NEW PRICE8% Yield 19 Bedroom Investment PropertyFully let for 2011-2012A substantial investment property located in the centre of fallowfield with 19 bedrooms across 4 apartments

Full Description

NEW PRICE
8% Yield 19 Bedroom Investment Property
Fully let for 2011-2012
A substantial investment property located in the centre of fallowfield with 19 bedrooms across 4 apartments

In brief the property comprises of 19 bedrooms split into 4 separate flats with three flats of 5 bedrooms and one 4 bedroom. Currently let until June 2012 at a total rental income of £68,497 per annum(2011-2012). Situated in a very good rental location only minutes' walk to the centre of fallowfield

DIRECTIONS:
From our Withington Office proceed north along Wilmslow Road. Turn right at the junction with Brook Road (appx 600 Yards) then first left on to Clifton Avenue. The property can be located a short distance along on the right

FULL DESCRIPTION:
Large Victoria semi-detached property currently split into 4 flats over four levels. In the basement, first and second floor there are three 5 bedroom apartments with open plan living areas, bathrooms with a bath with shower over, wc and pedestal hand wash basin and a further shower room with a shower cubicle, pedestal hand wash basin and wc. On the third floor is a four bedroom flat again with an open plan living area, a bathroom with bath and shower over, wc and pedestal hand wash basin, this flat also has a separate wc.

All flat have a separate utility area housing a washing machine and dryer just off the open plan living area.

All bedrooms in all four flats consist of a double bed, desk with, built in clothes rack and a wash basin.

The whole building is protected with CCTV cameras to the front and rear accessible to all tenants via the web, communal areas and on the door ways to the building. There is off road parking for a number of cars and double glazing throughout.

Current Tenancies:
The property is now fully let for the academic year 2011-2012. The rental incomes are:
Flat 1 - £17,875
Flat 2 - £17,875
Flat 3 - £17,875
Flat 4 - £14,872

VENDOR COMMENT:

Potential
The flats in the block are currently let at £78 per person per room. This is a good income at the moment but there is potential to increase this without having to spend a large amount.

I would recommend a change of some of the furniture. In particular I would have a look at the living room furniture and some parts of the bedrooms furniture. In the living room I think simply changing the sofa's to leather will make a massive difference to the look of the flat and in the bedrooms, bigger desk and better quality chairs will again make a difference as the rooms are big enough to take bigger desk, which is a lot more convenient for the students

Other things that can help to increase the rental per room are things such as flat screen TV's and TV licence paid by landlord, wireless internet and dvd players, computer consoles etc.

We have seen other landlords use these things in recent projects on properties such a lot smaller in size and in locations not as good as this and they are achieving rents up to £100.00 per person per room. (evidence of other properties and cost of furnishings can be provided on request)

Using homes4u knowledge of the area and updating the properties slightly may offer an increase on the current rents

THE PROPERTY MISDESCRIPTIONS ACT 1991
The Agent has not tested any apparatus, equipment, fixtures and fittings or services and so cannot verify that they are in working order or fit for the purpose. A Buyer is advised to obtain verification from their Solicitor or Surveyor. References to the Tenure of a Property are based on information supplied by the Seller. The Agent has not had sight of the title documents. A Buyer is advised to obtain verification from their Solicitor. Items shown in photographs are NOT included unless specifically mentioned within the sales particulars. They may however be available by separate negotiation. Buyers must check the availability of any property and make an appointment to view before embarking on any journey to see a property.