Case
Studies

Huddersfield HMO (HD1)

Project Details

Investment Opportunity: Opportunity to convert a terrace property into an HMO

Location: Huddersfield (HD1)

Bedrooms: 5

Property Background

Used as an Optometrist practice for many years this interesting stone built and slate clad property has planning permission to convert to a residential dwelling. Situated in a conservation area close to the Huddersfield town centre, the property is in easy reach of local amenities and transport links to Manchester, Leeds and Sheffield.

The property comprises: large entrance hallway, former dispensing area, instrument room, former kitchen, two consulting rooms, basement, utility room, former coal place, shower room and two offices.

Investor Profile

Chris Ramsey – UK
This was Chris’s first investment property. Coming from a background in accounting Chris was nearing retirement age and wanted to create an additional income stream to help support himself and his family.

“From my very first contact to the current day it has been an absolute pleasure working with the various teams at Modus Property. So much so that dealing with them doesn’t feel like work, it’s contacting a friend. And yet it is all done so professionally, from the support given in finding and purchasing my property, the incredible transformation carried out by the refurbishment team (all supported by weekly videos to keep me updated), the hard work put in by the utility team to set up the necessary services with minimal input from myself, to the swift efforts of the letting team in getting tenants in place at the earliest opportunity.

All this backed up by a director who really cares about giving the best service possible. I would have no hesitation in recommending Modus Property to anyone else and will be using them again for my next project.”

Find out more

The property comes with permission to convert back to residential use. The refurbishment works will include the removal of internal walls to open up each floor prior to the insertion of stud walls to create a high quality HMO compliant property. This will create 4/5 bedrooms (en-suite where possible), kitchen/living space, and bath/shower rooms.

The property was orginally to be converted into a 5 Bedroom property but was refurbed to a higher spec 4 Bed so each room had its own en-suite. With the Kitchen located in the cellar tanking work was also required, but the project still came in on budget and on time. All rooms within the property were let swiftly through Modus Lets, and the property has continued to bring home a strong ROI.

Financial Overview
Purchase Price	£100,000
Purchase Costs	£9,259
Cost of Development	£61,636
Total capital outlay	£170,895

Potential Monthly Return	£1,828 (£85 per week per room)
Potential Annual Return	£22,100
Potential ROI %	13%

About Huddersfield, West Yorkshire

Huddersfield is a University City with an exciting future, and a proud history steeped in manufacturing. As one the UK’s top investment locations, Huddersfield has seen an increase in investment in recent years. The Kings Gate shopping centre has put Huddersfield on the shopping map, and the wide selection of bars and restaurants has brought together a vibrant community feel.

Popular with students and young professionals, Huddersfield is a major commuter town with excellent rail links to Leeds and Manchester. With the West Yorkshire countryside, Yorkshire Sculpture Park and many other Art Centres and Museums in the area, Huddersfield is growing in popularity and will continue to thrive for many years to come.