Highly Profitable HMO For Homeless People For Sale

Business description

Fully managed substantial former hotel in this premier South Coast town currently let as an HMO to homeless people via the local authority. Currently producing a monthly income of around £62,500 with a net of around £450,000 per annum, this is a highly profitable concern. Planning Permission has also been obtained for the demolition of the existing building and the construction of 65 x 1,2 & 3 Bed apartments with a total gross internal floor area of 4,714 sq mtrs and 61 underground parking spaces with a gross internal floor area of 1,679 sq mtrs.

Property information

Property:

Freehold

Location:

Located in a very convenient position with local shops and bus routes all within the immediate vicinity and the town centre with its’ comprehensive shopping facilities and amenities including main line station within walking distance. The sea front is also within a couple of minutes walk providing pleasant strolls along the promenade.

Premises details:

This former Hotel and two substantial properties are now providing accommodation with a combination of many self contained rooms and a selection of Studio, One, Two & Three Bedroom Flats.

The properties are arranged over five floors and are believed to have been originally constructed around the turn of the century of brick with angular bay windows to the front all under a deep pitched tiled roof relieved by dormer windows. The rear of the property overlooks attractive public gardens and there is a small garden area to the side and rear of the buildings.

Our client has also obtained planning permission to demolish the whole building and construct a total of 65 luxury apartments of which 26 would be One Bed Units, 37 Two Bed Units and 2 Three Bed Penthouses. Parking would be provided for a total of 61 vehicles on the Lower Ground Floor with an internal floor area of 18,078 sq ft (1,679 Sq Mtrs) and gross internal floor area for the flats would be 50,767 sq ft (4,714 sq mtrs). This could be utilised following future recovery of the property market.

Other information

Planning consent:

Our client has also obtained planning permission to demolish the whole building and construct a total of 65 luxury apartments of which 26 would be One Bed Units, 37 Two Bed Units and 2 Three Bed Penthouses. Parking would be provided for a total of 61 vehicles on the Lower Ground Floor with an internal floor area of 18,078 sq ft (1,679 Sq Mtrs) and gross internal floor area for the flats would be 50,767 sq ft (4,714 sq mtrs). This could be utilised following future recovery of the property market.

Reasons for selling:

Retirement

Financing available:

Please go to www.salmonfinance.co.uk