We believe this property works best at 75% LTV or less based on an interest rate of 6%.
The property is a fantastic HMO investment opportunity having recently undergone a programme of improvements. The eight bedroom, two bathroom (plus separate toilet) house is located on a popular residential street that leads off Beverley Road through to Newland Avenue and is within striking distance of Hull University. A supported living contract has just come to an end on the property and as such it is now being advertised for new tenants for the remainder of this academic year and for the 1st September 2024 intake.
The property is an attractive forecourted mid terrace house set over three floors built in yellow brick and with attractive features such as the large square bay to the ground floor with decorative wooden panelling and mouldings to the top, the entrance porch, stone sills and brick arches. The house is fully double glazed, including the front and back door and is heated by an ‘Ideal’ gas boiler which has a remote heating control.
On entering the property you are met with a spacious entrance hall which leads to the two ground floor bedrooms and on to the open plan kitchen, dining and living space beyond. Bedroom one is an impressive room, featuring a large square bay window with front aspect. Bedroom 2, originally the second reception room lies to the middle of the property with view to the rear, again it is a generous size, and benefits from a hand basin with a vanity cupboard.
The bright and spacious open plan kitchen, dining and living space is both functional and practical, ideal for encouraging a social houseshare. The current layout features a lounge area with two modern sofas, leading to a dining space with a table to seat six people. The stylish kitchen has been well designed with handleless white gloss kitchen and striking marble effect worktops, complimented by the contrasting large black electric range cooker with black chimney extraction hood over. Additionally there is an American style freestanding side by side fridge freezer and integrated washing machine.
To the rear of the kitchen is a lobby, providing access to both the rear garden and the ground floor shower room. The monochrome theme continues through to the shower room which is fitted with a large shower cubicle with mains fed mixer shower, toilet, basin with mixer tap and white vanity storage unit below, wall mounted cabinet with mirrored doors, and large chrome heated towel rail.
To the first floor there are four further bedrooms which are all of a good size and are well equipped with double beds, mattresses, freestanding furniture and some have the addition of small built in cupboards and wash basins. The second of the two shower rooms is also on this floor, fitted with a corner shower cubical with mains mixer shower, chrome heated towel rail and floor standing vanity unit with basin and mixer tap and mirrored wall cabinet for additional storage. Immediately adjacent to the shower room is the separate WC fitted with toilet and small hand basin.
To the second floor of the property are two further good size double bedrooms.
Externally the plot is of a good size with enclosed low maintenance front courtyard and rear garden .
The current owner holds an HMO licence for the property. 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.
Just a short walk from Newland Avenue and Beverley Road which offer a range of amenities including, numerous highly rated cafes, independent shops, Lloyds Bank, Tesco, Sainsburys, Lidl and a post office.
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Buyers premium of 3% + VAT – payable in two parts:
– A non-refundable reservation fee of £1,500 plus VAT or 25% plus VAT (whichever is greater
– The balance is due upon legal completion (which is collected and paid by the buyers solicitor)
