Substantial bay fronted building. Residential investment: HMO producing around £40,000 pa.

This lot was originally a guest house. For many years the building has operated as a licenced HMO (licence number tbc) and currently produces around £40,000 pa gross (around £32,000 pa net). Each room pays £80 per week with the exception of the largest room 9 which pays £90 per week. Nine of the eleven rooms are currently let. The rent includes gas, electric and water which the landlord pays along with business rates and wi-fi. The property provides 11 rooms, 10 are en-suite, with shared facilities. The property is well located between the town centre and seafront, has gas central heating and is equipped with a cctv system. According to the valuation office, the property has a rateable value of £4,050 with effect from 1st April 2017.

Tenure

Freehold

Lower Ground Floor

Rooms 10 and 10a, shower and wc, two store rooms.

Ground floor

Entrance hall, two kitchens, dining room, rooms 1 and 9, w.c.

First Floor

Landing, rooms 2 to 8.

Outside

Small front yard area, inner courtyard

NOTE

We have been made aware that the property is subject to an Enforcement Notice which prohibits use of the property as a House in Multiple Occupation. Please refer to the legal pack for further information.

Energy Efficiency Rating (EPC)

Current Rating C

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

Spire Solicitors LLP, Holland Court, The Close, Norwich, NR1 4DY, Ref: Mr B Keane, Tel: 01603 677077

Additional Fees

Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £900 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.