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 in a highly desirable location off Beverley High Road and benefitting from a detached garage. The leafy street is a short stroll away from a selection of supermarkets, takeaways, bars, cafes, a bank and gym. The University is also only a few minutes walk – approximately 1km door to door. The location is incredibly popular with families, professionals and students and as such the property is well placed to continue as a successful investment for years to come.
Based on 75% LTV with a 5% interest rate and taking buying costs into account (including the buyers fee) the projected cashflow of £750 per month and ROI of 11.7% present an appealing investment proposition. Especially when coupled with the growth rates, the street has experienced. Based on the gross annual income the property offers a 13.6% yield.
The property’s attractive interior design and versatile accommodation will appeal to any demographic of tenant and the property is currently let to students.
The accommodation extends to 115sqm and includes an entrance porch which leads through to a light entrance hallway with lovely high ceilings, modern downlights, parquet flooring, and appealing neutral decor with a brick feature wall that adds warmth and provides a wow factor. This fantastic modern scheme is carried throughout the property.
The front reception room is now a spacious and bright bedroom with high ceiling, large bay window and pale blue feature wall.
At the end of the hallway there is a superb large open plan living / dining / kitchen room which is ideal for bringing the housemates together providing a sociable space. The room is large in size and benefits from herringbone flooring, a stunning modern fitted kitchen in grey gloss and complimentary wood effect worktop. Appliances are integrated providing a streamlined look. The space benefits from a two windows including a large bay window resulting in a very light and uplifting environment.
Beyond the kitchen there is a lobby area with access to the rear garden, and the second bedroom to the ground floor, which is a good sized double room.
To the first floor there are three well proportioned double bedrooms and two attractive modern shower rooms. The shower rooms are neutral and modern with tones of grey and white. There is also a utility cupboard located off the landing which houses the washing machine and tumble drier. All bedrooms have been tastefully furnished including wall mounted TV’s.
Externally the plot extends to approximately 0.053 of an acre with a forecourt to the front and a large rear garden with vehicle access and detached garage. The rear garden it is low maintenance having been laid to shingle and hardstanding.
The property is located just off Beverley Road and is within close proximity to Cottingham Road . There are a selection of supermarkets, takeaways, bars, cafes, a bank and gym on both of these roast. 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 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 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. The property has a certificate of lawful use in place covering the period of implementation to April 2019, the seller can provide supporting evidence to prove the use since then.
The property is fully double glazed, including the front and back door and is heated by a gas ‘Ideal‘ combi-boiler.
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.
Buyers premium of 3% + VAT is payable in two parts:
– A non-refundable reservation fee of 25% plus VAT or £1,500 plus VAT (whichever is greater)
– The balance is due upon legal completion (which is collected and paid by the buyers solicitor)
