A fantastic opportunity to acquire a five bedroom, one bathroom mid-terrace House of Multiple Occupancy (HMO). The property would benefit from some refurbishment works due to age and wear and tear. The property is located on Goddard Avenue which is a very popular residential street off Newland Avenue. Newland Avenue offers vibrant day and evening scenes with independent shops, bars and restaurants. It is just over a mile away from the University and is well placed to operate as a professional HMO or student HMO.
A supported living contract has recently come to an end and so the property is being advertised for tenants for now and for the next academic year (1st September 2024).
The buyer will purchase the property with furnishings included (sold as seen).
The property is a traditional mid-terrace house with small enclosed forecourt to the front. There is convenient on street parking to the front which does not require permits.
On approach an appealing arched porch with feature victorian tiles is complemented by a recently installed UPVC entrance door, beyond which is a convenient hallway with high ceilings. The hallway provides access to the first two of the five bedrooms which are spacious double rooms. To the rear of the property a lounge leads through to the kitchen, rear lobby and recently refurbished shower room. The lounge would benefit from an improved layout, potentially incorporating a breakfast bar arrangement.
To the first floor of the property there are three further double bedrooms and a second recently refurbished shower room.
The internal accommodation extends to approximately 1,163 Ft2 / 108m2. Externally the plot extends to 0.024 acres, a single storey rear extension has been added and built over the rear yard to the boundary, there remains a practical enclosed yard which has a hard surface for low maintenance.
The property would benefit from a refurbishment programme, which would increase the value, returns and monthly cashflow (read on for illustrative numbers, our suggested works and costings breakdown).
The property is heated via an ‘Ideal’ gas combi-boiler, benefits from UPVC double glazing and has an interlinked fire detection system.
The property sits within an Article 4 area which prevents the conversion of C3 (residential dwellings) into C4 HMO’s without planning permission, due to the cap on new supply the demand for these properties has gone up significantly and as such the values are strong. This property was converted prior to the implementation of the A4 and the seller can provide supporting evidence.
The current owner holds an HMO licence for the property and has confirmed that the property met with all of the conditions of the licence. Please note that while a HMO licence is valid for 5 years, they are not transferrable and follow the person not the property – a new licence is required upon transfer of ownership.
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Buyers premium of 3% + VAT – payable in two parts:
– A non-refundable reservation fee of £1,500 plus VAT
– The balance is due upon legal completion (which is collected and paid by the buyers solicitor)
