Opportunity to purchase a HMO property in Oldham generating £93,600 rent pa & gross yield of 11%
£850,000
HMO Semi-Detached House
VES-OL4-003
INITIAL INVESTMENT
£273,000
Based on
deposit: £212,500
stamp duty: £58,000
mortgage fees: £1,500
conveyancing fees: £1,000
GROSS RENT
£93,600
GROSS YIELD
11.0%
Guaranteed rent
A fixed rental income, paid each and every month without all of the normal stresses involved in letting a property.
You still get rent even if the property isn’t tenanted. See property description for more details.
The property
TENANCY
Tenanted
TENURE
Freehold
11 bedrooms
11 bathrooms
1 reception room
1,410
Fully Furnished
The vendor is open to selling the buildings individually, please get in touch if you are interested.
Property information
- Fully HMO licenced
- Spread over 2 individual properties
- The properties have been extensively renovated and refurbished and works were completed in November 2022
- The vendor is a professional specialist HMO developer with 30 years of experience
- Building 1:
- 6 x bedroom house
- All bedrooms come with ensuite shower rooms
- Shared large kitchen/dining area
- Single occupancy
- Building 2:
- 5 x bedroom house
- All bedrooms come with ensuite shower rooms
- Shared large kitchen/dining/lounge area
- Each room has its designated outdoor space
- Dual occupancy
- EPC rating E
- Council tax band B
Rental information
The vendor will offer a master tenancy for 3 years, guaranteeing a net return of 7%
Building 1:
- Rooms are let for £675 pcm; single occupancy
- Monthly rental income: £4,050
- Annual rental income: £48,600
Building 2:
- Rooms are let for £750 pcm; dual occupancy
- Monthly rental income: £3,750
- Annual rental income: £45,000
Running costs
The vendor provided us with the following running costs of the property:
- Council tax: £291.08 pcm
- Electricity: £898.33 pcm
- Water: £75 pcm
- Broadband: £64.80 pcm
- Cleaning: £260 pcm (communal cleaning, fortnightly)
- Total cost pcm: £1,589.22
- Total cost pa: £19,070.60
Location information
- The property is located in the Glodwick area of Oldham
- Oldham town centre is around 0.8 miles from the property
- There is a bus stop near the property with regular services into town
- The closest tram stops are Oldham Mumps and Oldham Central in the town centre
- Easy access to the A62
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 Oldham, Greater Manchester
Oldham is a large town in the Greater Manchester area in the north-west of England. It lies around 8 miles north-east of Manchester, 7 miles south of Rochdale and 4.5 miles north of Ashton-under-Lyne.
The town is linked to the M62 motorway via the M60 at Hollinwood and the A627(M) by Chadderton. There are a number of A roads that connect Oldham to Ashton-under-Lyne, Huddersfield, Manchester and Rochdale.
Oldham no longer has its own railway station but it is connected through the Manchester Metrolink to Manchester and Rochdale.
Some of the attractions in and around Oldham include Castleshaw Roman Fort, Huddersfield Narrow Canal, Saddleworth Museum, Dovestone Reservoir and Gallery Oldham. With its close proximity to the Peak District National Park there are plenty of opportunities for outdoor activities to choose from such as walking, cycling, horse riding, canoeing or rock climbing.
Throughout the year several events are being held such as Whit Friday Brass Bands contests, Saddleworth Rush Cart Festival, Illuminate, Diggle Blues Festival and Cotton Clouds Music Festival, offering a variety for everyone to enjoy.
Oldham town centre offers plenty of shopping opportunities with many independent shops as well as its two shopping centres, Town Square and the Spindles.
Historically the town’s economy was very strong in the manufacturing of textiles and mechanical engineering, but this has since been replaced by home shopping, publishing, healthcare and food processing industries.
Glodwick,
Oldham,
Greater Manchester,
England,
OL4 1AH
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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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