** 4 Bed HMO – Net Returns from 14.86 % **
An exciting Design and Build project in Bradford that will enable an excellent 4-bedroom, 4-bathroom unit
• Less than a 20 minute walk to the University campus and 18 minute walk to the city centre, this property is in a much sought-after area within easy access to the University, local amenities, train station and the city centre.
• Spacious enough to enable a 4-bedroom multi let: all with double rooms and en-suite bathrooms plus a communal bathroom.
• Bradford University has almost 10,000 students and has a strong student community with over 150 nationalities represented at the University.
• Within easy access of nearby cities, just 30 minutes from Leeds and 60 minutes from Manchester.
Returns in excess of 14.86%
CHOOSE BRADFORD : GREAT VALUE FOR MONEY : EXCELLENT POTENTIAL GROWTH RATE: FANTASTIC RETURNS
• The University of Bradford opened in 1966 and has nearly 10,000 students, this well-established University gives great potential for student tenants all requiring private accommodation after their first year in halls of residence.
• The University is a technology university and is in the top 10 universities in the UK for forensic science, Occupational therapy, optometry and physiotherapy.
• University of Bradford School of Management is part of an elite group of business schools worldwide with the triple-crown of accreditations - AACSB, AMBA and EQUIS.
• With our years of experience and a solid track record in student accommodation we are able to recognise that this area offers us the chance to create bespoke, fully licenced, and regulated student properties. Once more offering fantastic prospects and excellent opportunities for high yields.
• In addition to student rentals, a number of major companies have their headquarters in the district including Morrisons, Provident Financial, Yorkshire Building Society and Hallmark Cards. This includes two FTSE 100 companies, more than any other city in the North, giving huge potential for professional tenants.
THE FINISHED PRODUCT
• Will be refurbished to the highest standard and contain all the necessities for student life within the furniture pack plus WIFI, bike storage etc.
• All rooms will be rented at £90 - £95 (en-suite) per person per week.
• Will be supplied, fully regulated and compliant with the local council and passed for university accommodation approval on completion of the building work with all necessary approvals.
• Will be completed including University required extras such as full fire safety accreditation. This comprises of interlinked smoke alarms in all rooms, emergency lighting systems, appropriate fire panels and heat sensors.
Dorset Street, Bradford
4 bed, 4 bathroom HMO
with Net returns from 14.86%
Dorset Street - Financial Breakdown – 4 Bedroom – 4 Bathrooms
Purchase Price: £95,000
Deposit: £23,750 - Finance (75% LTV)
Conversion/Build: £45,000* approx. (subject to further onsite visits)
Set up costs/ Design & Build Fees inc VAT - £15,000
Legals - £1,300
Stamp duty - £2,850
Survey - £450
Furniture and flooring packs can be purchased at an additional cost - £7,261 plus VAT
Total Project Cost: £166,861.00
Total Cash outlay: £95,611.00
Rental Income: £95.00 PPPW x 4 net of bills (water, gas, electricity) = £19,240.00
Management: £2,558.40 including VAT- (10% fully managed)
Annual mortgage cost/interest: £2,493,75 approx.
TRUE NET INCOME: £14,187.85 per annum
NET RETURN ON INVESTMENT: 14.86% per annum
BASED ON A REFINANCE VALUATION OF £165,000 WE CAN RELEASE APPROXIMATELY £132,000 BY RE-MORTGAGING AFTER 6 MONTHS. AT THIS STAGE, YOU WILL HAVE AROUND £34,861.00 LEFT IN THE DEAL AND AFTER DEDUCTING THE NEW, INCREASED MORTGAGE INTEREST, YOUR NET INCOME WILL BE AROUND £11,018.80 PER ANNUM GIVING YOU A NET RETURN ON CASH INVESTED OF 31.61%
Do not hesitate in contacting us on 0161 230 3367 if you require any further information on the above deal.
Ad ID: 1400463955
VAT number: 297930058