Nottingham HMO (Redevelopment opportunity) Sold

Location: Nottingham BMV Property

12% Yield HMO

Available To You For: £220,000

BMV Investment Details

Type Beds Purchase Price Mortgage (month) Rental (month)
HMO 4 x Studio £220,000 £360 £2650

About this BMV property

A large double bay fronted Victorian semi which is currently laid out into 4 x studio apartments. The property is in decent condition and enjoys full ongoing tenancy generating circa £23,920pa net of costs ( £115 per flat per week). In a great location the street is made up of impressive 2 and 3 storey Victorian properties, many of which have been converted into self-contained units.

Redevelopment opportunity

The proposal is to offer our client a redevelopment opportunity, refurbing the existing studios and carrying out a scope of works to add 2 additional bedrooms to the upstairs flats. This would offer the client base something a little different, but with two keys selling points in place. Firstly by developing and refurbing the property we will add value, I fully expect the finished development to be in the region of £280 - £290k.

Buying Options

Option 1

Buy the project as is at £220,000, using 50% funding, then an additional £35,000 for the rebuild/refurb (total is at £255,000). The vendor has already drawn up the plans and is producing a scope of works and schedule.

The projected timeframes from purchase to completion of works and tenanting the property is 10 - 12 weeks

Option 2

A purchase price of £255,000 and pay a 10% deposit. We will then organise the finance and carry out the build. At completion the project will come fully let.

This property is located in Nottingham.

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