Worcester Close, Mitcham, CR4

LICENSED HMO | POTENTIAL 8.6% GROSS YIELD | UP TO £60,000 P.A. GROSS INCOME | EXISTING HMO LICENCE VALID UNTIL AUGUST 2028 | 1,500+ SQ FT | FOUR BATHROOMS | LARGE REAR GARDEN WITH DEVELOPMENT POTENTIAL STPP | OFF-STREET PARKING | OWNER RELOCATING OVERSEAS | NO ONWARD CHAIN*


Offering a particularly flexible combination of substantial family accommodation and income-producing potential, this significantly extended and refurbished property represents an exciting home and income opportunity, as well as an established proposition for HMO investors.

The property currently benefits from a Mandatory HMO Licence issued by the London Borough of Merton, valid until 1st August 2028 and permitting occupation by up to six persons across six households.

Prospective purchasers should note that the existing HMO licence is not transferable to a new owner. Any purchaser intending to continue operating the property as an HMO will therefore be required to make a new licence application to the London Borough of Merton. Given the property's established HMO use and the current owner's extensive compliance records, the seller does not anticipate the application process being unduly onerous; however, purchasers should make their own enquiries with the Council and obtain appropriate professional advice.

Significantly extended and refurbished by the current owner, the property provides over 1,500 sq ft of highly versatile accommodation, comprising multiple bedrooms, four bath/shower rooms, a main kitchen, additional kitchenette facilities and communal living space.

The flexible layout is particularly well suited to buyers looking for a home with the potential to generate additional income. Multiple facilities and separate access to parts of the accommodation provide occupants with an excellent degree of independence, creating possibilities for multi-generational living, professional sharers or a home-and-income arrangement, subject to all necessary consents and regulatory requirements.

The ground floor provides substantial accommodation including the main kitchen, communal/reception space, shower facilities and additional rooms, while the upper floor offers further bedrooms, bathroom facilities and extended accommodation overlooking the rear garden.

Externally, the property benefits from off-street parking and a particularly substantial private rear garden, which may offer potential for further development, subject to obtaining all necessary planning permissions and consents (STPP). Additional outside space is also provided, together with useful boarded loft storage.

The seller holds an extensive collection of HMO and property compliance documentation, including the existing HMO licence and supporting safety documentation. This can be made available to serious purchasers and may assist a buyer when carrying out their due diligence and considering a future HMO licence application.

Worcester Close is a quiet residential cul-de-sac conveniently positioned for Mitcham Eastfields station, Mitcham town centre, local shops, parks and amenities, with transport connections towards Central London and surrounding areas.

For purchasers seeking a home and income opportunity, the property's size and configuration provide the flexibility to combine substantial residential accommodation with potential income from part of the property, subject to the appropriate regulatory requirements. It may therefore be particularly attractive to extended or multi-generational families, owner-occupiers seeking supplementary income, or purchasers looking for a flexible property capable of adapting to changing needs.

For investors, the established six-person HMO configuration, potential income of up to £60,000 per annum, approximately 8.6% potential gross yield, 1,500+ sq ft of accommodation, four bathrooms and substantial rear garden with potential for further development STPP combine to create an interesting buy-to-let proposition. Income and yield figures are illustrative only and should be independently verified by purchasers.

The current owner is keen to sell due to relocation overseas, and the property is offered with no onward chain, potentially allowing for a straightforward transaction.

Important: The existing HMO licence is held by the current owner and is not transferable. Any purchaser wishing to operate the property as an HMO will need to submit a new licence application to the London Borough of Merton. Any home-and-income use must also comply with applicable planning, licensing, mortgage, insurance and other regulatory requirements. All HMO operation, rental income/yield figures and development potential are subject to the relevant approvals, regulations and purchaser due diligence.


IMPORTANT NOTE TO POTENTIAL PURCHASERS & TENANTS:
We endeavour to make our particulars accurate and reliable, however, they do not constitute or form part of an offer or any contract and none is to be relied upon as statements of representation or fact. The services, systems and appliances listed in this specification have not been tested by us and no guarantee as to their operating ability or efficiency is given. All photographs and measurements have been taken as a guide only and are not precise. Floor plans where included are not to scale and accuracy is not guaranteed. If you require clarification or further information on any points, please contact us, especially if you are travelling some distance to view. POTENTIAL PURCHASERS: Fixtures and fittings other than those mentioned are to be agreed with the seller. POTENTIAL TENANTS: All properties are available for a minimum of six months, with the exception of short term accommodation. A security deposit of at least one month’s rent is required. Rent is to be paid one month in advance. It is the tenant’s responsibility to insure any personal possessions.

BUYERS INFORMATION

To conform with government Money Laundering Regulations 2019, we are required to confirm the identity of all prospective buyers. We use the services of our appointed compliance provider, Simplify, who will contact you directly at an agreed time to do this. They will need the full name, date of birth and current address of all buyers. There is a charge of £99 including VAT for this (for the transaction not per person), payable direct to Simplify.

REFERRAL FEES

We may refer you to recommended providers of ancillary services such as Conveyancing, Financial Services, Insurance and Surveying. We may receive a commission payment fee or other benefit (known as a referral fee) for recommending their services. You are not under any obligation to use the services of the recommended provider. The ancillary service provider may be an associated company of Goodfellows.

GMI260359/2