Substantial investment HMO property producing £33,120pa situated in the centre offering eight bedsits which are in need of some improvement

Substantial Victorian terraced property which has been an HMO since 1963. It’s was on the original HMO register set up by Great Yarmouth in 1980 and has been fully licensed for 15 years plus with current scheme. Full lawful planning consent use has never been applied for as it’s not been required as Gt Yarmouth Borough Council recognised it as a HMO. The current owner has had a mortgage on the property since ownership. Comprising of eight bedsits with established tenants, the property is currently fully let and is producing an income of £33,120 pa. Please note the owner has served notice of rent increases to the tenants to commence of 1st July 2024 which will increase the income to £40,800pa. There are three bedsits on the ground floor, three on the first floor and two on the second floor. All tenants are on AST agreements which will form part of the legal pack and all would like to remain in situ. The property is In need of some maintenance internally which would enhance the property, tenants and potential yields. Ideal investment property.

Tenure

Freehold

Ground Floor

Communal Hall, Flats 1, 2 and 3 communal toilet

First Floor

Landing, Flats 4, 5 and 6 with communal toilet

Second Floor

Landing, Flats 7 and 8

Council Tax Band

A

EPC Ratings

Flats 1,2,3,4 & 6 = E Flat 5 = F Flats 7 & 8 = G

Viewings

Viewings are being held strictly by appointment only and the next opportunities to view are on Wednesday 24 and Monday 29 April. Please contact the Norwich office to book your appointment.

Energy Efficiency Rating (EPC)

Current Rating E, F, G

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Local Authority

Great Yarmouth Borough Council

Solicitors

Martin Shepherd Solicitors, Ref: Surjit Bansal, Tel: 020 8343 5572

Additional Fees

Buyer's Premium - £960 inc VAT payable on exchange of contracts.

Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £1200 inc VAT, payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.