Description
We believe this property works best with a mortgage at 75% LTV or less based on a mortgage interest rate of 5%.
A successful long standing HMO – the six bedroom, two bathroom house is located on a residential street at the heart of Newland Avenue – a popular hub for all Hull residents but especially students being so close to the University and amenities.
There is presently a company lease in place which excludes utilities and maintenance, it is a rolling 12 month contract with the first having started in 2019. There is the option to renew or to return the property to a student house which would increase the rents, and subsequently the cashflow and the return.
Being sold as a going concern, the buyer will purchase this ready made investment complete with any tenants and furnishings (sold as seen).
The property is a traditional mid-terrace property and offers approx 1,292 ft2 of internal accommodation.
The accommodation comprises – entrance hall with partially glazed front door and window above, high ceilings, flush fire doors and tasteful decor which is carried throughout the property. The front reception is the first of the six bedrooms and offers bright, spacious accommodation. The second reception room is the living space which has access to the under-stairs cupboard and leads through to the attractive modern kitchen with fitted appliances including washing machine, dishwasher, fan oven, five ring gas hob, extraction hood and American style side by side fridge / freezer, the patterned flooring and neutral units with wood effect tops make the kitchen up-lifting and homely.
Passing through the kitchen there is an inner lobby with UPVC back door to the enclosed rear courtyard a utility cupboard, WC and shower room.
To the first floor there is a shower room complete with shower, toilet, basin with wall unit above, three double further bedrooms, ones of which benefits from having a basin within the room. Up the final staircase to the second floor are the two final bedrooms both of which have sloping ceilings to one side of the room giving them a cosy loft feel with roof windows allowing for natural light.
Externally the plot is approx 0.023 acres with enclosed hard surface yard to the rear with shared pedestrian access to the side.
The property is fully double glazed, including the fr ont and back door and is heated by an ‘Ideal’ gas boiler which has a remote heating control.
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.
The property meets with current fire regulation requirements having a Grade C-A fire alarm system with call points installed, fire doors throughout and a fire blanket in the kitchen.
The property is a short walk from Princes Avenue, Newland Avenue and Beverley Road. These roads offer a range of amenities including, numerous highly rated cafes and restaurants; independent shops, Lloyds Bank, Tesco, Sainsburys and a post office.
The property is also within walking distance of the University of Hull, the excellent location means that the property has versatility allowing it to be easily switched between student and working tenants dependent on market demand and owner preference.
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.
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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)
