This property in Alphington, Exeter presents a compelling investment opportunity with significant potential for further development. The building has been thoroughly refurbished and currently operates as a licensed House in Multiple Occupation (HMO), configured to maximize rental income from the outset. Comprising 12 separate letting units—4 self-contained flats/studios and 8 spacious rooms with shared facilities—the setup is designed for efficient tenant accommodation. Recent upgrades include an updated electrical inspection condition report (EICR), new fire safety systems, and a recently replaced roof, ensuring that the property meets compliance standards and is ready for immediate operation.
The ground floor features two self-contained units, including a charming studio with a bay window and an apartment with separate living areas. The first floor contains additional studios and rooms sharing bathroom facilities, while the second floor houses five more rooms equipped with shared bathrooms.
Of particular note is the large barn located on the grounds, which offers exciting potential for redevelopment into another dwelling (subject to planning permission). The entire site measures approximately ¼ acre, providing ample parking space currently utilized by residents and possible further development opportunities at the rear.
With full occupancy projected to generate around £120,000 in annual revenue, this investment promises attractive returns of approximately 12% yield. Additionally, local amenities and excellent transport links contribute to its desirability as a rental location.
Overall, this property not only stands as a fully operational HMO but also holds great promise for future enhancement and value appreciation.
