Description
The investment opportunity comprises two substantial, adjoining Victorian terraced houses, that have been adapted to provide a fully licenced 7 bedroom HMO in each (so 14 bedrooms in total), laid out over ground, first and second floors.
Both properties have recently had work undertaken on them, with 155 having been redecorated, whilst 157 has been totally refurbished and redecorated throughout. Both properties currently have shared bathrooms, but in our view there is potential for installing ensuite bathrooms in most of the bedrooms, which provides an opportunity to significantly increase the rental income.
The properties are constructed in solid brickwork under a pitched tiled roof, with pedestrian access from Monks Road. There is a small car park to the rear as well as on street permit parking on the surrounding streets. Cycle and bin storage can be found to the front of the property where there is a small forecourt. The property has been attractively adapted and is well-presented throughout.
LOCATION
Lincoln is the administrative and main shopping centre for the County of Lincolnshire, with an estimated urban population of circa 130,000 and a catchment of 545,000, generating an estimated total catchment spend of close to £1 billion per year.
It is recognised as one of England’s finest Cathedral Cities, attracting over 3 million tourists every year.
It is also a growing University City with close to 20,000 students and staff attending or working at the University and other higher education Colleges around the city, including Lincoln College and Bishop Grosseteste University, which combined contribute an estimated £250 million into the local economy every year.
The property itself is situated on Monks Road about 1/2 mile to the east of the City Centre, in an area that is popular with Students. The property overlooks the Arboretum to the north, which is a 19th century 22 acre park, with lovely gardens and ponds. There is a good range of local amenities nearby including a Co-op store and Post Office, a Pharmacy and a variety of local independent retail shops and takeaways.
The property is also located just over a mile from the main Lincoln University campus on Brayford Pool and less than 1/2 mile from the main Lincoln College Campus, situated at the western end of Monks Road, close to where it joins Broadgate.
EPC
Rating: 155 Monks Road - D and 157 Monks Road - E
These EPC ratings both expire 3rd April 2029. Recent works undertaken by the Vendors will have improved these ratings if new EPC assessments were undertaken.
vat
VAT may be charged in addition to the price at the prevailing rate.
legal costs
Each party is to be responsible for their own legal costs incurred in documenting the transaction.