House For Sale £1,155,000
This is an investment opportunity to purchase a property consisting of 5 flats in London with potential to generate 6.5% gross yield.
Property information
Future potential
The vendor has provided a number of options for the future use of the property. If you are interested to receive further detail about these please let us know and we will provide you with this.
You must carry out your own research into any required planning and/or licencing approvals by Enfield Council if you wish to purchase the property to rent out. Enfield Council introduced a new licencing scheme in September 2021.
Some of these options include:
Potential rental income
The most recent rental values, until late July 2021, for the flats were:
Running costs
The vendor provided us with the following running costs for this property for 2019/2020. The 2020/2021 accounts are not yet complete.
Location information
Property information
- The property is split into 5 x self-contained flats, comprising:
- 1 x studio flat
- 4 x 1-bed flats
- The council recorded ?deemed consent? For the flats in 2013, but they exist since 2004
- Application has been made for Certificate of Lawfulness for the existing 5 flats
- All flats have electric showers, electric cookers and washing machines
- There is only 1 gas appliance, a he System boiler, for central heating and hot water
- 3-phase power supply, each phase supports 2 consumer units (5 for the flats, 1 for communal)
- Automatic fire detection and alarm system
- Access to the very large rear garden
- Tenants paid for their own internet, media services and TV licence, whilst the landlord covered the utilities, see below for more detail
- As the flats have been continuously occupied since October 2006, essential external repairs, repainting and some essential electrical works are in progress at the time of listing
- It is expected that the property can be ready to relet by new owners within a few weeks
- EPC rating D
Future potential
The vendor has provided a number of options for the future use of the property. If you are interested to receive further detail about these please let us know and we will provide you with this.
You must carry out your own research into any required planning and/or licencing approvals by Enfield Council if you wish to purchase the property to rent out. Enfield Council introduced a new licencing scheme in September 2021.
Some of these options include:
- Continuation of lettings (under new Licencing Scheme)
- Convert into luxury HMO (subject to consent)
- Formalise the 5 flats
- Scope to extend the studio flat
Potential rental income
The most recent rental values, until late July 2021, for the flats were:
- Flat A - £1,335 pcm
- Flat B - £1,355 pcm
- Flat C - £980 pcm
- Flat D - £1,270 pcm
- Flat E - £1,350 pcm
- Total monthly rental income: £6,290
- Total annual rental income: £75,480
Running costs
The vendor provided us with the following running costs for this property for 2019/2020. The 2020/2021 accounts are not yet complete.
- Gas & electric: £240.17
- Council tax & water: £243.83
- Total cost pcm: £484
- Total cost pa: £5,808
Location information
- The property is located between Arnos Grove and Bowes Park
- Bounds Green tube station and Bowes Park railway station can be reached in a 10-minute walk
- Bowes Primary School is just 0.3 miles from the property
- Ideally located for easy access to major roads and motorways
