Milton Keynes, MK5 8BU | Investment Property for Sale | VES-MK5-001

Opportunity to purchase a 6-bed HMO in Milton Keynes generating £40,380 rent pa & gross yield of 4.4%

£925,000

HMO Detached House

VES-MK5-001

INITIAL INVESTMENT

£297,750

Based on

deposit: £231,250

stamp duty: £64,000

mortgage fees: £1,500

conveyancing fees: £1,000

GROSS RENT

£40,380

GROSS YIELD

4.4%

ADD TO FAVOURITES

The property

TENANCY

Tenanted

TENURE

Freehold

6 bedrooms

3 bathrooms

1 reception room

1,545

Fully Furnished

Property information

  • HMO licence for 8 people in 6 bedrooms
  • One bedroom comes with ensuite shower room
  • All other tenants share 2 bathrooms
  • Shared kitchen
  • Separate lounge
  • Downstairs WC
  • Rear garden with access via the kitchen
  • Off-street parking for 3 vehicles
  • EPC rating C

Rental information

The property has been successfully let as an HMO over the last 10 years due to its location and close proximity to the town centre.

  • Room 1 - £690 pcm
  • Room 2 - £470 pcm
  • Room 3 - £500 pcm
  • Room 4 - £550 pcm
  • Room 5 - £575 pcm
  • Room 6 - £580 pcm
  • Total rent pcm: £3,365
  • Total rent pa: £40,380

Running costs

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

  • Council tax: £220 pcm
  • Gas: £74 pcm
  • Electricity: £61 pcm
  • Water: £34 pcm
  • Wifi: £26 pcm
  • TV licence: £13 pcm
  • Total cost pcm: £428
  • Total cost pa: £5,136

Location information

  • The property is located in the Loughton area of Milton Keynes
  • The city centre is less than 1 mile from the property and can easily be reached on foot
  • Milton Keynes Central railway station is 0.5 miles away
  • South Loughton Valley Park is less than a 5-minute walk from the property
  • Easy access to the A5 and the wider road network

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 Milton Keynes, Buckinghamshire

  • Milton Keynes is a large town in Buckinghamshire, England, about 50 miles (80 km) north-west of London.
  • Built during the UK Government's push in the 1960’s to relieve housing congestion in London, with a target population of 250,000
  • Over £1 billion of private investment has been committed in the last decade, transforming the city's skyline with new architecture, developing the infrastructure needed and creating an unparalleled air of optimism throughout the city.

Property

  • Milton Keynes property prices have increased in recent years, despite housebuilding keeping pace with the city’s growing population, however the average house prices in Milton Keynes are lower than many of its neighbours, despite ongoing economic success.
  • Business relocation is one of the main drivers on the local property market, with house prices increasing by over 8% per annum, making Milton Keynes one of the ten fastest growing places in the country, according to Hometrack. Average rental yields have also increased, now standing between 4.5% to 5%.

Population

  • At the 2011 Census, its population was almost 230,000; the Office for National Statistics estimates that it will reach 300,000 by 2025.
  • One of Britain’s fastest growing cities by population; the population has grown by over 17% between 2005 and 2015 and expanded its job base by 33,000, a growth of almost 25%.

Business / Economy

  • Milton Keynes has one of the more successful economies in the UK, ranked highly on a number of criteria. Between 2010 and 2016, it’s business base grew by an amazing 34%.
  • One of the UK's top five fastest growing centres, it has benefited consistently from above-average economic growth.
  • It has the fifth highest number of business start-ups per capita and it is home to several major national and international companies.
  • Home to more than 150 head office operations, representing diverse industry sectors including consumer finance, retail, banking, industrial products, financial technologies, IT outsourcing, leisure and social care including.
  • HQs include: Volkswagen Group, National House Building Council (NHBC), Domino's Pizza, Aston Martin Red Bull Racing, Makita, Mercedes-Benz, Xero, Rightmove Group, Suzuki GB, Volkswagen Financial Services and Yamaha Music Europe GmbH.

Schools

  • Milton Keynes College offers bespoke and innovative training courses and apprenticeships for local businesses, such as Red Bull Racing, NiftyLift and the Foreign and Commonwealth Office.
  • Milton Keynes is working towards having its own new university, MK:U. The university, to be led by Cranfield University, will work closely with local businesses to ensure that students gain both a degree and experience relevant to the needs of the local economy.

Connectivity

  • Milton Keynes is located at the very heart of the UK, and is the centre point between London, Birmingham, Oxford and Cambridge.
  • Road and rail connections are just 35 minutes by train from Central London.
  • Milton Keynes is served by international airports such as London Heathrow, London Luton, London Stansted, Birmingham and East Midlands, all of which can be reached in 90 minutes.

Foxley Place,

Loughton,

Milton Keynes,

Milton Keynes,

England,

MK5 8BU

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