House of Multiple Occupation
An impressive and rarely available imposing 10 bedroom Victorian property in Birmingham, currently used as a 10 bed HMO with a reported gross income of £60k per year (£500 pcm per room).
The property is currently let out on a Rent 2 Rent basis by the current owners who are netting an income of £24k per year. This Rent 2 Rent agreement is due to end in July 2025.
The property offers huge potential, with rents increasing, it is feasible to increase the gross income to in excess of £70k per year.
The property also has scope to be converted into several apartments (STPP). It offers in excess of 1,850 sq ft of accommodation and has off road parking to the front and a rear yard.
Please be advised we have not personally inspected the property. Prospective buyers are advised to make necessary independent enquiries before placing their bid, as this will be binding.
These sales details are awaiting vendor approval.
Freehold. Vacant possession upon completion.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold under an Unconditional sale type.
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 fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers Fee of 4.8% of the purchase price (subject to a minimum of £6,000 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.
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