An interesting opportunity to acquire a great value HMO in a popular location just a ten minute walk to the University of Hull. The property is a four bedroom, one bathroom house located on Vermont Villas, off Worthing Street & Beverley Road. Beverley Road provides a variety of local amenities, such as convenience shops, pubs and a large supermarket.
Based on 75% LTV with a 5% interest rate and taking buying costs into account (including the buyers fee) the projected cashflow of £478.82 per month and ROI of 12.6% present a healthy and appealing investment proposition.
The house is fully double glazed, including the front and back door and is heated by a gas combi-boiler.
The shared accommodation comprises an entrance hallway with staircase to the first floor, bedroom one off to the left and living room the next room along. The living room is cosy and has a window with a rear aspect.
Off the lounge is the kitchen, which benefits from gloss white base and wall units, with contrasting worktops with splash-backs and integrated oven and hob.
There is also a rear lobby providing access to the garden and ground floor bathroom, and space for a fridge freezer. The spacious bathroom offers bath with shower over, toilet and sink.
The rear garden is low maintenance with concrete area, laid to lawn area and a pathway to the rear gate.
The first bedroom is located on the ground floor, just off of the entrance hallway and is a generous double in neutral tones. The room benefits from a large bay window which allows lots of light to enter into the room and is a great place for a large desk.
To the first floor there are three further well proportioned bedrooms, all with furniture including desks and chairs.
The property is well located with Newland Avenue and Beverley Road on the doorstep. These roads offer a range of amenities including, numerous highly rated cafes and restaurants; independent shops, Lloyds Bank, Tesco, Sainsburys and a post office.
The property is also within walking distance of the University of Hull, the excellent location means that the property has versatility allowing it to be easily switched between student and working tenants dependent on market demand and owner preference.
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 a HMO Licence is not required at present. Thumb turn locks on exit doors and amenity standards sufficient for the number of occupiers.
Buyers premium of £4,000 + 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)
More Information
To receive the comprehensive brochure please register on our exclusive buyers database here. If you have already registered, please contract Kim Raines, our Hull Brokerage Partner, who will gladly email the brochure to you.
Agent: Kim Raines
kim@realm47.com
01482 453756
