This substantial property in Balham Road, Edmonton N9 is up for auction on 28th July for a not too shabby £475,000.
Unlike a lot of auction properties this house is in great condition, the current owner has spent completely refurbished the property to the point that you could almost move in tomorrow if you bought it..
The accommodation is spread over three floors –
- on the 1st floor there are 5 bedrooms and a shower room,
- on the ground floor there are two reception rooms, a kitchen and bathroom, and
- in the basement there is one large reception room with a skylight window.
There is also a concreted rear garden which could provide parking for 2-3 cars.
A planning application has been submitted for the property to become a six person HMO. If the application is successful then this property could achieve a rental income of approx £40,000pa. This could bring a gross yield of 8.2% which is a great return.
However, there has been more than one planning application submitted for this house in the past. The first to replace retail usage with residential was successful. The next application to change usage to one x three bedroom flat and one x four bedroom flat was refused and the next application to create a seven person HMO was also refused.
Ideally it would be good to have planning consent prior to the auction, however if not, then the level of due diligence required increases and I would recommend studying the previous refusals and the current plans very carefully. Have the previous issues been addressed and do the current proposed plans require any further works to be carried out?
Reducing the number of tenants, returning to a single household let or carrying out further works could all lead to delays, additional costs and reduced returns.
At Belvoir Lettings Enfield we don’t sell property, we simply use our experience to advise people as to what might make a good buy to let property investment in the Enfield, Haringey and Barnet areas, and how to successfully let their property.
