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12 bed property
North Hill, Colchester CO1
£750,000
North Hill, Colchester CO1
£750,000
Our Summary
- A fantastic, rare investment opportunity has arisen to within this beautiful Grade II listed building set on this sought after street in the centre of Colchester's vibrant City Centre, which is currently being used as one large office space however is being offered for sale with permission soon to be granted for conversion into a 12 bedroom, 7 bathroom HMO
- Full information on this application can be found on Colchester bc's planning portal using reference number 241368
- Furthermore the property benefits from lapsed planning consent for the conversion into a total of 5 residential apartments, in our opinion this could easily be granted again if desired
- Information on this application can be found Colchester bc's planning portal using reference number 151528
Description
This Grade II listed building in Colchester's city centre is a rare investment opportunity, currently used as a single office space but with permission soon to be granted for conversion into a 12-bedroom, 7-bathroom HMO. The property has a rich history and offers a unique chance to create a profitable House of Multiple Occupancy, with a projected income of £10,500 per month. The building also boasts a secure car park with 14 spaces, which could generate additional income. The property is currently let as a single office space at £50,000 per annum, with the current tenants vacating in November 2024. Additionally, there is lapsed planning consent for conversion into five residential apartments, which could be re-granted if desired. This property presents a fantastic opportunity for investors to capitalize on its potential and create a lucrative income stream.