Location - Warrington
Warrington is a vibrant and fast growing town, in the well known and popular county of Cheshire, England. It stands on the banks of the famous River Mersey. It is situated 18.5 miles (29.8 km) miles east of Liverpool, 16 miles (26 km) west of Manchester and 8 miles (13 km) south of St Helens, making the area popular with city commuters. The population of the borough is 202,228. Its population has more than doubled since its designation as a New Town in 1968 and continues to grow. Some of the UK’s largest industry is based in Warrington with corporations including Vodafone, O2, United Utilities, Christian Salvesen and Ikea UK having their headquarters in the town, amongst others.View in Google Maps
Property available at Purchase Price of £115,000
This is a fantastic development opportunity to refurbish a HMO of 5 bedrooms situated near to the Town Centre of Warrington, in an excellent location.
Refurbishment Costs – we have had a verbal agreement of £15,750 quotation for the refurbishment of this property ready for HMO rental.
|Item||Amount or Numbers||Comments|
|Conversion||Existing multi-let property requiring some modernisation|
|Renovations||£15,750||Verbal quote awaiting itemisation. This involves full modernisation to a high quality standard|
If you are to look at properties that are for sale on the same street at the moment, there are two properties both needing updating:
The most recent comparables (similar) that have sold and/or on the market are:
|3 Bedroom Residential Property on neighbouring Chester Road, SOLD STC at circa £170k||http://www.rightmove.co.uk/property-for-sale/property-31706277.html|
|Large 4 bedroom property needing modernisation sold for £170,000||http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=15939654&sale=45839897&country=england|
|Rooms in the area range between £75-85pcm bills inclusive depending upon finish (en suite and modern nature) and size of rooms.||www.rightmove.co.uk
More comparables are available via a Rightmove rent report showing the levels of rent that the rooms have achieved.
We expect to achieve £80 per room per week minimum.
|Current example on the market||Fantastic Fully Furnished Rooms Warrington
Beautiful double room in professional house share
The property refurbishment does not include window coverings, furnishings and appliances for the kitchen. We have contacts that can supply these very competitively and can assist in providing them for the proposed tenants.
Based on 5 rooms at a minimum of £80 per room per week.
|Annual Rent||= ((2 x £80) + (2 x 85) + 90) x 52|
|= £21,840 per annum|