Fifth Avenue HMO
Goole, DN14 6JD
£400,000
*Offers over
Here’s an incredible investment opportunity presented by Housemates. This is a 15-bed, potential 16-bed HMO located in Goole. The property has a 5-year lease with a well-established business, Hughes Mushrooms, which pays £52,000 annually to lease it and guarantees a 13% gross yield. The lease also contains a 5-year rent review clause.
This is a one-of-a-kind property in Goole and is the largest HMO in the town. Changes to local licencing requirements have also heavily restricted the establishment of any other HMOs of this scale, increasing the value of this property beyond conventional appreciation.
New five-year licence will be issued by the ERYC before ownership of the property is transferred.
The installation of solar panels to reduce utility—gas and electric—expenses is a worthwhile consideration, we recommend consulting a professional before undertaking any such work.
15 Bedrooms
289m² / 3110f² Build Area
Property Investor Details
Predicted Expense (annual)
Council tax
£2,134
Utilities
£8,760
Management fees Housemates
£3,285
Net yield
9.46%
Mortgage repayment*
£15,000
5 year ROI remortgaged
275.12%
Net yield remortgaged
22.82%
Gross yield
13.00%
Statistics
Income
Guaranteed gross income per year
£52,000
*Calculated at 25% LTV with a 5% interest only mortgage. This value can vary subject to respective mortgage lenders.
Calculation Brochure and Property Management Solutions
Download the brochure for this property to see how we calculate the figures displayed above and get additional insight on how to maximise returns. Check out our buy-to-let management solutions as well for comprehensive and investor-friendly letting agent services.