Latest Valuation
£235,000
ROCE
48%
Location
Greater Manchester

HMO Conversion Opportunity

The plan is to buy the property to convert to HMO and benefit from rental income. Walking distance to amenities and transport links.
Guide Price
£235,000

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Key Features

  • HMO conversion opportunity
  • Great potential ROCE
  • Close to links for Manchester and Motorways
  • Fully managed conversion if required
  • Regeneration scheme in area

The Property

Large end terraced property which lends itself perfectly to be converted to an HMO.

It is in a desirable area walking distance to amenities and excellent transport links. The area is undergoing a scheme of regeneration and there are already many large organizations based in the locality due to the area having a huge storage and distribution park which means there are always jobs on offer.

Furthermore there is investment in the area which will see further jobs and should lead to increased demand for rooms.

Capital appreciation in the area over the long term should be solid due to the proximity to Manchester and investments in the area. A scheme of £150M has just started which includes 135,000 sqm of employment space, 1,000 new homes, new school and an estimated 2,800 FTE jobs.

Link to article: http://www.rochdale.gov.uk/news/Pages/work-starts-on-regeneration-scheme.aspx

Purchase price: £225,000
Sourcing fee: £3,000
Yield: 13%
ROCE: 48% (based on purchase price of £225,000 25% deposit and associated costs and a rental income of £30,600 per annum)

Selling office: Sourced Rochdale

Planning Information

N/A

The Plan

Buy and do the small amount of work necessary to convert to an HMO. Benefit from excellent rental income.

The Location

It is in a desirable area walking distance to amenities and excellent transport links. The area is undergoing a scheme of regeneration and there are already many large organizations based in the locality due to the area having a huge storage and distribution park which means there are always jobs on offer.

Average estimated value for a house in OL10 4XB

£182,220

Properties around OL10 had an overall average price of £182,220 over the last year.

The majority of sales around OL10 during the last year were terraced properties, selling for an average price of £123,435. Semi-detached properties sold for an average of £179,421, with detached properties fetching £317,104.

Overall, sold prices around OL10 over the last year were 13% down on the previous year and 26% up on the 2017 peak of £145,172.

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