Opportunity to purchase a HMO in Colne with the potential to generate a 8.1% net yield
£225,000
HMO End of Terrace House
VES-BB8-002
INITIAL INVESTMENT
£67,500
Based on
deposit: £56,250
stamp duty: £8,750
mortgage fees: £1,500
conveyancing fees: £1,000
GROSS RENT
£18,150
GROSS YIELD
8.1%
The property
TENANCY
Tenanted
TENURE
Leasehold
5 bedrooms
1 bathroom
1 reception room
TBC
Fully Furnished
Leasehold information
- Length of lease: 999 years
- Year lease started: 1888
- Years left on lease: 865 years (from 2022)
- Service charge: n/a
- Service charge review period: n/a
- Ground rent: peppercorn
- Ground rent review period: n/a
Property information
- Fully refurbished HMO
- Works are due to complete soon
- Split over 2 floors
- 5 x bedrooms
- Shared kitchen and lounge
- Shared bathroom
- Separate WC
- EPC rating: C
- Council tax band: A
Rental income
- SERCO is ready to sign a 7-year FRI lease with a 3-year extension and move in
- Expected rental income: £1,512.50 pcm; £18,150 pa
- The displayed gross rent and gross yield are reflecting the net amounts; we are unable to display net figures at present
Location information
- The property is located just outside the town centre of Colne
- Colne town centre is a 10-minute walk from the property
- Colne railway station is 0.3 miles from the property
- There are a number of greenspaces within short walking distance
- Easy access to the A56
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 Colne, Lancashire
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.
Colne offers a variety of shops from larger retail stores to smaller independent shops on the high street, as well as a market. Boundary Mill Stores is one of the first factory outlets in the UK and is located near the M65.
Education in Colne is provided by a number of pre-schools, primary schools, as well as three high schools and Nelson and Colne College.
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.
Laithe Street,
Colne,
Lancashire,
England,
BB8 8AX
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