The property is situated on a prominent corner position fronting onto both Kings Road and Millfield Road, just off the A1085 in the popular residential area of North Ormesby in Middlesborough.
There are a wealth of amenities within a close proximity to the property including local shops, pubs and restaurants.
Teesside University is located just 1 mile from the property and takes approximately 15 minutes by foot, making this ideal location for students
The A172 gives easy access to the
A66, providing excellent commuter links to Middlesborough city centre which is situated just 2 miles west of the property. Stockton-On-Tees can be reached within 20 minutes by car and is just 7.3 miles away.
The property is entered via a small palisade overlooking Kings Road. The main entrance hall provides access to the communal lounge area with dual aspect glazing and beamed ceilings. In addition the ground floor hosts bedroom one, a fitted kitchen with a range of base and eye level units and stainless steel sink with drainer and also a downstairs bathroom with fitted 3 piece suite.
To the first floor there are 4 further bedrooms and a second bathroom with fitted 3 piece suite. The top floor hosts 2 further bedrooms.
All bedrooms are double glazed, have a radiator and are fitted with wash hand basins.
Outside of the property is a rear yard and ample unrestricted on street parking is available on Millfield Road.
Lounge: 4.82m x 3.60m plus bay.
Bedroom 1: 3.60m x 4.02m plus bay
Kitchen: 4.96m x 4.26m (max inc storage)
Bathroom: 2.50m x 1.98m
Bedroom 2: 2.59m x 2.81m
Bedroom 3: 4.02m x 3.57m
Bedroom 4: 3.55m x 3.35m
Bedroom 5: 2.54m x 2.27m
Bathroom 2: 2.73x x2.19m
Bedroom 6: 3.27m x 2.84m
Bedroom 7: 3.24m x 3.78m
TOTAL FLOOR AREA 144.82 m2
We understand the property is connected to mains gas, electricity, water and drainage.
The property is freehold
In order for the property to be let the property would require a series of improvements to mainly include as a minimum, replacement of bathrooms, all flooring covers and general redecoration. Once these works are undertaken it is envisaged an average gross rent of £85 per week per room with bills included. This provides a gross income of £30,940 pa representing a gross yield of 37.7% based on a guide price of £82,000.
With a 30% allowance for management, maintenance & void periods this provides a potential net yield of 26.4%.
The property is rated in Council Tax Band B. Council Tax payable (2016/2017) is £1338.32 p.a.
To view this property, please contact John Pye Property – email@example.com – 0115 970 6060
74 Kings Road
✓ Potential Seven Bedroom HMO
✓ Anticipated £30,940 pa gross income – 37.7% gross yield
✓ Potential net yield – 26.4%
✓ Would benefit from a course of refurbishment
✓ Licence expired but can be reissued.
✓ Wash basins in each room
✓ Double glazed throughout
✓ Gas central heating
✓ Potential to add value
✓ Good transport links
Phone: 0115 970 6060
Our Ref: PR180