An investment property producing £23,000 a year in rental and "with the potential to increase its income" is about to be auctioned off.
The Victorian semi-detached house in multiple occupation (HMO) will go under the hammer in Savills' next sale on Tuesday, February 9, 2021, at 9am.
Ian Marriott, joint head of residential sales at the estate agency in Nottingham, said: “We are finding that there is still good demand for HMO’s in the area, pricing is relatively sensitive but if sellers are realistic then interest levels are good."
The investment property, an eight-bedroom licensed HMO, has around 2,174 sq ft (202 sq m) of accommodation in total and includes a communal kitchen, lounge area, and a communal bathroom. There's also a garden.
The house, in Nottingham Road, currently has 3 rooms vacant.
The property in NG7 is let on assured shorthold tenancies which will expire on Friday, June 18, 2021. The agent says that it is understood that notice has been served on the tenants to vacate.
Ian added: "If managed well they (HMOs) can still provide a good return.
"The property itself is within a popular and well established residential area, approximately two miles to the north of the city centre and is just over a mile from Nottingham Trent University. We would hope this to achieve early £200k’s on auction day but we will have to wait and see!”
