This property is no longer on the market
12 bedroom terraced house
Key information
Property description & features
- Tenure: Freehold
A pair of refurbished six bedroom houses of multiple occupation (HMO) in popular area of Barry with recent incomes representing an Initial Gross Yield (IGY) of 14.4%.
Description
A pair of refurbished six bedroom houses of multiple occupation (HMO) in popular area of Barry with recent incomes representing an Initial Gross Yield (IGY) of 14.4%.
The properties are mid-terraced with brick and spar-rendered elevations beneath a pitched tiled roof covering. The houses are in generally very good order having just been refurbished and redecorated by the current owners and also benefit from uPVC windows throughout and gas central heating powered by modern combination boilers (not tested). Outside there are enclosed rear gardens laid to patio. Many of the rooms also have fitted furniture and also blinds and curtains which we are informed will be remaining as will the CCTV system.
33 & 34 Vere Street are offered vacant but have been used by Vale of Glamorgan local authority as an HMO for the last 10+ years with each bedroom being rented directly through the council for £103.85 per week, (£64,802.40pa/£5400pcm) We are informed that the council are happy to continue this arrangement with a new landlord, subject to approval but any interested parties are recommended to make their own enquiries in this regard.
We have confirmed with the local authority housing support office that the income generated when full represents an income of £64,802.40 in rent, with the possibility of further income generated of circa £9,360 by service charge collection direct from the residents.
Further to this, we are informed that the current owners have provisionally agreed a longer term agreement with the Vale of Glamorgan council on a much less involved structure of management for the owners, for £1,850pcm per property, (£44,400 pa). We are informed that this would include all utility bills and council tax as well as handing over all of the day to day management to VOG council.
As above, interested parties are requested to make their own enquiries in this regard but further detail will be available in the legal pack once available.
Vere Street is situated approximately a mile East of the centre of Barry and very close to Cadoxton railway station. The property is located in close proximity to the local amenities in the area, including but not limited to those on Vere street itself.
Please see the full 3D VR walkthrough tours of both properties.
Accommodation
GF - Two double bedrooms, kitchen, store
FF - Two double bedrooms, bathroom
SF - Two double bedrooms, shower room
OS - Rear enclosed garden laid to patio.
Informed Freehold please refer to legal pack for verification of tenureAdditional Fees
Buyer's Premium 1.2% with a minimum of £1,200 (inc of VAT) payable on exchange of contracts. Please refer to the legal pack for any further disbursements to be paid by the purchaser on completion.
Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction.
Further Information
Auctioneers Office, Seel and Co[use Contact Agent Button]
Viewing
Viewing by appointment with Seel and Co
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Broadband availability and predicted speed: obtained from Ofcom on August 24, 2022
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Mobile phone signal availability and predicted strength: obtained from Ofcom on August 24, 2022
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Energy Performance data and Internal floor area
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