Mitcham, CR4 3EZ | Investment Property for Sale | VES-CR4-002A

Opportunity to purchase 2 HMO properties in Mitcham generating £103,260 rent pa & gross yield of 7.6%

£1,350,000

2 x HMO Houses

VES-CR4-002A

INITIAL INVESTMENT

£444,250

Based on

deposit: £337,500

stamp duty: £104,250

mortgage fees: £1,500

conveyancing fees: £1,000

GROSS RENT

£103,260

GROSS YIELD

7.6%

ADD TO FAVOURITES

Sold STC

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The property

TENANCY

Tenanted

TENURE

Freehold

12 bedrooms

10 bathrooms

2 reception rooms

2,475

Fully Furnished

This is a fantastic opportunity to purchase 2 neighbouring semi-detached HMO properties that sit on a large 700 sqm corner lot, offering potential development opportunities. See last picture.

Mount Road property

Property information

  • Draft HMO licence
  • Full refurishment completed in Q1 2016
  • Spread over 2 floors
  • 1 shared kitchen
  • Bedroom 3, 4, 5 & 6 are ensuite
  • Bedroom 1 & 2 have access to shared bathroom facilities
  • Parking spaces for 3 cars at the front of the house and free street parking
  • Shared garden at front and side of property
  • Shared patio at back of property with garage
  • Property & lettings manager in place to manage all tenant and letting enquiries
  • Cleaner, gardener, handyman in place to assist with maintenance
  • EPC rating E

Rental information

  • Fully let
  • Current monthly rental income is £4,320

Running costs

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

  • Council tax: £161 pcm
  • Gas & electric bill: £189 pcm
  • Water bill: £29 pcm
  • Internet & TV licence: £96 pcm
  • Buildings & contents insurance: £40 pcm
  • Cleaner: £120 pcm
  • Total cost pcm: £635
  • Total cost pa: £7,620

Western Road property

Property information

  • Fully licenced HMO
  • Full refurishment completed in Q1 2015
  • Spread over 2 floors
  • 1 shared kitchen
  • Bedroom 3, 4, 5 & 6 are ensuite
  • Bedroom 1 & 2 have access to shared bathroom facilities
  • Parking spaces for 3 cars at the front of the house and free street parking
  • Shared garden with patio at front of property
  • Shared patio at back of property
  • Property & lettings manager in place to manage all tenant and letting enquiries
  • Cleaner, gardener, handyman in place to assist with maintenance
  • EPC rating: D

Rental information

  • Fully let
  • Current monthly rental income is £4,285

Running costs

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

  • Council tax: £161 pcm
  • Gas & electric bill: £204 pcm
  • Water bill: £35 pcm
  • Internet & TV licence: £80 pcm
  • Buildings & contents insurance: £38 pcm
  • Cleaner: £120 pcm
  • Total cost pcm: £638
  • Total cost pa: £7,656

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 Mitcham, South London

Mitcham is a district in south London within the London Borough of Merton. It lies approximately 7 miles southwest of Charing Cross.

Mitcham Junction and Mitcham Eastfields are local railway stations which are served by the Thameslink. Regular trains run to Sutton, Epson, London Victoria, London Bridge and St Albans. It is also connected through the Croydon Tramlink to Wimbledon, Croydon, New Addington as well as Beckenham Junction and Elmers End via change at Croydon.

There are numerous bus routes going through Mitcham including night buses to Aldwych and Liverpool Street in central London.

You can find two great parks in Mitcham too, Morden Hall Park, which boasts great views of London’s skyline and Mitcham Common. It offers 460 acres of green space, including a pond Mitcham Gold Club. There is also Mitcham Cricket Green which is reported to be the oldest cricket ground still in use since 1685.

With its good transport connections and close proximity to central London Mitcham is an ideal commuter district both work, entertainment and shopping.

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Important Note

All information contained in this website is provided as a guideline only, is based on estimates and assumptions, may not be accurate or complete, and is subject to change. We make no representations or warranties with regards to this information, expressed or otherwise. A buyer who relies on such information does so at their own risk. Buyers are advised to seek independent financial advice and should undertake their own due diligence.

Your capital is at risk. Property values may decline and the property might not be able to be rented at amounts sufficient to cover debt interest costs, operating expenses and liabilities, and might not result in a positive cash flow. Property is an illiquid asset and should not be viewed as a short-term investment.

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