A fantastic HMO investment opportunity. The eight double bedroom, two bathroom house is set over three storeys. Grafton Street is a popular location within walking distance of the University.
Based on 75% LTV with a 5.5% interest rate and taking buying costs into account (including the buyers fee) the investment opportunity benefits from a projected cashflow of over £669 per calendar month and ROI of 9.5%.
The property's spacious and versatile accommodation will appeal to any demographic of tenant and has been designed and styled to appeal to young professionals and students. The house is fully double glazed, including the front and back door and is heated by an Ideal gas combi-boiler. The internal accommodation extends to approximately 147 sqm.
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.
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 a large 5 metre red corner sofa, a huge 65 inch wall mounted TV and a breakfast bar. The kitchen has been well designed with white gloss units and contrasting black worktops. The kitchen is fully equipped including two ovens, two hobs, two extractor fans, washing machine and two fridge/freezers.
The first of the two bathrooms is located to the rear of the living space and is fitted with a bath with mains fed mixer shower, toilet, basin, wall mounted cabinet with mirrored doors, and large chrome heated towel rail.
To the first floor there are four further bedrooms which are all well equipped with double beds, mattresses, freestanding furniture, 50" wall mounted TV's and mood lighting. The second of the two bathrooms is fitted with a bath with electric shower over and basin. Immediately adjacent to the shower room is the separate WC fitted with toilet and small hand basin.
To the second floor, there are two further large bedrooms equipped with double beds, mattresses, freestanding furniture, 50" wall mounted TV's and mood lighting.
Externally there is an enclosed rear yard.
As the property is an 8 person HMO it falls under the 'Sui Generis' planning use class, we would advise that a new owner ensure that they hold 10 years of evidence showing consistent use as a Sui Generis HMO. We will assist with obtaining this documentation from the sellers.
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)
Agent Details
Realm 47, Hull
01903 947071
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