Queens Road, Hull, HU5

We believe this property works best with a mortgage at 75% LTV or less based on a mortgage interest rate of 5%.

ABILITY TO INCREASE THE RETURNS THROUGH REFURBISHMENT.

An opportunity to acquire a 4 bedroom, 1 bathroom mid-terraced property located on a prime road with close access to local amenities.

The property is situated just a short walk from the University, making it an ideal location for a student HMO. It is very conveniently on a residential road that connects Newland Avenue to Princes Avenue. Ideal for tenants who want everything on their doorstep!

The property is fully tenanted until the end of August 2024 and is being marketed for the 1st September 2024 academic year. Being sold as a going concern, the buyer will purchase this ready made investment complete with any tenants and furnishings (sold as seen).

The property would benefit from a refurbishment programme in the coming years to increase returns and continue to attract good quality tenants.

The house is an attractive bay fronted property with forecourt, the recently updated UPVC door leads into the entrance hallway. To the far end a door leads to the communal living room, which provides access to the kitchen, a downstairs toilet beyond and access to the back yard. To the front of the ground floor there is a good sized double bedroom with a bay window.

To the first floor there are two further double bedrooms, one very spacious double room with dressing area and the house shower room.

Externally the property benefits from an enclosed rear yard which is ideal for bike storage and entertaining during the Summer months.

The house is being sold with all of the furniture and furnishings in place, including appliances in the kitchen.

The property is heated via an 'Ideal' gas combi-boiler and also benefits from UPVC double glazing.

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 no HMO Licence is required at present. Being an HMO the property has been installed with a Grade D - mains interlinked fire detection system with battery back up. Thumb turn locks on exit doors and amenity standards sufficient for the number of occupiers.

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Buyers premium of £4,000 + VAT - payable in two parts:
- A non-refundable reservation fee of £1,500 plus VAT
- The balance is due upon legal completion (which is collected and paid by the buyers solicitor)