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25 bedroom commercial property for sale

J J Thomson Mews, Manchester, Greater Manchester, M14

Offers in Region of £499,000

Property Description

Key features

  • Huge potential to increase gross yield to 18% P/A
  • Let for academic year 2016-2017
  • Full certification, Gas, Electric, Fire Alarm, Emergency Ligting
  • Gardens
  • New Kitchens
  • HMO Compliant

Full description

Tenure: Freehold

Sell your property fast on Right Move with Diverseciti UK for a low flat fee.
Alternatively refer a client & receive a minimum *500 in commission.
(*T&C apply)

Fantastic HMO Student rental company + Freehold for sale, currently generating 62,500 P/A. With huge potential to increase gross yield to 18%
Consisting of 5 town houses - prime site HMO property portfolio in the Heart of Fallowfield, Manchester's student capital.
The properties are all in a good state of repair and managed by the owner.

Seeking OIRO 499,000 to include X5 properties with 5 bedrooms in each property (25 rooms in total).
Typical property layout consists of 3 large & 2 smaller double rooms- fully furnished.
(Freehold & Company for sale with a life time tracker mortgage of 870,000 outstanding)

Currently producing 62,500 P/A, with huge potential to increase this lower than usual income.
(Rooms are currently let @ 250 p/m + bills, with free rent July/August)
5 people sharing each property until July 2017 on 12 month contracts- with each group paying their owns utilities and zero rent July/August.
(The Income can easily be increased to 90,000+ P/A by increasing room rate to 350 p/m for the 3 larger rooms and 300 p/m for the 2 smaller rooms, as well as changing the zero rent July/August to half summer rent instead)

Current gross Yield @ 12.5% on a 499,000 purchase of the company & freehold. With huge potential to increase to an 18%.
Currently on a fixed lifetime tracker mortgage of 1.3% above base.
(Monthly interest of 1200 p/m for all 5 properties with 20 years left on the loan)

Brief description:
5 HMO Compliant student houses with 25 Rooms between them in Fallowfield Manchester.
They are 3 storey town houses with off road parking and rear gardens.

The properties are Fully Let out for 2016-2017 Student year, and have been successfully rented for the last 3-4 years.

1) They are 3 storey town houses with off road parking and rear gardens. Fully furnished with kitchen, Living room, storage, 2 bathrooms, 2 small rooms, 2 double rooms and a large loft room.
2) All on AST's until June 30th 2017
5) All houses have HMO licenses and they have 4 years before expiration.
6) 5 bed 1 living room 2 bathrooms 1 kitchen & garden
7) Current property rentals per anum - Property 3: 12,500 P/A, Property 4: 12,500 P/A, Property 5: 12,500 P/A, Property 6: 12,500 P/A, Property 7: 12,500 P/A, over 10 months, due to free rent July & August
(The rental can easily be increased to 18,150 p/a per property)
8) Currently the total rental income per anum between all 5 properties is 62,500 P/A, & can easily be increased to 90,000+ P/A, by increasing the rents inline with Spare room rates & offering half rent July/August as opposed to complete free rent July/August which is currently being offered until July 2017.

The Company has an outstanding loan on all 5 properties with a very low rate of interest, which would be transferred as part of the sale.

Alternatively the properties can be bought individually with OIRO of 274,000 each.

Ground Floor:

Reception Hallway
A wooden front door with integral glazed window, staircase to first floor and single panelled radiator.

Lounge 11'8 x 11'6" (3.56m x 3.51m)
A light and bright reception room with double glazed window and front aspect, single panelled radiator, television aerial point.

Dining Kitchen 15'2 x 9'7" (4.62m x 2.92m)
Fitted with a range for base and eye level kitchen units, ample roll top work surface area incorporating a stainless steel sink and drainer unit. Recess for cooker, space for fridge freezer, plumbing for washing machine. Double glazed window to rear aspect, UPVC rear door with integral double glazed glass opening onto the rear garden, wall mounted central heating boiler and sinle panelled radiator.

First Floor Landing:
Staircase to second floor and single panelled radiator

Bedroom One 15'2 x 11'6" reducing to 6'5" (4.62m x 3.51m reducing to 1.96m)
A double glazed window to front aspect and a single panelled radiator.

Bedroom Two 9'8" x 8'8" (2.95m x 2.64m)
A double glazed window to rear aspect overlooking the garden and a single panelled radiator.

Bathroom: Fitted with panelled bath, low level Wc, pedestal wash hand basin. Part tiled walls, opaque double glazed window to rear aspect and wall mounted extractor fan.

Second Floor Landing:
Staircase to third floor, single panelled radiator.

Bedroom Three 15'2" max x 11'6" reducing to 6'5" (4.62m x 3.51m reducing to 1.96m)
A double glazed window to front aspect and a single panelled radiator.

Bedroom Four 9'8" x 8'8" (2.95m x 2.64m)
A double glazed window to rear aspect overlooking the garden and a single panelled radiator

Shower Room: Fitted with shower cubicle, low level Wc, pedestal wash hand basin. Part tiled walls, opaque double glazed window to rear aspect and wall mounted extractor fan.

Third Floor:
Bedroom Five 17'0" x 11'8" (5.18m x 3.56m)
A good sized double bedrom with a double glazed velux style window to rear aspect, over looking garden, single panelled radiator and under eaves storage space.

Externally:

To the front: A private driveway providing off road parking

To rear: A private enclosed garden mainly laid lawn

Should you have any further questions pleases don't hesitate to get in touch.



Misrepresentation Act 1967 Diverseciti UK Ltd for themselves, for any joint agents and for the vendors or lessors of this property whose agents they give notice that: 1: the details contained within these particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute, nor constitute part of, an offer or contract. 2: all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to each of them 3: no person in the employment of Diverseciti UK Ltd or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. 4: all rentals and prices are quoted exclusive of VAT.


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