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88 Grove Lane, Ipswich, Suffolk, IP4 1NY

Sold for £308,000
Over 14% yield... well presented and managed 6 bed (all with en-suite) HMO

Property Details

Description

Situated within a stones throw of the University, Waterfront and Ipswich town Centre, is this well- proportioned, meticulously maintained, licensed six bedroom HMO investment. Having recently undergone a complete conversion, all rooms are furnished to a high standard including TV’s and their own en-suite utilities with shared kitchen and communal areas. The building also benefits from 2 off-road parking spaces to the rear. We understand that the building is registered with Ipswich Borough Council and is fully compliant to their standards. The property is being sold with 5 of the 6 rooms occupied. Within the last 2 years of management, no voids longer than a few weeks have been recorded. A consistently high yielding investment with 2020 returning a gross yield of £37,200.

Key Features

  • 14%+ YIELD
  • 6-BED LICENSED HMO
  • RECENTLY REFURBISHED
  • CLOSE TOWN & UNI
  • EN-SUITE ROOMS
  • PROFESSIONAL TENANTS
  • 2X PARKING SPACES
  • VIDEO TOUR ONLINE
  • FLOORPLAN ONLINE
Tenure

Freehold

EPC

C

Viewing

Strictly by appointment with the Auctioneers

Solicitors

Mrs Priya Pandya
Royds Withy King
69 Carter Lane
London
EC4V 5EQ

Current Yield.

Room 1 - £480
Room 2 - £520
Room 3 - £500
Room 4 - £550
Room 5 - (vacant)
Room 6 - £550
£2,600 pcm / £31,200 p.a.

Potential Yield.

£3,100 pcm / £37,200 p.a.

Location

88 Grove Lane, Ipswich, Suffolk, IP4 1NY

*Guide prices are provided as an indication of a vendor’s minimum expectation and the level at which the reserve is set. Properties may not always sell within this guide and this figure may change at any time prior to the auction. The sale price will be dependent upon bidding in the auction room and on the Vendors’ instructions.

Reserve Price Each property will be sold subject to a reserve price, which will be set within, or below, the guide price range or no more than 10% above a single figure guide. This is a confidential figure set between the Vendor and the Auctioneer and is a figure below which the Auctioneer cannot sell the property.

Additional Fees All buyers are liable to pay an Administration Charge of £900 inclusive of VAT. \rOther fees/disbursements may also apply, therefore before making a purchase, please refer to the Legal Pack and Special Conditions.