Opportunity to purchase a brand new HMO in Kettering with the potential to generate a gross yield of 10.5%
£475,000
HMO End of Terrace House
VES-NN15-001
INITIAL INVESTMENT
£149,250
Based on
deposit: £118,750
stamp duty: £28,000
mortgage fees: £1,500
conveyancing fees: £1,000
GROSS RENT
£50,040
GROSS YIELD
10.5%
The property
TENANCY
Vacant
TENURE
Freehold
7 bedrooms
6 bathrooms
1 reception room
1,900
Fully Furnished
Property information
- Brand new HMO with sui generis status
- The property recently underwent extensive refurbishment works, see below for details
- Spread over 3 floors
- 5 x bedrooms come with ensuite bathrooms
- All other tenants have the use of a shared bathroom
- Communal kitchen and dining space
- Communal lounge
- Separate utility room and downstairs WC
- Low maintenance garden at the rear of the property
- Secure cycle storage in the garden
- EPC rating E
- Video walkthrough available upon request
Refurbishment information
Extensive renovation and conversion to a 7 bedroom / 6 bathroom HMO with full planning consent, licence fully tenanted.
The schedule of works consisted of:
- Fully back to brick renovation
- Rewired, with full fire alarm system including smoke and heat detectors along with emergency lighting
- Replumbed, including new boiler, cylinder and radiators throughout
- Fully re-plastered
- New decoration throughout
- All new flooring throughout
- All new bathrooms
- Fully redesigned brand new kitchen
- All new appliances
- Brand new custom made furniture
Rental income
Once fully let the following rental income is expected:
- Aggregate rental income pcm: £4,170
- Aggregate rental income pa: £50,040
- Aggregate gross yield: 10.5%
Running costs
We are currently awaiting the running costs from the vendor.
Note
Please note that Vesta has not visited this property and that all material has been provided by the vendor.
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 Kettering, Northamptonshire
Kettering is a town in the county of Northamptonshire in the East Midlands. It is situated on the west side of the River Ise, around 67 miles north of London, 27 miles northwest of Peterborough and 15 miles northeast of Northampton.
This area is serviced by Kettering railway station which lies on the Midland Main Line and is managed by East Midland Trains. East Midland Trains operates a half-hourly service to London St Pancras and hourly to Nottingham via Leicester or to Corby. During peak times one Nottingham service continues to Lincoln via Newark and one Corby service on to Melton Mowbray.
In town there is a range of retail options centred around Newland Street, where one can find the market on one side and the Newlands Shopping Centre on the other. Newlands Shopping Centre has a collection of around 45 stores and services including some of the national favourites. Along the high street leading up to this shopping centre are an array of restaurants, pubs and bars for all of one’s dining needs.
The economy of Kettering is based on service and distribution industries due to its central location in the country and its great transport links. Kettering’s unemployment rate is amongst the lowest in the country with 80% of its adults in full-time employment. A wide range of companies run their operations from Kettering, including Aryzta, Pegasus Software, Weetabix and Morrisons Distribution to name a few. Kettering Business Park is a recent commercial property development which houses many office buildings as well as large distribution warehouses, which in turn created thousands of jobs in the local economy.
This location could be ideal for a young family seeking local educational options for their children. Primary schools in town include St Peter’s School, Park Road School and St Thomas More Catholic School, all of which are co-educational and educate children to the age of 11. For those looking for secondary school education there is Bishop Stopford School and Kettering Science Academy, both schools educate from the age of 3 all the way to 18.
London Road,
Kettering,
Northamptonshire,
England,
NN15 6NQ
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