12 Bed Of Multiple Occupation House For Sale Marshall Street, Hull, HU5

We believe these properties works best with a mortgage at 75% LTV or less based on a mortgage interest rate of 5%.\r
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An opportunity to acquire 2 x six bedroom, two bathroom HMO's located on the same residential street at the heart of Newland Avenue - a popular hub for all Hull residents. It is full of small independent shops, cafes, restaurants and bars. To the top of Newland Avenue is Cottingham Road where the University of Hull is located (very convenient for student tenants), Cottingham Road offers further amenities including food outlets, and supermarkets. The properties are ideal for the student rental market due to the location and the layouts which include a low maintenance enclosed yards ideal for Summer BBQ's and storing bikes.\r
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The properties are fully let, one on a company let on a rolling 12 month contract (ending Aug 2024) which could potentially be renewed and the other is let to students. Both properties are being advertised for the 1st September 2024 academic year at higher rents meaning that the returns are set to increase from September 2024. Being sold as going concerns, the buyer will purchase this ready-made investment complete with any tenants and furnishings (sold as seen). \r
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The properties are traditional mid-terrace houses offering approx 1,292 ft2 of internal accommodation each. Both are fully double-glazed, including the front and back door, and heated by 'Ideal' gas combi-boilers with remote heating controls. \r
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The current owner holds HMO licences for each of the properties and has confirmed that the they met with all of the conditions of the licence. Please note that while a HMO licence is valid for 5 years, they are not transferrable and follow the person, not the property - a new licence is required upon transfer of ownership.\r
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The properties are installed with Grade C-A fire alarm system with call points installed, fire doors throughout, and a fire blanket in the kitchen.\r
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To receive a copy of the comprehensive brochure please register on our buyers database - visit our website to complete the buyers registration form.\r
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Buyers premium of £10,050 + VAT is payable in two parts: \r
- A non-refundable reservation fee of 25% plus VAT or £1,500 plus VAT (whichever is greater)\r
- The balance is due upon legal completion (which is collected and paid by the buyers solicitor)