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8 bedroom detached house for sale
Victoria Road North, Southsea PO5 1QE
£600,000
Victoria Road North, Southsea PO5 1QE
£600,000
Our Summary
- TO BE SOLD BY PUBLIC AUCTION (at a date to be confirmed) UNLESS SOLD PREVIOUSLY
- We invite IMMEDIATE CASH OFFERS (on strict Auction terms) for this substantial and well-situated DETACHED HMO INVESTMENT PROPERTY arranged as TWO LARGE APARTMENTS (1 x 4 EN-SUITE ROOMS, 1 x 3), currently LET and producing the equivalent (allowing for adjustment of 10 months to 12) of £45,000 p
- PLANNING, ETC: Consent was granted in 1995 for conversion of the building (former offices) into two self-contained flats
- 104, of similar footprint, was granted approval for conversion into 5 one bedroom units last year
- Full particulars are given as follows and enquiries for this lucrative investment opportunity are invited:
- ADDITIONAL AUCTION EXPENSES
- , will be payable by the purchaser to the Auctioneers, either in the Saleroom or, if the Lot is sold prior to Auction, at the offices of Nesbit & Co
- An Auction Legal Pack (including Contract of Sale and Special Conditions) will be prepared by the Seller's
Description
This substantial detached HMO investment property is situated on Victoria Road North, approximately one mile from Southsea Town Centre and the seafront. The property, circa 1900, is of double-fronted design with brick elevations and a modern pitched and tiled roof. It features two large apartments, each with four to three en-suite rooms, currently let and producing a gross income of £45,000 per annum, equivalent to a yield of around 7.8% at mid-guide price. The property has planning consent for conversion into two self-contained flats and further consent for change of use to C3/C4 (HMO) in 2011. The property is available for immediate cash offers, subject to auction terms, and is being sold with a guide price of £550,000-£600,000.