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8 bedroom house of multiple occupation for sale
Broadgate, Lincoln, LN2
£350,000
Broadgate, Lincoln, LN2
£350,000
Our Summary
- Presenting an outstanding investment opportunity, this centrally located and spacious HMO property at 32 Broadgate offers an ideal prospect for investors seeking a property with potential to develop, increase rental income and returns with the option to refinance minimising capital left in and vastly improving the return on investment
- As the property offers a good cashflow and return as it stands it is not essential to initiate the development element straight away - this can be done at a later date, reducing the need for the works costs on day one
- 9%, the property offers huge potential to increase these returns further by some minor improvements to the existing property and by converting a section that is currently unused
- The property is a Sui Generis HMO under planning use classification, properties require planning permission to be converted from residential C3 use class to Sui Generis, or they require 10 years of continuous use in that class to be given the right to continue to use them as such
- Do not miss the chance to view this impressive and well-positioned property - book a viewing today and discover the full potential of 32 Broadgate, all while experiencing the charm of Lincoln's history and breathtaking architecture
- Huge Development Opportunity
- Outstanding Investment Opportunity
- Potential to Add 1 Bedroom Apartment & 2 Bedroom Apartment
Description
This centrally located and spacious HMO property at 32 Broadgate offers an excellent investment opportunity for those seeking to develop and increase rental income and returns. The property boasts approximately 213m2 of internal living space, featuring eight bright and airy bedrooms, a spacious communal living area, and a well-equipped kitchen. With a good cash flow and return as it stands, the property has huge potential to increase returns further by minor improvements and converting unused space. The forecast ROI is 58.33% with £33,354 left in and £1,621 pcm cash flow. The property is in good condition, but some refurbishments and decoration would be recommended to update the interior. Located in the heart of the city centre, the property is close to the University of Lincoln and has excellent public transport links, making it an ideal base for commuters. The property is a Sui Generis HMO under planning use classification, and the seller can provide 10 years' evidence for the use of the property as a Sui Generis HMO. With its impressive layout, central location, and potential for growth, this property is an outstanding investment opportunity.