2&2A Drayton Road, Portsmouth, PO2 7HW
- PROPERTY TYPE
House of Multiple Occupation
- BEDROOMS
6
- SIZE
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- TENUREDescribes how you own a property. There are different types of tenure - freehold, leasehold, and commonhold.Read more about tenure in our glossary page.
Freehold
Key features
- High Yielding
- Asset Management Potential
- LHA - £50,040 per annum
Description
* Opportunity to acquire a residential building arranged as two 3-bedroom apartments with approved HMO licenses.
LOCATION
* The property is located on Drayton Road, which is a residential neighbourhood and is approximately a 4-minute walk to the Kingston Road high street.
DESCRIPTION
* The property sits on a site that extends to approximately 0.05 acres.
* The existing building is arranged as two 3-bedroom flats over four stories (B-2nd) extending to approximately 1,567 SqFt (NIA).
* Each property is currently under C3 usage, but licenses have been approved for C4 use.
* The ground/basement floor apartment is currently let to a company at £18,000 per annum on a 36-month contract (18-month break) with the tenant paying all the bills.
* The upper apartment is currently vacant.
* The council has expressed interest in referring tenants to achieve £695 per room each month, with income being paid directly to the vendor by the DPW.
* The building as 6 rooms, has an EMRV on LHA rates - £50,040 per annum, reflecting a gross initial yield of c.13.21% at purchase price.
* Short let demand is high in the area, a single flat has an estimated rental value of £3,727 per calendar month, reflecting £124/night (Airbnb).
* The building has an estimated rental value with the existing tenant and the upper apartment being operated on Short Lets (Airbnb) of approximately £62,724 per annum, reflecting a gross initial yield of c.16.51% at purchase price.
TERMS
* The property is not elected for VAT.
* The property is available freehold.
* Offers in excess of £380,000
- COUNCIL TAXA payment made to your local authority in order to pay for local services like schools, libraries, and refuse collection. The amount you pay depends on the value of the property.Read more about council Tax in our glossary page.
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- PARKINGDetails of how and where vehicles can be parked, and any associated costs.Read more about parking in our glossary page.
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- GARDENA property has access to an outdoor space, which could be private or shared.
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- ACCESSIBILITYHow a property has been adapted to meet the needs of vulnerable or disabled individuals.Read more about accessibility in our glossary page.
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Energy performance certificate - ask agent
2&2A Drayton Road, Portsmouth, PO2 7HW
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Visit our security centre to find out moreDisclaimer - Property reference ChiddiPortsmouth2. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Di Properties Ltd, London. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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