structures may include:

Forward Purchase
An agreement to acquire the completed development, allowing the purchaser to secure the investment ahead of practical completion.

Forward Funding
Potential involvement at an earlier stage of the development programme, subject to agreement between the parties.

Build-Complete / Turnkey Acquisition
Acquisition following practical completion, with the development delivered to an agreed specification.

Early engagement may provide an investor with the opportunity to influence specification, furnishing, operational requirements and management strategy.

INVESTMENT RATIONALE
Clock Tower Apartments offers the opportunity to acquire 50 residential units within a single freehold development, avoiding the time and transaction costs associated with assembling a comparable portfolio individually.

Whole-block ownership provides potential efficiencies across:

Lettings and tenant mobilisation
Property management
Maintenance
Insurance
Compliance
Utilities and communal services
Operational management
Long-term asset strategy
The scheme may be suitable for:

Private Rented Sector investors
Build-to-Rent operators
Family offices
Property investment companies
Institutional residential investors
Portfolio landlords
Housing providers
Affordable-housing operators
Managed residential platforms

LOCATION
Clock Tower Apartments forms part of the wider Rock Valley development in Mansfield, providing convenient access to Mansfield town centre, retail, employment and public transport.

Mansfield railway station is approximately 0.4 miles from the development, providing an additional benefit for occupiers and supporting the site's potential as professionally managed rental accommodation.

FURTHER INFORMATION / INVESTMENT DATA ROOM
A comprehensive information pack can be made available to suitably qualified interested parties, including, where available:

Architectural plans
Site layout
Apartment accommodation schedule
Proposed elevations
CGI imagery
Planning information
Development specification
Construction programme
Rental appraisal and comparable evidence
Proposed furniture package
Parking and access information
Warranty information
EPC and sustainability strategy
Service-charge and management assumptions
Legal and title information
Interested parties are invited to contact the selling agent for further information and to discuss the proposed acquisition structure.

IMPORTANT NOTICE
The development remains a proposed scheme and information supplied is based upon current architectural and development proposals. CGI images, plans and illustrations are indicative and are provided to demonstrate the proposed appearance and layout of the completed development.

All areas, unit numbers, specifications, rents, yields, purchase structures and completion dates are indicative and remain subject to planning, final design, construction programme, valuation, legal due diligence and contract.

Prospective purchasers should rely upon their own professional, legal, technical and valuation advice before entering into any transaction.

Block Of Flats for sale in Mansfield, Clock Tower Apartments, Rock Valley, Mansfield, Nottinghamshire, NG18 2HT