Block of flats for sale in Cecil Street, Lincoln LN1

Investment Consideration:
Gross Initial Yield: 8.25%
Rental Income: £22,440 p.a.
VAT is not applicable to this property
Comprises 4-bed HMO with communal kitchen, living room and 2 communal bathrooms
Situated within 25 minute walk from the University of Lincoln, a 15 minute walk from Bishop Grosseteste University and a 15 minute walk from Lincoln’s City Centre.

Property Description:
Comprises mid-terrace 4-bedroom HMO, newly refurbished to a high standard and arranged as a ground floor kitchen, living/dining room and 1 bedroom, with 3 bedrooms and 2 communal bathrooms at first floor.
Ground Floor: 46 sq m (495 sq ft)
First Floor: 43 sq m (463 sq ft)
Total gia: 89 sq m (958 sq ft)
HMO Licensed Property (C4 use class) Reference - 2018/0763/cle

Tenancy:
The property is at present let to Individuals for a term of 51 Weeks from 30th August 2023 at a current rent of £20,655 p.a. Deposit held of £1,200.
New AST signed for 51 Weeks from 30th August 2024 at agreed rent of £22,440 p.a. Vendor will top up rent, so the buyer receives the equivalent of £22,440 p.a. From completion.

Location:
The property is located on Cecil Street within a residential area just a 15 minute walk from Lincoln’s City Centre, 25 minute walk from the University of Lincoln, a 15 minute walk from Bishop Grosseteste University. The city’s train station is located just a 15 minute walk from the property. The station offers regular connections throughout the country, with regular services running to Newark Northgate, Edinburgh and London Kings Cross.