This freehold property combines both commercial and residential spaces, encompassing approximately 12,000 sq ft and offering parking for thirteen vehicles. It features five commercial units alongside five fully operational HMOs, each designed for five occupants with en-suite facilities. Additionally, there are two long-leasehold properties included in the package.
The commercial section boasts a newly refurbished building leased to New Bridge Academy Trust, resulting from the merger of two units into a single space of around 3,200 sq ft. It is currently under a three-year lease from November 2023, generating an annual rent of £30,000. Another commercial unit, formerly a dental practice, spans roughly 1,200 sq ft but is currently vacant in shell condition; this presents an enticing opportunity for redevelopment into a five-bedroom HMO (subject to necessary consents), which could yield around £40,000 annually. Alternatively, refurbishment for continued office use may attract rental income estimated at £18,000 per annum. Notably, two additional units have been sold off on long leases.
On the residential side, the property includes five modern HMOs with full en-suites. Two of these are under a stable five-year corporate agreement with a social housing provider that ensures income without voids or landlord expenses. The other three are managed as private rentals and offer potential for gradual transition to social housing use, potentially lowering operating costs while enhancing long-term returns.
Currently generating a gross income of about £180,012 per year from both the commercial and residential components, there is significant opportunity for increasing returns through strategic redevelopment or refurbishment of the vacant commercial unit.
