We believe this property works best at 75% or less based on an interest rate of 5%.
An immaculately presented four bedroom, two shower room property located just off Beverley Road. As you can see from the photos the property has recently been refurbished and furnished to an excellent standard – making it the perfect going concern investment.
The property is fully let as a HMO to students on a room by room basis. Being sold as a going concern, the buyer will purchase this ready made investment complete with tenants and furnishings (sold as seen).
The property is a traditional bay fronted two storey, forecourted semi-detached house, having been built in red brick with stone sills, lintels and arched porch the property has an appealing façade. The front door has been upgraded to an energy efficient UPVC door with glazing to allow light into the entrance hallway. The hallway leads through to a bright living room, beyond which is a stylish fitted kitchen with integrated appliances, rear lobby and the first of the two shower rooms.
Also to the ground floor to the front of the property is the first of the four good sized bedrooms. The remaining three bedrooms and second shower room can be found on the first floor.
Externally the plot is of a good size with an immaculate enclosed rear garden mainly laid to lawn with a paved patio area, ideal for alfresco dining. There is convenient side access along a shared gated pedestrian alley.
The property has been furnished throughout with high quality furnishings, rooms have been fitted with bespoke furniture with dedicated study areas and TV’s to help students with their studies and provide quality personal space.
The property is extensively double glazed, including the front and back door and is heated by an ‘Ideal’ gas combi-boiler, with modern double panelled radiators throughout. The heating is controlled by a remote heating thermostat and the boiler benefits from a 10 year warranty which will expire in 2029.
The property is a very short walk from Beverley Road, Cottingham Road and Newland Avenue, which offer a range of amenities including, numerous highly rated cafes and restaurants; independent shops, Banks, supermarkets and a post office. It is also within short walking distance of the University of Hull which is ideal for the student tenant demographic.
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.
As the HMO has under 5 occupants no HMO Licence is required at present. Being an HMO the property has been installed with a Grade D – mains interlinked fire detection system with battery back up. Thumb turn locks on exit doors and amenity standards sufficient for the number of occupiers.
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Buyers premium of £5,220 inc VAT is payable upon completion. Non refundable reservation fee of £1,500 plus VAT which is deducted from the buyers premium is due upon sale agreed.
