House of Multiple Occupation
A 10-bedroom HMO located along Stourbridge Road, Dudley. Current income £36,400 per annum.
The property comprises a detached two storey building set back from the Stourbridge Road. The property benefits from parking to the front and extensive gardens to the rear, along with side access. We feel there is scope for an extension to the rear to increase the accommodation to 14 units (subject to approval).
The property is accessed from the front via a secure entrance door leading to a hallway and 5 separate rooms, all appearing let upon inspection. There is also a bathroom, lounge, and kitchen on the ground floor. A utility room currently used as storage and containing the boiler, it is accessible from the ground floor which could be potentially converted into a dwelling subject to planning.
The first floor comprises 5 separate rooms all appearing let upon inspection along with a WC and separate bathroom.
Each room has individual metering. We noted a relatively new boiler which provides hot water. Rooms have individual electric heaters.
We have been advised that each room pays £70pw with all 10 appearing let upon inspection giving a gross annual income of £36,400pa.
We have been advised that many of the tenants have been in occupation for several years with the vendors only selling due to their health. Interested parties are advised to inspect the legal packs for more information as to tenancies, most of which are now on a periodic tenancy.
We feel there is scope to decorate and upgrade the building perhaps in stages and extend. (Subject to planning) We note current rents within the area are circa £120pw.
The property is located in Dudley close to several schools, local amenities and within walking distance to the Russell Hall Hospital. There are several nearby bus links to Merry Hill Shopping centre, Wolverhampton, and Birmingham.
Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding.
Freehold. Subject to tenancy.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyers Fee of £1,500 inc. VAT
The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
