A substantial, 3 storey semi detached house with 9 rooms arranged across 3 floors. Currently a licensed HMO, part let producing £29,400 pa. Potential to significantly increase rental income through refurbishment / improvement. Planning also approved for conversion to 1 x 3 bedroom and 2 x 1 bedroom apartments.

Description/Location

This large semi detached dwelling is situated in an established residential location, Norwood Junction 0.4 miles. Currently, 5 rooms are let on ASTs (all in periodic status). The HMO license was granted for 9 persons / 7 rooms + 1 self contained unit on 07/05/2020. 3 rooms are vacant, we estimate that refurbishment of the accommodation could produce rent of circa £90,000 pa (7 x £900 p,. 1 x £1200 pm). Planning consent was granted by Croydon Borough Council on 08/10/2021 for conversion to 3 apartments. We believe alternative schemes may also be viable, the consented ground floor extension could provide an additional letting room of 18 sqm.

Tenure

Freehold

Viewing

Network Auctions - 020 7871 0420

Accommodation

Ground Floor: Entrance hall, 2 rooms, self contained studio flat. First Floor: Landing, 3 rooms, shower room and wc. Second Floor: Landing, 3 rooms, shower room. Outside: Gardens front and rear.

Rent

Potential Rent: £90,000 pa

View Larger Map

View larger map on Google Maps.

*Guide Price & Reserves

Generally speaking Guide Prices are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £1,500 + VAT unless otherwise stated in the addendum (£420 inc VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.