6 bedroom house for sale

Overview

5: National Residential has not tested any apparatus, equipment, fixtures, fittings or services and it is the buyer's interests to check the working condition of any appliances

Unleash the potential of a lucrative investment with this outstanding 6-bedroom freehold detached HMO property in the sought-after Longridge area of East Colchester. Positioned conveniently near local parks, schools like Colchester Academy, the University of Essex, and the city centre, this fully licensed shared house is a prime opportunity for astute investors. Already fully tenanted, the property generates an impressive gross yearly rental income of £34,316.64, equivalent to £2,859.72 per month. Operating expenses are minimal at £61.66 monthly, covering broadband, insurance, and miscellaneous costs, resulting in a substantial monthly net income of £2,798.00. Priced at £400,000, this investment offers a compelling gross rental yield of 8.58% and an 8.39% net yield. Moreover, there's untapped potential for future rent increases, promising even greater returns. The landlords have also successfully negotiated with the current tenants for the next academic year, ensuring full occupancy until summer 2025. This commitment underscores the property's status as a prudent and secure investment. Moreover, with a track record of leasing to students and an impressive thirteen-year tenure without any void periods, the property demonstrates its reliability and attractiveness to tenants, further bolstering its appeal to prospective investors. The property features essential amenities like a ground floor WC, kitchen, and a first-floor bathroom, complementing the six bedrooms (3 on each floor), with one bedroom being ensuite - ideal for shared living arrangements. With a council tax band D and no additional ground rent or service charges, this property presents a golden opportunity for investors seeking robust rental income. Strategically located for easy access to the town centre, Tesco Superstore, and Hythe railway station with services to London Liverpool Street, this detached HMO property offers both convenience and attraction for potential tenants. Don't miss out on this rare gem-book your viewing now and secure your stake in this smart investment opportunity! This property is ONLY available for purchasers who are NOT in a chain. 1. MONEY LAUNDERING REGULATIONS - Intending purchasers will be asked to produce identification documentation at a later stage so an online Anti-Money Laundering Check can be completed. We would ask for your co-operation in order that there will be no delay in agreeing the sale. 2: These particulars do not constitute part or all of an offer or contract. While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property. 3: Any measurements indicated are supplied for guidance only and as such must be considered incorrect. 4: Potential buyers are advised to recheck the measurements before committing to any expense. 5: National Residential has not tested any apparatus, equipment, fixtures, fittings or services and it is the buyer's interests to check the working condition of any appliances. *By making an enquiry on this property you acknowledge that this property is strictly offers in excess of the marketing price provided. The market appraisal of this property has indicated a value in excess of our marketing price. As a consequence, and similar to any other vendor, the vendor is aiming to achieve as much as possible in excess of this marketing price provided. This property is for sale by the Modern Method of Auction which is not to be confused with traditional auction. Although the vendor may be willing to remove from the auction early for a suitable offer. The Modern Method of Auction is a flexible buyer friendly method of purchase. We do not require the purchaser to exchange contracts immediately but grant 56 days to exchange and complete. This additional time to exchange on the property means interested parties can proceed with traditional residential finance. Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to put down a deposit of 2% (minimum of £5,000) or a Buyers fee (amount or % will be stated in main advert., which secures the transaction and takes the property off the market. Please note this property is subject to an undisclosed reserve price which is generally no more than 10% in excess of the Starting Bid, both the Starting Bid and reserve price can be subject to change. Terms and conditions apply to the Modern Method of Auction and can be viewed in full on our website. For more details and to contact: https://realtyww.info/houses_colchester-d196489/for-sale_i69836397

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