Newland Avenue, Hull, HU5

We believe this property works best at 75% or less based on an interest rate of 5.5%.

The property is a fantastic longstanding mixed-use investment opportunity. Split between a commercial unit (currently Class E-Shop) to part of the ground floor and a four-bedroom HMO to the ground & first floor. There is scope to improve the property, adding value and increasing the rents and returns through a refurbishment program for the HMO. We highly recommend a discerning buyer plan to do the modernisation works during the first few years of ownership - a breakdown of approximate costs has been provided on the 'Background & Our Advice' page within our comprehensive brochure. The property is located on one of Hull's most popular high streets and is positioned just to the South of the University of Hull, making this a prime Hull investment location.

Based on 75% LTV with a 5.5% interest rate and taking buying costs into account (including the buyers fee) the projected cashflow is approx. £729 per month before the refurbishment £967 per month post refurbishment; the ROI also increases from 9.8% up to 24.3% (based on a conservative weekly rent).

To the ground floor, the commercial unit is accessed through a single door with a window light over from the corner of Newland Avenue and Ventnor Street. The shop has a dual aspect with the main bay window facing Newland Avenue and a second large window facing Ventnor Street but clearly visible for those on Newland Avenue heading South. The internal accommodation offers a well-presented shop floor with large windows to draw people in, as well as a back office area, a small kitchen space, and a toilet.

To the side of the property, on Ventnor Street, a UPVC door provides entry to the four-bedroom HMO. The shared accommodation includes a private entrance hall to the ground floor with neutral decor which is carried throughout the property, stairs leading off to the first floor with a useful under-stairs cupboard that houses the gas meter. Carrying on through towards the rear of the property there is a spacious living room leading through to the open plan kitchen, featuring white base and eye level units and a breakfast bar. Beyond the kitchen is a rear lobby, with a timber back door leading onto the side street, and a door to bedroom 4.

To the first floor there are 3 further double bedrooms, as well as a bathroom.

The property is well located with Princes Avenue, Newland Avenue, and Beverley Road on the doorstep. These roads offer a range of amenities including, numerous highly rated cafes and restaurants; independent shops, Lloyds Bank, Tesco, Sainsburys, and a post office. Newland Avenue has a good level of footfall, and therefor will be appealing to a range of tenants for commercial use.

The property is a short walk from the University of Hull, the excellent location means that the property has versatility allowing it to be easily switched between student and working tenants depending on market demand and owner preference.

The property sits within an Article 4 area which prevents the conversion of C3 (residential dwellings) into C4 HMOs 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 before the implementation of the A4 and the seller can provide supporting evidence.

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Buyers premium of 3% + VAT is payable in two parts:
- A non-refundable reservation fee of 25% plus VAT or £1,500 plus VAT (whichever is greater)
- The balance is due upon legal completion (which is collected and paid by the buyers solicitor)