Presenting an outstanding investment opportunity, this centrally located and spacious HMO property on Broadgate, Lincoln 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.
As the property stands – based on 75% LTV with a 6% interest rate and taking buying costs into account (including the buyers fee) the projected cashflow for 2024 / 2025 is £1,000.00 pcm and ROI is 8.9%, 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. Which after works and refinance would result in a potential ROI of 63%, with £31,000 left in and £1,621 pcm cashflow.
Boasting approximately 213m2 / 2,293ft2 of internal living space, this spacious property features eight bright and airy, generously proportioned bedrooms, each providing ample space for relaxation and study.
Upon entering this impressive property, you are greeted by a staircase leading up to the main living space, immediately setting the tone for a welcoming, social atmosphere. The expansive communal living area offers a perfect blend of relaxation and entertainment, with ample space for residents to unwind, interact, and enjoy each other’s company. Large UPVC double glazed sash windows, replaced in recent years, flood the room with natural light, creating an inviting ambiance that feels both open and cosy.
A fantastic dining room with seating for 8 and feature lighting leads through to the well-equipped kitchen is a standout feature of this home, offering an abundance of counter space and modern appliances – including 2 electric fan ovens, 2 ceramic hobs, extraction hood, dishwasher and 2 fridge freezers.
With plenty of storage and countertop space, it’s a practical and well-designed area for cooking and preparing meals, making it the perfect hub for communal cooking. with an additional dining area making it ideal for residents and guests to enjoy meals together.
A staircase off the kitchen leads down to a private outdoor space, offering a peaceful area to step outside and enjoy some fresh air.
Also on the first floor there is a utility room with access to the communal shower room, a WC and two double bedrooms with private en-suite bathrooms. A mezzanine floor provides a further double bedroom with private en-suite and onto the second floor there lies 5 further double bedrooms, 2 of which have private bathrooms and a further WC.
The property includes two bathrooms for with additional WC’s to accommodate everyone. A few of the rooms also benefit from their own en-suites, providing an added level of privacy and convenience.
The property is supplied with a gas ‘Baxi’ combi-boiler, which was fitted in 2023, providing gas central heating throughout with radiators in each room.
Overall, the property is in good condition and we do not feel that any structural work is required in order to maximise returns. We would, however, recommend refurbishments and decoration in parts to update the interior of the property.
Located in the heart of the bustling city centre, and a stones throw from the University of Lincoln this property is ideally positioned for those who wish to enjoy all that Lincoln has to offer. The city’s vibrant mix of shops, cafes, restaurants, and cultural landmarks, including the iconic Lincoln Castle and the majestic Lincoln Cathedral, are all within easy reach. Excellent public transport links provide quick and easy access to the wider area, making it a perfect base for commuters. Read on to find out more about Lincoln, it’s rich history and what it has to offer.
The current owner holds an HMO licence for the property and has confirmed that the property met with all of the conditions of the licence. Please note that while a HMO licence is valid for 5 years, they are not transferrable and follow the person not the property – a new licence is required upon transfer of ownership.
The property is a Sui Generis HMO under planning use classification, properties require palnning 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. The seller has confirmed that they can provide 10 years evidence for the use of the property as a Sui Generis HMO.
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!
More Information
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Agent: Jamie Maguire
jamie.maguire@realm47.com
01522 442442
