6 Bed Of Multiple Occupation House For Sale Princes Avenue, Hull, HU5

We believe this property works best with a mortgage at 75% LTV or less based on a mortgage interest rate of 5%.\r
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A fantastic opportunity to acquire a six bedroom, two bathroom HMO. The property is located on an extremely sought after street in 'The Avenues' conservation area. Marlborough Avenue is a beautiful tree lined street located just off Princes Avenue and a short stroll from Pearson Park. Princes Avenue offers vibrant day and evening scenes with independent shops, bars and restaurants, while Pearson Park attracts local residents with its restored Victorian Conservatory, pond and outdoor gym. The property is just over a 1.5 miles away from the University and is well placed to operate as either a professional or student HMO.\r
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There is currently a company let in place with a supported living provider which will end in August 2024. The supported living provider is responsible for the utilities and property maintenance.\r
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45 Marlborough Avenue not only offers excellent returns but the location also experiences some of the best property price growth rates in Hull. In addition high specification refurbished homes on the street are selling at much higher prices and as such there is significant potential to add value.\r
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The buyer will purchase the property with furnishings included (sold as seen).\r
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The property is a traditional mid-terrace house, built in yellow brick with contrasting dark windows and doors, it's striking appearance provides that all important curb appeal. With on street parking available to the front of the property.\r
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Double doors provide access to an enclosed porch which leads to a bright and spacious entrance hallway. At the front of the property there is a large living room, complimented by high ceilings, feature coving and a bay window allowing lots of natural light to flood the room. The second reception room has been converted to a bedroom with basin. To the rear of the property there is a large kitchen, utility area within the rear hall and bathroom off. The modern kitchen benefits from an island, ideal for dining, entertaining and socialising.\r
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To the first floor of the property there are five further double bedrooms, three of which benefit from basins, a second bathroom and a separate WC.\r
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The internal accommodation extends to approximately 173m2. Externally the plot extends to 0.061 acres. There is a practical enclosed yard which has been paved for reduced maintenance.\r
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The property is heated via an 'Ideal' gas combi-boiler, benefits from UPVC double glazing and has an interlinked fire detection system.\r
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The property sits within an Article 4 area which prevents the conversion of C3 (residential dwellings) into C4 HMO's without planning permission, due to the cap on new supply the demand for these properties has gone up significantly and as such the values are strong. This property was converted prior to the implementation of the A4 and the seller can provide supporting evidence.\r
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The current owner holds an HMO licence for the property and has confirmed that the property met with all of the conditions of the licence. Please note that while a HMO licence is valid for 5 years, they are not transferrable and follow the person not the property - a new licence is required upon transfer of ownership.\r
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To receive a copy of the comprehensive brochure please register on our buyers database - visit our website to complete the buyers registration form.\r
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Buyers premium of £7,500 + VAT - payable in two parts:\r
- A non-refundable reservation fee of £1,500 plus VAT or 25% plus VAT (whichever is higher)\r
- The balance is due upon legal completion (which is collected and paid by the buyers solicitor)