House of Multiple Occupation
An investment opportunity comprising two substantial, adjoining Victorian terraced houses, that have been adapted to provide a fully licenced 7 bedroom HMO in each (14 bedrooms in total), laid out over ground, first and second floors. Current income £61,908pa.
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 and benefit from car parking.
We calculate the property to extend a total NIA of 263.38 m2 (2,834 Sq. Ft).
The properties are 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. The property is within walking distance of the Town Centre.
Current combined income is £5,169pcm £61,908pa with three empty units giving scope for circa £85,000 pa income fully let at the prevailing market rates.
155 Monks Road benefits from a new shower room. Double glazed windows (excluding the traditional bay windows). All rooms have a wash basin.
Room 1 - Double
Void
Room 2 - Double
£500 pcm. 21/08/25 - 18/02/26.
Room 3 - Double
£433 pcm. 22/08/25 - 21/08/26.
Room 4 - Single
£368 pcm. 19/09/25 - 18/09/26.
Room 5 - Double
£382 pcm. Contract started 30/08/24 now on a periodic contract.
Room 6 - Single
£368 pcm. 29/08/25 - 28/08/26.
Room 7 - Double
£433 pcm. 27/08/25 - 26/02/26.
157 Monks Road benefits from double glazed windows (excluding the traditional bay windows). All rooms have a wash basin.
Room 1 - Double
£560 pcm. Contract started 06/09/24 now on periodic contract.
Room 2 - Double
£545 pcm. Contract started 30/04/24 now on periodic contract.
Room 3 - Double
Void
Room 4 - Double
£560 pcm. Contract 17/02/25 - 16/02/26.
Room 5 - Single
£450 pcm. Contract started 13/05/25 now on a periodic contract.
Room 6 - Double
Void
Room 7 - Double
£560 pcm. Contract started 30/01/24 now on a periodic contract.
We have sight of lapsed planning dated 03 June 2010 (application number 2010/0436/F) for conversion of property to accommodate 4 flats and erection of a two storey building to create 2 flats. Prospective buyers must make all necessary independent enquiries with the Local Authority in this respect for their specific, intended use prior to placing their bid, as this will be binding.
Interested parties are advised to inspect the legal pack for more information.
Freehold. Subject to tenancy.
Auction Details
The sale of this property will take place on the stated date by way of Live streamed auction and is being sold under the Unconditional sale type.
Binding contracts will be exchanged at the point of sale.
All sales are subject to our Common Auction Conditions and Bidder Terms. Properties located in Scotland and Northern Ireland will be subject to applicable local laws.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fees apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of 3.6% of the purchase price inc. VAT
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 our auction processes, please refer to the Bidder Terms which can be viewed on our home page.
This explains the types of auction and sale methods we offer, the bidding 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.
