Description
A freehold property (use class C1) comprising a 45-bedroom HMO.
38 of the units are in main block and 7 new build disabled units to the rear 21 Self Contained units (14 in main block and 8 in the rear)
LOCATION
The property is located within the London borough of Hammersmith & Fulham and is approximately 15 minutes’ walk from Stamford Brook, East Acton & Acton
Central railway stations.
DESCRIPTION
The existing property is arranged across lower ground, raised ground, first and second floors and extends to a total area of approximately 10,599 sqft GIA.
The property is registered as Use Class C1 and operates as a 45 room HMO.
Current rental income.
Income currently paid by Hammersmith & Fulham (H&F) Council
H&F pay rate of £130pw per room, plus £43 per night for services. This totals £1,008,500pa.
Proposed Rental Income – from UK Registered Providers with exceptional covenants.
Negotiations have been finalised with a Registered Provider who have agreed to an FRI lease, with annual uplifts, for a period of 15
years (no breaks) at a starting rent of £700,000 per annum. Lease date set to start on completion, therefore giving the buyer the full
benefit of the 15 year term.
Refurbishment.
On completion a sum of £250,000 will be paid via Solicitors undertaking to the Registered Provider to carry out a complete internal
and external refurbishment of the building, that will take no longer than 12 months. This will be carried out as each room becomes
vacant and will not affect the rental income.
Current rental income
Based on a yield of 6% the asking price is £11,650,000.
Download the PDF below.
Buyers Fee of 1.5% applicable.
