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12 Bed HMO Investment, Lion Street, Kidderminster, Worcestershire

For sale: £450,000.00|Residential

Property details

FOR SALE£450,000.00
ADDRESS4 Lion Street, Kidderminster, DY10 1PT
TYPEResidential
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON19th October 2021

Description

Location: Kidderminster is a large market and historic minster town and civil parish in the north of Worcestershire and has good road access to Junctions 4, 5 and 6 of the M5 Motorway.

Situation: Lion Street is located on the eastern edge of Kidderminster Town Centre in an area known as Lion Fields, to the east of the main retail area and immediately to the west of the A456 ringway. There is direct access to the ringway off Bromsgrove Street via Coventry Street (A456),
The property is a one-minute walk from the town’s busy High Street, sufficient to meet daily needs.

Local Area: The property is a one-minute walk from the town’s busy High Street, sufficient to meet daily needs.
Kidderminster has a mainline railway station, just 0.6m away, which provides a direct link to the Worcester stations and Birmingham Snow Hill. The Kidderminster Medical Centre is just 1-minute walk away.

There are also bus stops nearby enabling travel to local areas.

Due to the above it was not considered necessary by the Local Authority to provide for car parking at this location. However, there is limited free on street parking available immediately outside (Short Term) and a pay and display car park nearby.

House of multiple occupancy (HMO) Operational History: The property is professionally managed to a high standard. The building has been inspected by the Council’s Housing officers and it has been certified as an accredited shared property. (HMO License Ref: 201800361)

Kidderminster had a limited number of licensed HMO’s locally and the current vendor has benefitted from high occupancy as a result.

The building since April 2018 has been occupied by 12 unrelated persons using shared facilities. The shared facilities comprise of: - kitchens - utility room - Communal services i.e. water, gas and electric, central heating and full double glazing.
The property is currently fully managed by a local, third party Property Management Co.

Key Financials: The site will be sold as an HMO Investment with tenants in situ.
HMO with long term average occupancy in excess of 85%.
Tenancy Schedule available as part of the Bidding process.
On average, rooms fetching an average of £100 to £115 per wk. Post lockdown generally only one room void at any one time, as part of the usual turnover of occupants.
Consequently, a gross potential Turnover of c. £70k. with net income c. £63k. dependent on management of running costs.

Description: The subject site is a brick Victorian building originally constructed circa 1900 with cream painted rendering. There has been a significant re-development of the site.
It is situated within a selection of commercial buildings, some of which have become residential. Access to the building is coming off Bromsgrove Street onto Lion Street. It comprises of a part single storey and predominantly part three storey building.

The property is semi-detached and lies to the east of No 1 Lion Street, (which is currently of mixed use, as a restaurant with accommodation above). Prior to 2018 the property was used as offices.

Accommodation: The building is arranged over three main floors and a cellar housing P&M e.g. hot water tanks and gas boiler, for the communal central heating and hot water.

12 Bedrooms all with ensuite facilities and sprinkler system in each room.

2 Shared Communal Kitchens (First and Second Floors) – all fully equipped

1 Utility Room (Ground Floor) containing several laundry facilities

Service yard to the rear, for amenity space and additional means of escape to shared alley.
Land Registry plans can be supplied to serious interested parties to highlight Access Rights.


Planning History: May 2017 Change of use of a building from Office Use to a Dwelling house (Ref 17/3030/PNRES)

January 2019 Change of use from office(B1) to a 12-bedroom House in Multiple Occupation (HMO), to sui generis use (Ref 19/0075/FULL)

Tenure: Freehold Title HW164825

Services: The site is understood to have mains electricity, gas, water, and drainage connected.

Site area - approx. 0.042 acres (0.017 hectares)

EPC Rating C. A copy of the EPC’s can be obtained from the National EPC Register at
www.epcregister.com

Property Rating: Rateable Value removed from the Business Rates list & Council Tax presently payable by tenants directly.

Interested parties are advised to contact Wyre Forest District Council on 01562 732928

Statutory Compliance & Contracts: A copy of the various Certificates & documents e.g. for Electrical Safety and Health & Safety & Building Insurance, will be supplied to interested parties, as part of the Bidding process.

Freehold Price: Contact Agent for Further Details.

VAT: We understand the property is not elected for VAT, so that VAT will not be payable on the price. However, interested parties are advised to make their own enquiries.


Security / Money Laundering: The Vendor’s will require proof of identity/ funding before any offer is formally accepted, to carry out Anti-Money Laundering checks, as required, in accordance with current legislation.

Legal Costs: Each party to be responsible for their own legal costs incurred during this transaction.

Viewing: By appointment only

Interested parties should be advised that “Block” viewings are likely to undertaken.

Location

marker
Location: 4 Lion Street, Kidderminster, DY10 1PT

Kidderminster (0.4 miles)

Blakedown (3.1 miles)

Hartlebury (3.8 miles)

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