2&2A Drayton Road, Portsmouth, PO2 7HW

SUMMARY

* Opportunity to acquire a residential building arranged as two 3-bedroom apartments with approved HMO licenses.

LOCATION

* The property is located on Drayton Road, which is a residential neighbourhood and is approximately a 4-minute walk to the Kingston Road high street.

DESCRIPTION

* The property sits on a site that extends to approximately 0.05 acres.

* The existing building is arranged as two 3-bedroom flats over four stories (B-2nd) extending to approximately 1,567 SqFt (NIA).

* Each property is currently under C3 usage, but licenses have been approved for C4 use.

* The ground/basement floor apartment is currently let to a company at £18,000 per annum on a 36-month contract (18-month break) with the tenant paying all the bills.

* The upper apartment is currently vacant.

* The council has expressed interest in referring tenants to achieve £695 per room each month, with income being paid directly to the vendor by the DPW.

* The building as 6 rooms, has an EMRV on LHA rates - £50,040 per annum, reflecting a gross initial yield of c.13.21% at purchase price.

* Short let demand is high in the area, a single flat has an estimated rental value of £3,727 per calendar month, reflecting £124/night (Airbnb).

* The building has an estimated rental value with the existing tenant and the upper apartment being operated on Short Lets (Airbnb) of approximately £62,724 per annum, reflecting a gross initial yield of c.16.51% at purchase price.


TERMS

* The property is not elected for VAT.

* The property is available freehold.

* Offers in excess of £380,000