We believe this property works best with a mortgage at 75% LTV or less based on a mortgage interest rate of 5%.
A fantastic five bedroom, two bathroom refurbished HMO located on Clough Road. Clough Road is a main road that leads onto Cottingham Road where the University is situated (under 1km from door to door) and is an incredibly popular location with students and as such the property is well placed to continue as a successful investment for years to come.
The property’s versatile accommodation will appeal to any demographic of tenant, it has historically been let to students but has recently become supported living housing with a company let in place from May 2024 through to April 2027. The rent excludes utilities and maintenance, making this a fantastic proposition with a more consistent cashflow of just under £1,000pcm and a ROI of 20% this is one of the most appealing HMO offerings we have presented in Hull for some time.
The property is fully double glazed, including the front and back door and is heated by a gas ‘Ideal’ combi-boiler which has a remote heating control.
The shared accommodation includes a light entrance hallway with lovely high ceilings, downlights and appealing neutral decor which is carried throughout the property. One of the original reception rooms has been converted to a spacious and bright bedrooms with high ceilings and bespoke furnishings. At the end of the hallway is a door through to the modern open plan kitchen, beyond which is a rear lobby home to an American fridge freezer and providing access to the back yard the first of the two bathrooms. The lounge is situation to the front of the property with feature bay window making it a bright and welcoming space.
To the first floor there are four well proportioned double bedrooms and an attractive modern shower room.
All bedrooms have been tastefully furnished with wooden effect window blinds, modern light fittings, double beds, mattresses, mattress protectors, bespoke furniture including: wardrobe, drawers, workspace, chair and TV. Three of the bedrooms also benefit from a wash basin with vanity below.
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 D mains interlinked fire alarm system installed, fire doors throughout and a fire blanket in the kitchen. The property has also been fitted with emergency lighting and call points (emergency break glass points).
The property is located just off Clough Road and is within immediate proximity to Cottingham Road and Beverley Road where there are a selection of supermarkets, takeaways, bars, cafes, a bank and gym. The popular Newland Avenue and Princes Avenue are a short walk away which offer vibrant day and evening scenes with independent shops, bars and restaurants.
The location is popular with students, young professionals and families.
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.
There is a company let agreement in place which commenced on 1st May 2024 and is fixed through to 30th April 2027. The company is a supported living provider and is continuing to use the property as a C4 HMO, placing individuals in the rooms. The rent excludes utility bills and maintenance, representing an excellent investment opportunity being more passive and with a more consistent cashflow than a standard (student or professional) let HMO.
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Buyers premium of £6,300 + 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)
