Opportunity to purchase a HMO property in Burnley generating £26,700 rent pa & gross yield of 11.1%
£240,000
HMO Terraced House
VES-BB11-004
INITIAL INVESTMENT
£72,000
Based on
deposit: £60,000
stamp duty: £9,500
mortgage fees: £1,500
conveyancing fees: £1,000
GROSS RENT
£26,700
GROSS YIELD
11.1%
The property
TENANCY
Tenanted
TENURE
Leasehold
5 bedrooms
5 bathrooms
1 reception room
1,725
Fully Furnished
Leasehold information
- Length of lease: 999 years
- Year lease started: 1878
- Years left on lease: 854years (from 2023)
- Ground rent: NIL
- Ground rent review period: n/a
- Service charge: NIL
- Service charge review period: n/a
Property information
- Fully HMO licenced
- The property is spread over 4 floors comprising:
- 5 x bedrooms with ensuite shower rooms
- Shared kitchen/living room
- Cellar
- EPC rating D
- Council tax band A
Rental information
The property is fully let and each tenant pays £400 plus £45 or rent contribution each month. There is a strong rental demand.
- Room 1 - £445 pcm
- Room 2 - £445 pcm
- Room 3 - £445 pcm
- Room 4 - £445 pcm
- Room 5 - £445 pcm
- Monthly rental income: £2,225
- Annual rental income: £26,700
Running costs
The vendor provided us with the following running costs of the property:
- Council tax: £124 pcm
- Gas, electricity & broadband: £308.03 pcm
- Water: £29.48 pcm
- Total cost pcm: £461.51
- Total cost pa: £5,538.12
Location information
- The property is located near Burnley centre
- Burnley town centre is an 8-minute walk away
- All local amenities can be easily reached on foot
- Burnley Manchester Road is the closest railway station, just a 4-minute walk away
- Easy access to the local road network and the M65 via Junction 10
Note
Please note that Vesta has not visited this property and that the vendor has provided all material.
Floorplans
Documents available on request, please contact for viewings or further questions.
The information relating to this property is supplied by the vendor and was the latest available information at the time of listing. Certain information may expire or become inaccurate over time.
Vesta makes no warranty as to the accuracy or completeness of the property listing or any associated information. All information should be reviewed by the purchaser and their solicitor.
About Burnley, Lancashire
Burnley is a town in Lancashire, north-west England. It lies around 21 miles north of Manchester and 20 miles east of Preston.
Burnley is very well connected via road and rail. Junctions 9, 10 and 11 of the M65 motorway serve the town, running west to Accrington, Blackburn and Preston where it connects to the M6, and north-east to Nelson and Colne. There are several A roads going through town and the A56 dual carriageway links to the M66 motorway going to Manchester and the M62.
There are four railway stations in town, Burnley Manchester Road, Burnley Central, Burnley Barracks and Rose Grove. Trains are operated by Northern, with an hourly semi-fast service from Manchester Road to Preston and Blackpool North, Leeds and York. Whilst Central and Barracks stations run services to Blackpool South and Preston as well as Nelson and Colne.
Burnley is surrounded by the Pennine countryside and is ideally located for anyone who enjoys outdoor activities. For example, the Prairie Sports Village, which offers excellent facilities for golf enthusiasts. There is a golf course, driving range, mini golf, lessons and golf activities for juniors such as footgolf. At Thompson Park there are rowing boats or kayaks for hire, and at Clowbridge Reservoir activities include windsurfing and sailing. The town’s waterways are also ideal places for a walk or an escape into nature. On Crown Point Moor stands the iconic Singing Ringing Tree, a three-meter-tall steel sculpture.
Other attractions include the two historic houses Towneley Hall and Gawthorpe Hall. Towneley Hall is surrounded by historic parkland with woodland walks, formal gardens, sculpture and nature trails. There are annual cultural events such as the Burnley Literary Festival and the Canal Festival. The Mechanics Theatre and Burnley Youth Theatre offer a varied programme throughout the year for the whole family.
The manufacturing sector remains very strong in Burnley and key manufacturing employers are in highly specialised fields such as: Safran Aircelle (aerospace), GE (aerospace), AMS Neve (professional audio), TRW Automotive and Futaba-Tenneco UK (automotive components). Burnley still has strong economic links with Manchester and Leeds as well as neighbouring towns along the M65.
Nelson Square,
Burnley,
Lancashire,
England,
BB11 1LA
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