fbpx

Bath Street HMO

Project Details

Investment Opportunity: Medium House In Multiple Occupation (HMO) Conversion

Location: Bath Street, Huddersfield, West Yorkshire

Bedrooms: 7

Background

This large single dwelling property is located in the town centre of Huddersfield which lies halfway between Leeds and Manchester. Huddersfield railway station is just 0.3 miles from the property, with links to Leeds taking just 22 minutes. The town of Huddersfield itself is home to a growing university with an increasing number of international students. In addition, it is a great town for young professionals looking for an affordable place to live.

Find out more

In a very popular area for students our strategy was to purchase the property through a joint venture including Modus Portfolio Ltd and other private investors. After purchase we planned to change the use of the property from a large single dwelling and convert to a 7-bed self-contained student House of Multiple Occupation (HMO). This would provide a significant increase in the property value to allow refinancing and repayment of investors loans with interest.

The property required a major programme of refurbishment and renovation works in order to convert it to an HMO. This included converting all floors of the property, the attic space and basement areas to provide 7 bedrooms each with a sitting area, kitchen, WC and shower room facilities. An extension was also built to provide a sitting area for one of the rooms, whilst external stairs were installed to provide access to the basement rooms.

The refurbishment took 6 months and the property was granted an HMO license by the local authority shortly afterwards. The property now generates a high monthly rental income of £3,750 and monthly cash-flow after costs of £3,488.

Financial Overview

Purchase Price

£160,000

Purchase Costs

£12,000

Cost of Refurbishment

£88,000

Total capital outlay

£260,000

 

 

Monthly rental income

£3,750

Monthly costs

£262

Monthly cash flow

£3,488

 

More Case Studies

Buy To Let

Diamond Street

Large HMO

Dusties Lodge

Development

Ipswich

Small HMO

Manchester Road

Serviced Accommodation

Harefields

Medium HMO

Bath Street

Development

Worthing

Team MODUS

Get in touch

Modus Property Limited

Modus House, 100a Wakefield Road, Lepton, Huddersfield, West Yorkshire, United Kingdom, HD8 0DL

Phone: +44 (0)1484 971065

Email: hello@modus-property.com

Accreditations