Forest Road, Loughborough, Leicestershire, LE11
- Offers sought for the freehold interest currently held over two titles with potential of 9% yield.
- Configured as 28 rooms with 8 kitchens and 8 bathrooms and 22 parking spaces.
- Scope to increase yield by reviewing number of licensed rooms as entire floors not used under current management. Further potential to reconfigure, extend above and out, subject to planning approval.
- Offered with vacant posession and potential of ongoing management by current agent, subject to contract.
For sale by private treaty - no longer in auction, contact Leaders in Loughborough.
*13.5.20 licensed granted provisionally for two extra rooms.
Own one of the most desirable privately owned and sought after student opportunities in Loughborough town centre.
Offers are sought for the freehold interest of dwellings 13 and 15 Forest Road. Licensed 30th November 2020 for five years are the respective House in Multiple Occupation (HMO) Licence's granted by Charnwood Borough Council.
Configured to provide 28 bedrooms, 8 bathrooms and 8 kitchens with 22 parking spaces with land to the rear, there is scope for further development.
Supporting an enrolment of around 17975* at Loughborough University this HMO is approximately 11 minutes' walk to campus and around the same into Loughborough's vibrant town centre** attracting national and international students. Landlords and agents will start to market their properties from as early as November for the following academic year due to demand, although there is healthy demand all year round.
There is an opportunity to shape your new business depending on the target market beyond the current standard comprising a bed, storage, desk, chair, shelves and a pin board with a choice of room and a shared bathroom and kitchen.
There is further scope to increase the offering and increase revenue by adding to the current project with potential for managed reception, wifi and ensuite facilities including a fridge and microwave and common rooms which would increase the room rate and yield dramatically towards £139***
For sale by modern online auction is this 28 bedroom 'House of Multiple Occupancy' which is offered with vacant possession with a potential yield of 9%.
Current licensing is for 18 rooms which was the choice of the exiting long term private owners. There is scope for further licensing subject to application approval and the rooms are already prepared as are the communal facilities with entire floors prepared and lying dormant under the current management, due to their own business requirements.
Modestly priced by the current long term investor due to a managed exit strategy rooms have been let from only £55 per week to £82.50 per week to cover basic costs. Potential uplift recommended by our rental team of £85 to £90 per room, per week, producing circa £110000 - £120000 yield per annum and a return circa 9%.(6% with current license in effect.).
20 rooms £80-£100 PPPW
Gross Rent £93600
Operating costs 15%
Annual Nett Rent £79560
There are 8 bathrooms and kitchens in addition to common areas and 22 car parking spaces to the rear. The properties allow for versatile use and could even be considered for commercial or other use and further development including office block management, hotel accommodation or high end business type HMO given the scope and parking in a prestigious position, subject to planning and building approval.
Due to the nature of the premises buyers are invited to register to complete a smart viewing, attend the property then register to bid using the modern method of auction.
The properties may appeal to housing associations, commercial and other types of organisation. The properties within this lot are for sale with vacant possession. The Leaders Team who are one of the market leaders in Loughborough lettings have packaged the project and are prepared to market and manage the rooms, subject to contract and anticipate a full lettings book within 8 weeks. There may be some room for a conditional offer to reflect year one management or occupation, subject to contract.
A legal pack is available upon request and the marketing information is represents our own professional opinion by way of a market appraisal on the matters, although buyers are required to make their own investigations into planning, licensing and income potential and yield before making any transactional decision. Buyers will be required register and bid using the modern method of auction leading to a secure sale, requiring a deposit and fees which are available upon request, subject to contract.
** Google maps 2020 5.1