Gloucester Road, Newton Abbot, Devon

A fantastic investment opportunity with impressive returns! This 6-bedroom House in Multiple Occupation (HMO) generates £43,200 per annum in rental income. With the property priced at £395,000, this offers an attractive gross yield of approximately 10.94%, making it an excellent addition to any property investment portfolio. The property has undergone an extensive refurbishment, tailored specifically to the HMO market, including significant upgrades such as new electrics, a Grade A alarm system, a new boiler, and a fully insulated kitchen. The EPC rating has improved from an E to a C.

LOCATION

The property is situated in a prime residential area, just a short walk to Newton Abbot town centre with its various shops, supermarkets, and amenities. Nearby Courtenay Park offers pleasant green space with a sensory garden and play area. The property is well-connected, with Newton Abbot Railway Station offering direct services to Exeter, London Paddington, and Manchester, among others. The A380 road provides access to Exeter and the M5 motorway.

BUSINESS

This property is currently generating £43,200 per annum from its 6 letting rooms, 2 en-suites and 1 main bathroom. The property is compliant with the latest statutory regulations. The HMO presents an excellent investment opportunity, with demand for accommodation in the area remaining high.

Return on Investment

Annual Income: £43,200

Asking Price: £395,000

Gross Yield: Approximately 10.94%

ACCOMMODATION

The property is presented to a high standard and briefly comprises the following:

COMMUNAL AREAS

Entrance Porch: Coved ceiling, new composite door leading into the hallway.

Hallway: High ceilings with coving. Understairs storage cupboard housing meters and fuse box. Radiator.

Lounge (15'11" x 12'11"): UPVC double-glazed bay window to the front. Coved ceiling.

Kitchen/Breakfast Room: Newly fitted white gloss kitchen with tiled splashbacks, wall-mounted cupboards, in-built extractor fan, dishwasher, 5-ring induction hob, and space for dining table. Spotlights and radiator.

Main Bathroom: Black-finished suite with walk-in rain shower, vanity sink unit, WC, extractor, and powered mirror light.

BEDROOMS

Bedroom 1 (17'7" x 13'4") – Large double with en-suite (black matt suite, electric shower, vanity sink, WC).

Bedroom 2 (13'1" x 10'9") – Double with rear-facing window.

Bedroom 3 (16'9" x 12'8") – Substantial double with en-suite (same spec as Bedroom 1).

Bedroom 4 (12'5" x 10'4") – Double with rear-facing window.

Bedroom 5 – Double (measurements TBC).

Bedroom 6 (12'7" x 10'2") – Rear-facing, decorative panelling, ceiling rose, TV point, radiator.

OUTSIDE

Front: Gravel garden with path between brick pillars.

Rear: Courtyard area with space for seating/plants, lean-to outbuilding, and access to service lane.

AGENT'S NOTES

Extensive refurbishment includes:

New electrics & Grade A alarm system

New boiler

Fully insulated kitchen

Brand-new kitchen & bathrooms

Black matt en-suites

New roof throughout

New carpets, front door, rear window

Full external/internal redecoration

This beautifully refurbished property offers an exceptional investment opportunity with a high-quality standard of accommodation.

SERVICES

All services are understood to be connected (not tested by agent).

RATEABLE VALUE

Please check with the Valuation Office Agency.

TENURE

Freehold

VIEWINGS

All enquiries and viewings to be made through the agents.
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