We believe this property works best with a mortgage at 75% LTV or less based on a mortgage interest rate of 5%.
Vermont Street is a high end refurbished HMO – the five bedroom, two bathroom house is located just off Beverley Road, very close to the University of Hull making this the perfect student HMO proposition. Due to its excellent condition and proximity to the Uni and other amenities it promises to be popular for years to come.
The property is now let through to August 2025. Our forecasts for the asset show a strong cashflow and return on investment of £859.62pcm and 16%+ respectively (see the full breakdown further down in the brochure). These are particularly appealing when the recent refurbishment is taken into consideration.
We have the neighbouring property available which is virtually identical and have agreed a discount with the seller for the two properties to be bought together – this is a rare and excellent opportunity!
The property benefits from being fully double glazed, including the front and back doors and is heated by a gas ‘Ideal’ combi-boiler fitted with 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. The front and middle reception rooms are now spacious and bright bedrooms with high ceilings, original decorative coving and striking exposed brick chimney breasts further complimented by blue feature walls opposite. At the end of the hallway is a door through to the modern open plan kitchen, living and dining space with light blue feature wall that really makes the neutral colour scheme pop!
The lounge area is furnished with a sofa, comfy chair and large wall mounted TV. The space flows through to the modern yet classic style kitchen which is well laid out with sink in front of the window, electric oven and integrated fridge freezer, integrated washing machine and great size breakfast bar.
There is access to the rear garden from the back of the kitchen. The rear garden offers low maintenance pavers with a picnic table – ideal for entertaining and alfresco dining.
To the first floor there are three further well proportioned double bedrooms and two modern shower rooms. All of the bedrooms have been tastefully furnished with grey 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 compartmentalisation, under-stairs protection, fire doors throughout and a fire blanket in the kitchen.
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.
Buyers premium of 3% +VAT – payable in two parts:
– A non-refundable reservation fee of £1,500 +VAT or 25% +VAT (whichever is greater)
– The balance is due upon legal completion (which is collected and paid by the buyers solicitor)
