House For Sale £350,000
Codrington Street, Exeter, Devon

Introducing an exceptional investment opportunity: a six-bedroom HMO with a C4
classification strategically located just a stone's throw from the city centre.

This property represents a prime investment, poised for refurbishment and refinancing to unlock its full
revenue potential. With the ability to significantly increase rental yields through
modernisation, this investment comes without the complications of a chain.

The layout comprises two bedrooms on the ground floor (including one with an en-suite
shower room), three on the first floor, and a sixth bedroom on the top floor, previously
generating rents between £450 to £525 per month per room. However, with strategic
upgrades, the earning potential is markedly higher.

The property also features a generous kitchen/diner on the ground floor, alongside a
bathroom and a shower room on the first floor, all of which are ripe for enhancement. By
investing in upgrades for both the communal spaces and individual bedrooms — including
the potential addition of en-suite shower rooms (subject to planning), you can appeal to a
premium tenant base, including professionals or students and command rents in the range
of £650 to £750 per room depending on the quality of the renovation.

Additionally, exploring alternative layouts could further maximise the property's potential,
while consideration of en-suite additions could significantly boost appeal and value.
Undertaking such improvements not only opens the door to higher rents but also to the
possibility of refinancing at a higher valuation.

Located less than a 10-minute walk from the High Street and in close proximity to several
new student accommodations — where students pay upwards of £155 per week — the
location offers flexible targeting options for either city workers or students post-
refurbishment.

Operating within an Article 4 area as a licensed HMO (with the current license valid until
February 2025) and a C4 classification this property has a pivotal advantage.
This investment offers the dual benefit of securing a higher income stream through
refurbishment while capitalising on the property's strategic location and existing HMO license
and C4 class. A thorough analysis could reveal even greater potential, positioning this
property as a standout investment opportunity in Exeter's competitive real estate market.

Are you interested in a cash-flowing, licenced HMO only minutes from town? If so, call to
arrange a viewing.

Exeter Rental Market

Exeter presents a golden opportunity for investors eyeing the property on Codrington Street, positioning investors perfectly to capitalise on Exeter’s rental market. This historic city is a hub of culture and education and a burgeoning centre for business and innovation. With the University of Exeter standing as a beacon of academic excellence, the city attracts a vibrant community of students and young professionals, ensuring a constant demand for quality housing. The city’s economy is on an upward trajectory, bolstered by sectors such as technology, retail, and healthcare, thereby promising investors a dynamic and growing market.
Council tax band: B