Crookes Road is a prime student HMO development comprising of 4 fully licenced HMO properties and 1no. detached 1 bed apartment. The property comprises 3no. 6 bed houses, 1no. 9 bed house and 1no. 1 bed detached house.
There is development potential to create an additional bedroom in the 9 bed house, which benefits from two kitchens and access doors, providing the ability for this to be let as 4/5 bed houses.
The property is fully let for the 2024/25 academic year until 30th June 2025. Potential to increase rents ahead of the next academic year. The total rent for the property is £168,720 per annum.
Terms
The properties are available to purchase for a quoting price of £2,250,000, which reflects a Net initial Yield of 7.05%, allowing for purchaser costs of 6.33%.