Property description
Elvet Estates are delighted to bring this seven bed licenced HMO student investment property located in the Claypath area of Durham.
The property comprises, on the ground floor two bedrooms, two kitchens (one open plan with a living area) and separate lounge. While on the first floor there are four bedrooms and three bathrooms and the second floor has one large bedroom with separate study area. The property is two houses merged together to form one seven bedroom property but it can quite easily be turned back into a four and a three bedroom property with two front entrances still in place.
The property does currently have a licence for eight bedrooms and has a shell built for a studio flat in the basement. The landlord has not yet converted this fully but it does offer any potential purchaser the opportunity to develop this area to increase their return from their investment.
Located in Claypath, the property is located a very short walk down Claypath to Freemans Quay Leisure Centre, Walkergate Complex and the city centre. While the student tenants, can get to the Bill Bryson Library with a fifteen-minute walk from the house.
The property is currently privately managed by the vendor and achieves an annual rent of £30,940.00 p.a. which represents a yield of 7.74%. Using comparable studio flats in the area, the additional of such in the basement could add an extra £5,200 - £7,800 p.a. ; representing a yield of between 9% and 9.6%.
Viewings can be arranged by calling Elvet Estates on 0191 375 7000.
Property Features :
- Student Investment
- Claypath
- Short Walk to City Centre and Lectures
- Possibility of adding 8th bedroom
- Licenced HMO