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AGENT'S DETAILS


Income Producing Portfolio in Boston

For sale: POA|House, Residential

PROPERTY DETAILS

FOR SALEPOA
ADDRESSBoston Portfolio, Boston, P21
TYPEHouse, Residential
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON10th July 2020

DESCRIPTION

An excellent mixed portfolio across Boston comprising of 9 x HMOs, 2 x BTLs and 2 x Flats, all benefiting from excellent local management. The portfolio generates in excess of £300,000 PA and has an excellent occupancy record, with high demand locally from agricultural and factory workers.

The portfolio would suit a hands-off buyer who wants to benefit from the returns whilst leaving the existing management structure in place.

Boston itself has a very high demand for these types of properties, and with significant investment locally in amenities and a new power station, this is expected to increase. The current landlord is selling due to retirement.

Family Homes

26 Windsor Bank Boston Lincs PE21 0JD.

4 bed terraced, 2 storey family house situated on a walk way at the side of the Maud Foster Drain (a waterway which runs through the town).

There is no road outside this property and access is gained through the rear walkway or along the side of the waterway. No cars are allowed along the riverside. A quiet family house close to town with all facilities close by.

The property has been let as a family house for many years and takes £8320 a year.

Maintenance is very low, and the property has been fully let for the last 5 years.

11 Norfolk Street Boston Lincs PE21 6PW

4 bed terraced, 2 story family house situated close to the main river and the town centre. There are cafes and river facilities and the marina close by. There is a busy road outside this property and the property has a private car parking space under the main arch through which there is access to the garden through large double gates.

This is a good position close to town with all facilities nearby. Easy walking distance to the Central park and town centre.

The property has been let as a family house for many years and takes £8320 a year.

Maintenance is very low and the property has been fully let for the last 5 years.

Town centre apartments

8a and 8b Emery Lane Boston Lincs PE21 8QA

These two 1-bed apartments are in the same block above a busy gift shop and have a shared entrance door which is in Emery Lane, a walkway in the middle of Boston town.

There is a private lobby and outside roof top terrace with a rear fire with fire doors and security entrances.

8a is on the first floor, 8b is on the second floor. There is one other flat in the block converted and let by thefreeholder. This flat (8c) shares the entrance door but does not have access to the lobby, the roof terrace, or the rear fire exit.

The Block is managed by the freeholder and has been trouble free for more than 12 years.

Both are in excellent condition and in great demand for rental. This is a good position in the centre of town with all facilities nearby.

Both properties have been let to younger couples for many years and take £8320 a year each

Maintenance is very low and all costs shared between the 3 flats and the ground floor shop. The properties have been fully let for the last 5 years.

HMO Properties

21 Tawney Street Boston Lincs PE21 6PA

5 Room HMO with shared kitchen/diner and two shower rooms/toilets. There is a nice garden to rear and shared kitchen/diner and two shower rooms/toilets. There is a nice garden to rear and street parking outside the house.street parking outside the house.

Easy walking distance to the Central park and town centre. The house is divided up as 3 doubles and 2 singles and produces £545 weekly or £28,340 PA

33 Tawney Street Boston Lincs PE21 6PA

6 Room HMO with shared kitchen and separate dining room. There is a nice garden to rear and street parking outside the house.

Easy walking distance to the Central park and town centre.

The house is divided up as 3 doubles and 3 singles and produces £630 weekly or £32,760 PA.

55 Tawney Street Boston Lincs PE21 6PD

7 Room HMO with shared kitchen and separate dining room. There is a nice private communal patio garden and a There is a nice private communal patio garden and a separate garage which is let at an extra £50 month separate garage which is let at an extra £50 month.

The house is divided up as 4 doubles and 3 singles and along with the garage rent, produces £805 weekly or £41,860 PA.

26 Thorold Street Boston Lincs PE21 6PH

6 Room HMO with shared kitchen and separate dining room and two shower rooms/toilets. There is a nice garden to rear and street parking outside the house. Easy walking distance to the Central park and town centre.

The house is divided up as 3 doubles and 3 singles and produces £630 weekly or £32,760 PA

22 Norfolk Street Boston Lincs PE21 6PE

5 Room multi-let house with a nice garden and parking in the road outside. There are two toilets one of which is a bathroom, shared kitchen and separate dining room. This house was due for conversion into HMO in OCT 2019 but has been put on hold for the time being due to the various reasons. Easy walking distance to the Central park and town centre.

At present it takes 3 singles and £240 weekly or £12,480 PA

Once converted the rental will increase to £545 weekly or £28340 PA

19 Tunnard Street Boston Lincs PE21 6PL

5 Room HMO with shared kitchen/diner and one large shower rooms/toilet. There is a nice garden to rear and street parking outside the house.

Easy walking distance to the Central park and town centre.

The house is divided up as 3 doubles and 2 singles and produces £545 weekly or £28,340 PA.

32 Tunnard Street Boston Lincs PE21 6PL

5 Room HMO with large shared kitchen/diner, a utility room and two shower rooms/toilets. There is a nice garden to rear, small out buildings and a toilet. With street parking outside the house. Easy walking distance to the Central park and town centre.

The house is divided up as 3 doubles and 2 singles and produces £545 weekly or £28,340 PA.

67 Carlton Road Boston Lincs PE21 8PA

6 Room HMO with large shared kitchen/diner, a utility room and 3 shower rooms/toilets. There is a nice walled garden to rear, and an exceptional development opportunity therein. There are no street parking places outside the house however there are two parking places off road at the front of the house.

The house is divided up as 3 doubles and 3 singles and produces £630 weekly or £32,760 PA

In the rear walled garden is an unconverted one-bedroom house in good condition which could be easily brought back into use and rented for an extra £150 weekly.

13 Brothertoft Road Boston Lincs PE21 8HD

6 Room HMO with large shared kitchen and separate diner with addition kitchen facilities, a utility room/toilet and 3 shower rooms/toilets. There is a nice private patio garden to rear, and an exceptional development opportunity therein. There are no street parking places outside the house however there are two parking places off road at the front of the house. The rear of the garden is large enough for a flat and garage build with access along the adjacent private road.

The house is divided up as 3 doubles and 3 singles and produces £630 weekly or £32,760 PA.

Notes:-

The total gross income from the portfolio as is – £303,680 PA

With the investment and development the gross rent would increase by £23,060 to £326,740

There are plans and permissions already available for these two conversions.

(The addition of the garage and flat at 13 Brothertoft Road would have to be initiated as a new build)

Income
13 Brothertoft Road, PE21 8HD HMO 6-bed = £32,760

67 Carlton Road,PE21 8PA HMO 6-bed *Extra 1-bed to rear = £32,760 (potential £7,800 increase)

32 Tunnard Street, PE21 6PL HMO 5-bed = £28,340 / 19 Tunnard Street, PE21 6PL HMO 5-bed = £28,340

22 Norfolk Street, PE21 6PE HMO 3-bed *Conversion to 5 bed planned = £12,480 (potential £15,860 increase)

26 Thorold Street, PE21 6PH HMO 6-bed = £32,760 / 55 Tawney Street, PE12 6PD HMO 7-bed = £41,860

33 Tawney Street, PE12 6PA HMO 6-bed = £32,760/ 21 Tawney Street, PE21 6PA HMO 5-bed = £28,340

8a & 8b Emery Lane, PE21 8QA Flat 1-bed Leasehold = £4,160 x2 / 11 Norfolk Street, PE21 6PW BTL House 4-bed Terraced = £8,320

26 Windsor Bank, PE21 0JD BTL House 4-bed Terraced = £8,320

Total £295,360 with an increase to £319,020 achievable.

Features
High Income Producing Portfolio Across Boston

9 x HMOs, 2 x BTLs and 2 x Flats

Income of £300,000 PA

Excellent Historical Occupancy

Management Agent in Place

2% + VAT Buyers Fee Applies

LOCATION

Location: Boston Portfolio, Boston, P21

Boston (0.4 miles)

Hubberts Bridge (3.6 miles)

Swineshead (6.9 miles)

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