An outstanding residential investment portfolio comprising two HMOs in the sought after city of Worcester showing an initial yield of 8% after allowing for normal purchasers costs Price: Offers in the region of 1,300,00 (exclusive)
A rare opportunity to acquire a significant portfolio of residential HMOs, arranged across 2 properties, comprising in total 29 bedrooms. INVESTMENT SUMMARY A very well maintained HMO investment portfolio providing 29 bedrooms, arranged across two terraced properties. 68 Bath Road comprises a property providing a fifteen bedroom HMO benefiting from various communal facilities including lounges, kitchens and bathrooms serving each floor. 79 Lowesmoor comprises a property providing a fourteen bedroom HMO benefiting from various communal facilities including lounges, kitchens and bathrooms serving each floor. Renowned for its beautiful cathedral, Worcester is an established university city on the banks of the River Severn in the heart of the Midlands. It is the county town and an administrative centre, benefiting from good access to the national road network. Situated close to both the Malvern Hills and the Cotswolds and with easy access to the M5, it offers something for everybody. The city offers live entertainment at the Swan Theatre and nearby Huntingdon Hall, as well as regular concerts in the city's breathtaking cathedral. Worcester is located approximately 31 miles south west of Birmingham and 27 miles north of Gloucester. The population of the city at the 2001 Census was 93,353 people. The M5 runs immediately east of the city and is accessed from Junction 6 and 7. DESCRIPTION The portfolio comprises two substantial properties in the city of Worcester, which are currently arranged to provide 29 bedrooms. The properties have been the subject of an ongoing scheme of maintenance and improvement works and the condition of the properties together with their location combine to create a strong HMO investment opportunity for property investors. There is the potential in the future to further enhance the investment return by the further asset management of the properties. The premises are well presented and fully comply with current regulations. There is some potential future redevelopment, subject to statutory consents. PROPOSAL We are instructed to seek proposals for our client s freehold interest in the region of 1,300,000 (one million, three hundred thousand pounds), subject to contract and the existing occupational tenancies, which reflects an Initial Yield of 8.0% (after stamp duty and acquisition costs of 1.5%). (Properties are available to be acquired individually.)
SITUATION 68 Bath Road: The property is located in the city of Worcester, within 0.5 miles of the city centre, ideally suiting its use as an HMO. The property benefits from car parking to the front. The premises provide three storey accommodation with a lower basement level. There is a kitchen area serving each floor level. The property comprises the original structure, which has subsequently been extended, and the accommodation benefits from a communal laundry room. 79 Lowesmoor: The property is located in the centre of the city of Worcester, within proximity of the canal and is ideally located for its current use as an HMO. It is in part three and part single storey with a basement area. THE PROPERTIES OFFER: A rare opportunity to acquire a residential investment portfolio in the city of Worcester Further asset management/development potential subject to statutory consents An attractive initial yield of 8% 29 bedrooms of HMOs
EPC Detailed information is available upon request from the selling agents. The properties are understood to hold the following ratings: 68 Bath Road - Rating D 79 Lowesmoor - Rating D TENANCY The properties are let to students and professionals on the following terms: Total Potential Rent Per Annum: 68 Bath Road - 64,860 (sixty four thousand, eight hundred and sixty pounds) 79 Lowesmoor - 65,220 (sixty five thousand, two hundred and twenty pounds) TENURE The properties are owned Freehold under the following Property Titles: Total Potential Gross Rent - 130,080 per annum: Further details including detailed tenancy schedules and floor plans relating to each property can be made available from the selling agents upon request. 68 Bath Road - WR126491 79 Lowesmoor - HW74610
68 BATH ROAD ACCOMMODATION Basement Floor Ground Floor First Floor Second Floor Communal Sitting Room/Kitchen Communal Sitting Room/Kitchen Communal Sitting Room/Kitchen Communal Sitting Room/Kitchen Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 2 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 4 Shower Room/WC Bedroom 4 Bedroom 4 Shower Room/WC Laundry Room Shower Room/WC Shower Room/WC Laundry Room Laundry Room Laundry Room
79 LOWESMOOR ACCOMMODATION Basement Ground Floor First floor Second Floor Communal Laundry Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Ensuite Bedroom 2 Bedroom 2 Bedroom 2 Store Bedroom 3 Bedroom 3 Bedroom 3 Bedroom 4 Bedroom 4 Bedroom 4 Bedroom 5 Bedroom 5 Shower Room Communal Sitting Room 2 x Shower room/wc WC 2 Shower Rooms Communal Sitting Room/Kitchen Communal Sitting Room/Kitchen Kitchen WC VAT The properties are understood not to be elected for VAT. Prospective purchasers should make their own enquiries. LEGAL COSTS Each party is to be responsible for their own legal costs incurred in respect of this matter. LOCAL AUTHORITY Worcester City Council The Guildhall High Street WR1 2EY SERVICES Not tested. Prospective tenants should make their own enquiries. FINANCIAL ACT 1989 Unless otherwise stated, all prices and rents quoted are exclusive of Value Added Tax (VAT). Any intending purchaser should satisfy themselves independently as to VAT in respect of any transaction. 01743 450700 / 01905 677400
Viewing strictly by appointment through the selling agents. For further information or to arrange a viewing of the property, please contact: James Evans E: james.evans@hallsgb.com M: 07792 222028 Huw Bevan E: huwb@hallsgb.com M: 07795 488267 01905 677400 01743 450700 IMPORTANT NOTICE Halls have advised their clients on the Code of Practice for Commercial Leases in England and Wales. Halls, for themselves and for the vendor of this property, or as the case may be, lessor whose agent they are, given notice that: i) These particulars are intended for guidance only. They are prepared and issued in good faith and are intended to give a fair description but do not constitute part of an over or contract. Any information given should not be relied on as a statement or representation of fact or that the property or its services are in good condition. ii) Halls have not made any investigations into the existence or otherwise of any issues concerning pollution and potential land, air and water contamination. The purchaser is responsible for making his or her own enquiries in this regard. iii) Neither Halls nor any of their employees has any authority to make or give any representation or warranty whatsoever in relation to the property. iv) The images show only certain parts and aspects of the property at the time they were taken/created. Any areas, measurements or distances given are approximate only. Any plans are for identification purposes only. v) Any reference to alterations to, or use of, any part of the property is not a statement that any necessary planning, building regulations or other consent has been obtained. An intending purchaser must verify these matters. An occupier should not rely upon the Use stated in these particulars and should check their proposed use with the relevant Planning Authority.