Property Overview:
Prime Location | No Article 4 or Planning |

Alliance Property Group offer this OFF MARKET large 3 bed traditional terraced house in a tremendous location in Normanton near Wakefield ideal for converting into a high quality 4 bed, 2 bathroom HMO/Multi Let to meet the huge demand of professional tenants requiring quality multi let properties and is ideal for the HMO investor looking for an excellent cash flow hands off turn-key investment.

The property is not on Article 4 so does not need any planning or licence.

  • Property Description: The property currently is over 3 levels with a lounge, kitchen, 3 bedrooms and a bathroom. There is double glazing throughout and gas central heating. The refurbishment – detail breakdown enclosed – will create a 4th bedroom at the rear of the property by creating a dormer in the roof, create an additional shower room, partitioning to create the rooms and corridor, all the relevant electrical, light and safety requirements for an HMO.
    The refurbishment detail is enclosed on a separate PDF document.
     
  • Area Description: The property is within easy each of the broad range of shopping, schooling and recreational facilities offered by Normanton town centre. Wakefield city centre is a little over five miles away and Junction 31 of the M62 motorway is just over a mile to the North East.
    Wakefield has undertaken a huge redevelopment programme and is now a lively cosmopolitan city. Wakefield is close to home and is fast becoming one of the north’s most important business hubs. a multi-million pound regeneration project is underway, bringing exciting new investment to the city. The first phases of the Merchant gate residential, office and leisure development have been completed, and there’s also the new trinity Walk shopping centre to enjoy.
     
  • Local Amenities: The property is within easy each of the broad range of shopping, schooling and recreational facilities offered by Normanton town centre. Wakefield city centre is a little over five miles away and Junction 31 of the M62 motorway is just over a mile to the North East. Wakefield is close to home and is fast becoming one of the north’s most important business hubs. a multi-million pound regeneration project is underway, bringing exciting new investment to the city. the first phases of the Merchant gate residential, office and leisure development have been completed, and there’s also the new trinity Walk shopping centre to enjoy.
    There is plenty of local facilities and amenities of shops, cafes and restaurants, excellent transport links to the city centre and surrounding cities for the professional workers.
    The train station is very close by as well a regular buses. Normanton (0.3 miles)
     
  • Financial Details: Financials:

    o Purchase price: No Negotiation £84,000

    o Potential Valuation after works £135,000

    o Refurbishment £44,000 +5% VAT(detailed breakdown enclosed)

    o Legals £1,000

    o Stamp Duty £2,520

    o Rent Income per room £100/week for en-suite room
    £90/week for non en-suite room

    o Rent Income for 4 rooms £370/week
    £1,603/month
    £19,240/year

    o Mortgage- Based on 70% LTV , Rate of 6% £294/ month
    (Indicative rate, rates will vary depending
    on investors circumstances)

    o Monthly Operating Expenses, c 30% of Income £480/month

    o Cash Flow per month £829/month

    o Gross Yield 23%

    o Net Yield(PP+All Costs) 14%

    Please carry out your own due diligence

    Comparables:
    o http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=61805666&sale=89960811&country=england

    o http://www.rightmove.co.uk/house-prices/WF6/Cambridge-Street.html





     
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  • Address: West Yorkshire, England 
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