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Saturday, July 11, 2015

HMO apartments Nottingham, Burns Street

I stumbled upon this HMO investment the other day.  It's located in the Arboretum area of Nottingham in what a hundred years ago was probably the posh part of town.  As with many of our cities these areas have become a little neglected as the middle classes fled to the suburbs.

It currently consists of 8 self contained apartments generating an income of £34,872.  On the asking price of £475,000 that gives a gross rental yield of just over 7% not high but reasonable.  If you could get it for a price nearing £400,000 generating a yield near 9% then it might be worth taking further.

Otherwise I'm guessing that the landlord is happy to take their £30,000+ income each year with relatively little work.  The fact that the property has been on the market since November suggests that the landlord may not be in a rush to do a deal.

The property is for sale with Centrick Property in Nottingham.

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