FOR SALE SUBSTANTIAL DETACHED RESIDENTIAL INVESTMENT (Part H.M.O on 1st floor) Same ownership for over 60 years * 2018 Gross income £42,490 p.a * Considerable Refurbishment / Development potential * Off road parking and communal garden
LOCATION: The subject property is located in one of the most sought after roads in Ipswich, lying immediately opposite Christchurch Park within easy walking distance of the town centre. Ipswich railway station provides regular train services to London Liverpool Street and road links include the A14 Felixstowe to Midlands trunk and A12 London to Yarmouth trunk road.
ACCOMMODATION: The property comprises a substantial detached former Victorian residential villa, converted in 1967 to a student hostel. Subsequently consent was obtained in 1986 for the upgrading of the hostel to 9 self contained bed sits and warden’s flat. Subsequently, further alterations have taken place to provide 13 units in total of which 5 comprise H.M.O accommodation on the 1st floor. Potential income per month / per annum / Council Tax banding:
EPC as follows:
Studio Flat 1 Band A F30
Studio Flat 2 Band A
Studio Flat 3 Band A
Studio Flat 4 Band A E46
HMO Room 5 Band C
” Room 6 ”
” Room 7 ”
” Room 8 ”
” Room 9 ”
” Room 10 ”
Studio Flat 11 Band A
Studio Flat 12 Band A F38
Basement Flat Band A D62 Additional EPCs awaited
Potential total income P.A £43,680 / £3,640 PCM
SERVICES: The property is served by mains services with individual occupiers rental including charges for water, electricity and foul drainage. The building is also served by a full sprinkler system and emergency lighting.
PLANNING: The property lies close to the “Park Conservation Area.” The most recent permission was granted in February 1986 under reference 86/00174/FUL which was for the upgrading of the former hostel. All interested parties should satisfy themselves with Ipswich Borough Council regarding their proposed use. The property has a current H.M.O licence registered with Ipswich Borough Council. The licence fee is £120 per unit of accommodation.
COUNCIL TAX: See above Council Tax bandings. Council Tax payable for the 1st floor HMO for the year ending April 2020 – Band A: £1,244.70, Band C: £1,659.60
TERMS: The property is available freehold at £750,000. The property will be sold as a going concern so no Vat will be payable. The property is also sold with the benefit of all the current tenancies and occupiers. Copy accounts and income schedule available upon request and after viewings. There are various opportunities to refurbish / redevelop the property subject to obtaining vacant possession. Architects drawings are to be commissioned for the re-development into larger self contained flats- these will be available upon request. There are also opportunities to increase the income and self manage the property.
LEGAL COSTS: Each party to be responsible for their own legal costs incurred in any transaction.
VIEWING: Strictly by prior appointment through Beane Wass & Box onTel: (01473) 212656
or E-Mail: email@example.com Contact: Richard Bertram or Julian Haywood Smith
SUBJECT TO CONTRACT