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Mile End Lane, Heaviley

£550,000 Guide Price Sold
  • Ref: 11620
  • Type: Shared House
  • Availability: Sold
  • Bedrooms: 6
  • Bathrooms: 2
  • Reception Rooms: 1
  • Tenure: Freehold
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  • Floorplan

Property Summary

EXCITING INVESTMENT / POTENTIAL DEVELOPMENT OPPORTUNITY! A full licenced HMO with substantial grounds that could provide space for 2 detached dwellings (subject to planning permission).

Full Details

SMILE END LANE This is sufficient of an exciting investment / potential development opportunity that we hope you'll forgive the licence we've taken with our headline.

This full licenced HMO is incorporated within a substantial, late Edwardian, detached property that is formed over three levels including the basement space, and provides over 3000 square feet of living space. Currently the rent roll is £31,000 per annum with a review on unit 6 to be undertaken in November/December.

A fire risk assessment has been carried out and there are wired in smoke detectors. Upstairs there is scope to re-jig some space to create an additional unit whilst the cellars could yield a further two units subject to building regulations. An exercise of this nature, if successful, would likely increase the rent roll by a further £15,000 per annum.

Outside there is a real lemon twist with a super sized L shaped plot some 80+ metres in length and approximately 42 meters wide at the furthest point. A planning consultant has carried out some initial research and considers there are possibilities for two detached units, subject to planning.

Joules are happy to form an introduction to any interested parties to take this to a pre-planning application stage. Given the outstanding location and all these possibilities there truly is plenty to smile about at Mile End Road.

NB Due to access issues some measurements have been estimated. Buyers should carry out a measured survey before exchange of contracts.