Opportunity to purchase 2-unit mini-portfolio of HMOs with the potential to generate a 8.1% net yield
£450,000
2-unit Portfolio
VES-BB8-002A
INITIAL INVESTMENT
£133,500
Based on
deposit: £112,500
stamp duty: £17,500
mortgage fees: £1,500
conveyancing fees: £2,000
GROSS RENT
£36,300
GROSS YIELD
8.1%
The portfolio
TENURE
Leasehold
NO OF UNITS
2
TENANCY STATUS
Tenanted
FURNISHED
Yes
TOTAL SQ FT
TBC
PRICE SQ FT
£0
The vendor is open to selling the units individually for which we have separate property listings.
Leasehold information
- Length of both leases: 999 years
- Year leases started: 1888 + 1895
- Years left on leases: 865 + 872 years (from 2022)
- Service charges: n/a
- Service charge review periods: n/a
- Ground rents: peppercorn
- Ground rent review periods: n/a
Portfolio information
- This HMO portfolio is made up of:
- 2 x 5-bed terraced houses
- Both properties are leasehold houses, see info above
- The properties are being fully refurbished with works expected to complete soon
- The properties comprise:
- 5 x bedrooms
- Shared kitchen and lounge
- Shared bathroom
- Separate WC
- EPC ratings: tbc, following completion of works
- Council tax bands: A
Rental income
- SERCO is ready to sign 7-year FRI leases with a 3-year extension and move in
- Expected rental income for both units: £3,025 pcm; £36,300 pa
- The displayed gross rent and gross yield are reflecting the net amounts; we are unable to display net figures at present
Location information
- One property is located in Colne
- The other property is located in Burnley
Note
Please note that Vesta has not visited the properties and that the vendor has provided all material.
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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 Colne and Burnley, Lancashire
Colne
Colne is a market town in Lancashire in the north-west of England. It lies around 3 miles north-east of Nelson, 6 miles north-east of Burnley, 2 miles east of Preston and 30 miles west of Leeds.
The M65 motorway terminates at Colne where it changes into the A6068 to Keighley. The A682 runs just west of Colne connecting it to Burnley and Long Preston, whilst the nearby A56 runs to Skipton.
Colne railway station is the eastern terminus of the East Lancashire Line and is operated by Northern. Trains services run from Blackpool South to Preston as well as Blackburn to Burnley and Colne.
Some of the local landmarks include the views of several well-known hills including Boulsworth Hill, Noyna Hill, Blacko Tower and Weets Hill. The best-known local landmark is Pendle Hill which is associated with the Pendle witches and attracts lots of visitors, especially on Halloween. With its proximity to the Pennines there are plenty of options for outdoor pursuits, including hiking, cycling and exploring of villages.
The main employment area is located at Whitewalls, near junction 14 of the M65 motorway, and with over 27 hectares houses a wide range of local businesses. The East Lancashire Primary Care Trust has its headquarters in Walshaw House on the same estate.
Burnley
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.
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.
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