Two spacious 5 storey houses in Kemptown, Brighton, (approximately 3.500 sqft and 4000 sqft) situated on Atlingworth Street just back from the seafront. A wealth of local amenities nearby including bars, cafes and shops make it an incredibly popular student property and each unit has been let continuously to students/sharers for over 20 years.
Each property has been converted into two maisonettes, each with own private entrance:
Comprising of an upper maisonette with 7 bedrooms, lounge, kitchen and 3 bathrooms. A lower maisonette is below comprising of 4 bedrooms, separate lounge, kitchen and 2 bathrooms.
Property No. 2
Adjoining property No.1, comprising of an upper maisonette with 7 bedrooms, separate lounge, kitchen and 3 bathrooms. This upper maisonette also contains an unused store room which could provide an additional bedroom making a total of 8 bedrooms.
Below is a lower maisonette with 3 bedrooms, separate lounge, kitchen and bathroom.
There is further potential to increase the number of lettings rooms to 24, the use of the storeroom in property No. 2 is already approved on the current hmo licence.
The vendor currently lets the two lower ground floor maisonettes under one ast as they interlink. The two maisonettes are on separate ast's. 3 ast's in total with 7 occupants on each. All tenants have provided guarantors. Rental figures, along with suggested figures for the 2020-2021 tenancies are below:
Total Per Annum:
2018-2019: £125,580 - Current Gross Yield - 5.7%
2019-2020: £132,080 +£6,500 - Gross Yield 6%
2020-2021: £147,500 +£9880 - Gross Yield 6.7% (Extended to 22 rooms)
All tenants are responsible for paying their own bills.