This is a large property in a prominent position and has significant potential for redevelopment into residential accommodation, subject to all the necessary planning and Local Authority consents.
HMO property consultant, Paul Rothwell of Empire Property Concepts, has viewed the property and sees potential for its conversion into a 32 studio room property with the benefit of several communal areas.
Commenting on the property, Paul said, “The Britannia Inn is really exciting in HMO terms and ticks all the boxes that would be on an investor’s wish list: plenty of space, within easy reach of a major town, close to a wide range of employment opportunities and offering easy access to the motorway network.
“The property would need change of use but we have significant expertise in this area and would work with any interested party’s surveyors to secure this.
“I’ve done my sums and believe this property, once redeveloped, would deliver a new annual yield of 22 per cent. Typical rents in this area on an all-inclusive basis are £100 per week.
“With potential for 32 self-contained studios this is an ideal opportunity for an investor to add as a large high-yielding asset to an existing portfolio or would make an ideal standalone investment.”
The property is located in a popular residential area which is surrounded by factories, retail parks, supermarkets, all of which will provide employment opportunities for tenants. Doncaster is nearby and can be reached by a short bus journey or 15 minute walk.
The guide price for this property is £250,000 plus VAT but the team at Empire is able to secure the property for £180,000 with no VAT payable. Building and development costs are £180,000 plus the £25k EPC fee, bringing the total investment to £565,000.
For more information on the property contact Empire Property Concepts on 01302 564263 or firstname.lastname@example.org Also, be sure to register for their monthly e-newsletter to receive future deals.