Fifth Avenue
Goole, DN14 6JD
£400,000
Here’s an incredible investment opportunity presented by Housemates. This is a 15-bed, potential 16-bed HMO located in Goole. The property has a 5-year lease with a well-established business, Hughes Mushrooms, which pays £52,000 annually to lease it and guarantees a 13% gross yield.
This is a one-of-a-kind property in Goole and is the largest HMO in the town. Changes to local licencing requirements have also heavily restricted the establishment of any other HMOs of this scale, increasing the value of this property beyond conventional appreciation.
New five-year licence will be issued by the ERYC before ownership of the property is transferred.
The installation of solar panels to reduce utility—gas and electric—expenses is a worthwhile consideration, we recommend consulting a professional before undertaking any such work.
Property Investor Details
Utilities
£8,760
Council Tax
£2,134
Management fees Housemates
£3,285
Annual income
£52,000
Mortgage repayment*
£15,000
Gross yield
13.00%
Net yield
9.46%
Net yield remortgaged
22.82%
5 year ROI remortgaged
275.13%
*Calculated at 25% LTV with a 5% interest only mortgage. This value can vary subject to respective mortgage lenders.
Calculation Brochure and Property Management Solutions
Download the brochure for this property to see how we calculate the figures displayed above and get additional insight on how to maximise returns. Check out our buy-to-let management solutions as well for comprehensive and investor-friendly letting agent services.