Residential investment producing nearly £35,000pa

Residential investment with a potential income of nearly £35,000pa This is a substantial property which has been divided into eight units, seven of which are currently let. The current gross income is £30,344pa and the property is registered as an HMO with Great Yarmouth Borough Council on a five year licence from 7th August 2012, ref: HMO/LN/0069. The units are let on a weekly basis ranging from £72 - £86. The landlord is responsible for Council Tax, water, gas and communal electricity bills and these amount to approximately £4,705pa. The tenants are responsible for their own electricity via individual meters for each unit.

Tenure

Freehold

Description

Ground Floor

Unit 1: Kitchen, sitting room, bedroom. Let at £85 per week. Tenancy commenced 25th Febarury 2013. Unit 2: Bedsit with fully fitted kitchenette. Let at £86 per week. Tenancy commenced 16th January 2017. Unit 3: Kitchen, sitting room, bedroom. Let at £85 per week. Tenancy commenced 3rd August 2012. Two communal wc's, two communal showers. Coin operated communal washing machine, income £600pa.

First Floor

Unit 4: Maisonette with kitchen/sitting room, stairs to bedroom. Let at £85 per week. Tenancy commenced 18th April 2013. Unit 5: Kitchen, sitting room, bedroom. Let at £85 per week. Tenancy commenced - tbc Unit 6: Bedsit with kitchenette. Let at £74 per week. Tenancy commenced 24th July 2015. Unit 7: Bedsit with fully fitted kitchenette. Let at £72 per week. Tenancy commenced 14th September 2012. Unit 8: Fully fitted kitchen, sitting room/bedroom. Currently vacant. Potential rent £85 per week.

Outside

Small rear communal yard.

Note

In addition to the administration charge, the purchaser will be required to pay a buyer's premium of £600 (£500+VAT) which is payable upon signing the contracts.

Viewing

Open days

Energy Efficiency Rating (EPC)

Current Rating D

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. Tel: 01493 856100

Solicitors

Bishop and Sewell LLP, 59-60 Russell Square, London WC1B 4HP, Ref: Mr S Bishop, Tel: 020 7079 2416

Additional Fees

Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £1,200 (£1,000+ 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.