Crewe, CW2 7QT | Investment Property for Sale | VES-CW2-001

Opportunity to purchase a HMO in Crewe with the potential to generate gross yield of 11.2%

£350,000

HMO End of Terrace House

VES-CW2-001

INITIAL INVESTMENT

£100,500

Based on

deposit: £87,500

stamp duty: £10,500

mortgage fees: £1,500

conveyancing fees: £1,000

GROSS RENT

£39,300

GROSS YIELD

11.2%

ADD TO FAVOURITES

The property

TENANCY

Tenanted

TENURE

Freehold

8 bedrooms

8 bathrooms

1 reception room

1,582

Fully Furnished

Property information

  • HMO licence for 10 occupants in 8 bedrooms
  • Spread over 2 floors
  • All bedrooms come with an ensuite bathroom
  • Shared kitchen
  • Shared lounge
  • The property underwent a full refurbishment including planning permission to convert to an 8-bed/8-bath HMO, building control sign off, see below for details
  • EPC rating E, last undertaken in 2015 prior to the current owners buying and refurbishing the property

Refurbishment works

  • Complete strip out of the property
  • Full rewire of electrics
  • Added a fire alarm system including two fire alarm panels
  • Fully re-plastered
  • Emergency lighting throughout
  • Fire boarded the house to meet fire regulations including the basement
  • Added in a water system into the basement capable of coping with 8 bathrooms
  • New boiler, radiators and plumbing throughout including soundproofing of pipes where necessary
  • Reopened a second front door that was previously bricked up
  • Knocked down stud walls and reconfigured the property to get the rooms to meet regulations
  • Added in 6 ensuite bathrooms
  • Renovated the two existing bathrooms in the property
  • Added in a brand new kitchen
  • Newly decorated after it was re-plastered
  • New carpets in all bedrooms and living room
  • New woodwork/carpentry throughout
  • Two small worksurfaces with fridge areas in the two largest rooms in case they were to be used as Serviced accommodation units
  • Added tile flooring into both entrance hallways, the kitchen and the utility room
  • Added a gate to the outside shed for a little bike store
  • Added stone/gravel into the garden for easy and tidy maintenance

Rental information

  • Room 1 - £400 pcm
  • Room 2 - £375 - £400 pcm - currently vacant, previously achieved £450 pcm
  • Room 3 - £325 pcm
  • Room 4 - ££375 - £400 pcm - currently vacant, previously achieved £450 pcm
  • Room 5 - £375 pcm
  • Room 6 - £425 pcm
  • Room 7 - £475 pcm - becoming vacant at end of May 2021
  • Room 8 - £525 pcm
  • Total rent collected pcm: £2,525
  • Total rent collected pa: £30,300
  • Total rent when fully let pcm: £3,275
  • Total rent when fully let pa: £39,300

Running costs

The vendor provided us with the following running costs of this property:

  • Gas & electricity: £220 pcm
  • Council tax: £128 pcm
  • Water bill: £51.89 pcm
  • Broadband: £50 pcm
  • Total cost pcm: £449.89
  • Total cost pa: £5,398.68

Note

Please note that Vesta has not visited this property and that all material has been provided by the vendor.

Please note that the floorplan is designed to show the layout of the property and measurements are indicative. The official room sizes have been supplied to the council in the draft application for the HMO licence. A copy of these can be provided upon request.

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 Crewe, Cheshire

Crewe is a town in Cheshire in the north-west of England. It lies around 15 miles north-west of Stoke-on-Trent, 24 miles east of Chester and 15 miles south of Northwich.

The M6 is less than 5 miles away providing easy access to Manchester, Birmingham as well as London. With its excellent transport links to the rest of the country Crewe is ideal for commuters.

Crewe railway station is a major interchange on the West Coast Main Line and has direct services to several destinations including London Euston, Edinburgh, Cardiff, Liverpool, Manchester, Birmingham, Glasgow, Derby, Stoke-on-Trent, Chester, Wrexham and Holyhead. From Holyhead there are ferry connections to Dublin Port. Crewe railway station is also set to become a major HS2 network hub which will add 37,000 new jobs and 7,000 new homes by 2043.

Manchester Airport is the nearest airport to the town and lies around 30 miles away, whilst Liverpool John Lennon Airport is around 40 miles away.

Crewe is best known for its rich history in engineering and railways. It is the home of the railway engineering company Bombardier and was also once the home of Rolls-Royce car production. Today the Pyms Lane factory exclusively produces Bentley motor cars.

Some of the local landmarks include the grade II-listed Lyceum Theatre, the tower of Christ Church which was built in 1874 and Crewe Hall, a grade I-listed Jacobean mansion that is today used as a hotel, restaurant and health club.

Crewe is ideally located to Wales and the Peak District offering a number of options for days out and activities. Within the town itself is the Victorian Queens Park which underwent a £6.5m transformation. Some of the improvement works included a new children’s playground, an outdoor gym, a landscaped ornamental lake with boating in the summer months, bowling green and a bandstand.

There are two shopping centres in town, the Victoria Centre and the Market Centre, the latter is the larger of the two. The Grand Junction Retail Park just outside of the city centre also offers a number of shops and supermarkets. Crewe also has a covered market, by Lyceum Square, which is open six days per week and includes a weekly car boot and the outdoor market in Market Square is open three times per week.

Education in Crewe is provided by several primary and secondary schools as well as South Cheshire College. The Manchester Metropolitan University has a Cheshire Faculty which is based in the University Quadrant of Crewe. It offers courses in business and management, contemporary arts, exercise and sports science, interdisciplinary studies, and education and teacher training.

Flag Lane,

Crewe,

Cheshire East,

England,

CW2 7QT

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