I thought I would do a slightly different deal for you this week. I have a beautiful piece of art that deserves recognition for all its beauty.
This property is on the market with us at Northwood Northampton, here’s a little on the property for you:
“Set within the prestigious St Columbus House which is believed to be the former Superintendents House on the St Crispin’s development, is this beautiful three-bedroom home. The substantial interior is beaming with character and period features, set over two floors the accommodation offers a private entrance hall, elegant reception room, modern kitchen diner great for entertaining and cloakroom downstairs. Upstairs there is a spacious landing area with three substantial double bedrooms, en-suite shower room and principle bathroom. Outside there are communal grounds that are well maintained, as well as private parking. The neighbourhood of St Crispin’s has a local centre including shops, services and restaurant and offers excellent commuter links both North and south on the M1. Northampton train station is a short drive away and offers a fast link train (less than an hour) in to London Euston. A great opportunity for a professional person, couple or family!”
Allocated car parking and visitor parking available.
Lease Terms: 125 years from 2014
Service Charge: £850.00 approx. per annum
Ground Rent: £300.00 approx. per annum”
There is a few things you could do with this home. With the first being completely obvious and making this your home to live in, however we are here to help find you a deal of the week, so see below what I have for you.
This property is in immaculate condition; therefore, it requires no work what so ever to bring it up to a rental standard. That means you would be all in for the price you purchase the property for. Please of course respect that the property is advertised for O.I.E.O so for figures sake I am going to run numbers based on a purchase price of £285,000.
I understand that this property is not your typical investment property, but there is many points that work in its favour for considering such as its location, access to M1 and A45. The Northampton train station is just a short drive into town, popular enmities such as supermarkets, local shops, leisure activities such as the cinema, fitness facilities, restaurants and cafes, as well as beautiful scenery for walking the dog or a family stroll. The location also has a lot of character and history, which to some is such an attractive feature to live amongst.
As a single let, this property could achieve a rental figure of £1,150 pcm. This could achieve you a yield of 4.8%. Not a bad yield with the average yield for a freehold in Northampton being around 5%. You are likely to attract a professional demographic, maybe working in London or Daventry, who can jump on the Motor way for work.
There is also the potential option to consider a HMO (house of multiple occupancy). When choosing a property to convert into a HMO you need to understand important factors that can work for or against you with the letting out of the property. These points are as parking, demand and restrictions. There are many more, but these are some major points that could restrict such investment from proceeding so please do your research.
Just for figures sake on this property if you were to convert the property into a HMO, you could convert the property into a 4 double bedroom HMO. Due to the size of the rooms you could potentially have it has 4 rooms with doubles in which can make a difference to the amount you can charge for each room.
I am going to base this on a single person in each room. With the size of each room and the standard of the property, you could charge each room £500 pcm including bills and for the master bedroom with the en-suite, you could charge £550 pcm including bills. Rounding this all up, you could be achieving in total £2,050 pcm. This is a lovely yield of 8.6%!! A higher yield could be achieved depending on whether you advertise the property for couples, but this would be down to preference and research.
For further information on this property take a look at it online: https://www.rightmove.co.uk/property-for-sale/property-78353939.html