Lot 12 - £700,000 - £800,000 619 Newmarket Road (Former Grafton Hotel..
Details:
• Freehold residential investment opportunity
• Fully licenced HMO with 16 letting rooms
• Monthly rental income £6,240 gross (£74,880 pa gross)
• 0.34 acre site with road frontage with potential for redevelopment (STP)
DESCRIPTION
A freehold residential investment opportunity located in close proximately to Cambridge City Centre. The property is currently occupied as a 16 bedroom HMO offering an excellent residential investment opportunity. The site extends to approx 0.34 acre with approx 23m frontage to Newmarket Road. The building is of brick construction with a ground floor footprint of approx 245 sq m. The current accommodation is over 3 floors and comprises;
Ground floor – Communal Entrance Hall with men/ladies and disabled toilets, Laundry Room, Communal Lounge and Dining area, Kitchen 1 with a range of fitted units, 2 single sink/drainer units and 2 electric cooker points, Kitchen 2 with a range of fitted units, 2 single sink/drainer units and 2 electric cooker points, 2 ground floor Bedrooms with Ensuite facilities, General Managers Store.
First Floor – 7 Bedrooms with Ensuite facilities
Second Floor – 7 Bedrooms with Ensuite facilities
Outside there is an extensive gravelled parking area to the front. To the rear of the property there is a General Purpose Store/Bike Shed with brick and slate Caretakers accommodation, requiring renovation/refurbishment.
RENTAL INCOME
The bedrooms are let on Assured Shorthold Tenancy Agreements currently producing a rental income of £6,240 pcm (£74,880 per annum)
LOCATION
The property is conveniently located on Newmarket Road, approximately 1.5 miles east of Cambridge City Centre. Newmarket Road forms part of the outer ring road of the City providing good links the A14 road network and the City centre. The University City of Cambridge provides extensive shopping, recreational and educational facilities with main line rail links to London Liverpool Street and London Kings Cross.
PLANNING The property is located in Cambridge City Council. It is considered that the site may have potential for redevelopment subject to obtaining the necessary planning consent. Planning enquires should be made to Cambridge City Council Planning Department 01223 457200
TENURE Frehold subject to Assured Shorthold Tenancy
LEGAL PACK HC Solicitors, 35 Thorpe Road, Peterborough, Cambs, PE3 6AG Tel 01733 882800 ref KT
VIEWING Contact Cheffins Residential Department on 01223 214214
Result: £-3
