Abbot Street, Lincoln

DESCRIPTION An excellent investment opportunity with a HMO, producing a gross income of approx. £23,460, currently let for 51 weeks until the beginning of August 2024 and generating a gross initial yield of 10.66%. The accommodation comprises of five lettable Bedrooms, Communal Living Room and Kitchen, Shower Room, Separate WC and further Shower. Outside there is an enclosed courtyard garden. The property is well-presented throughout and benefits from gas fired central heating, UPVC double glazing and fitted appliances in the kitchen. Furniture is included in the sale.  

LOCATION The historic Cathedral and University City of Lincoln has the usual High Street shops and department stores, plus banking and allied facilities, multiplex cinema, Marina and Art Gallery. The famous Steep Hill leads to the Uphill area of Lincoln and the Bailgate, with its quaint boutiques and bistros, the Castle, Cathedral and renowned Bishop Grosseteste University. 

HALLWAY With UPVC double glazed front entrance door, staircase to the first floor and access to communal living room. 

COMMUNAL LIVING ROOM 12' 7" x 11' 11" (3.86m x 3.64m) , with radiator, UPVC double glazed window to the rear elevation and under stairs storage cupboard. 

KITCHEN 17' 11" x 6' 10" (5.48m x 2.10m) , with an extensive range of modern fitted units comprising of base cupboards and drawers with work surfaces over, inset 1 1/4 stainless steel sink, further wall mounted units, integrated electric oven, gas hob with extractor hood over, washing machine, tumble dryer and two fridge freezers, radiator, UPVC double glazed window and door to the side elevation and combination boiler.  

SHOWER ROOM 6' 11" x 4' 4" (2.12m x 1.33m) , with fitted three piece suite comprising of WC, pedestal wash hand basin and shower cubicle, tiled flooring, radiator and UPVC double glazed window to the rear elevation. 

BEDROOM 1 10' 11" plus bay window x 8' 8" (3.34m x 2.66m) , with UPVC double glazed bay window to the front elevation and radiator.  

FIRST FLOOR LANDING With stairs to the second floor.  

BEDROOM 2 12' 8" x 11' 0" Max (3.88m x 3.37m) , with UPVC double glazed window to the front elevation, radiator and built-in storage cupboard. 

BEDROOM 3 12' 8" x 10' 4" max dimension L-shaped (3.88m x 3.15m) , with two UPVC double glazed windows to the rear elevation and radiator.  

CLOAKROOM With WC and wash hand basin. 

SEPARATE SHOWER ROOM With shower cubicle.  

SECOND FLOOR LANDING  

BEDROOM 4 12' 8" x 11' 1" (3.87m x 3.39m) , with UPVC double glazed window to the front elevation and radiator.  

BEDROOM 5 12' 8" x 7' 10" (3.87m x 2.41m) , with UPVC double glazed window to the rear elevation, radiator and storage cupboard over the stairwell.  

OUTSIDE There is an enclosed courtyard garden to the rear of the property with a separate pedestrian access along the rear of Abbot Street.

Agents Note - The vendor advises that a condition of the sale will include the retention of Student Housing for the duration of the current tenancy period.

The vendor advises that two of the rooms are currently let at £95, the remaining at £90 per week and producing a total income of £23,460 for a 51 week period until the beginning of August 2024. This represents a gross initial yield of 10.66%.

All figures should be checked with the Vendor/Solicitor prior to Exchange of Contracts and completion of the sale.