Atlingworth Street, Brighton

The Details

Floorplans Fees apply: Our fees Property ref: 9472167

• BN2
• 4x HMO's - Total of 21 rooms
• Total Rental income of £125,580 2018-2019 on 3 AST's
• Increasing to £132,080 2019-2020
• Freehold

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:

Property No.1 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.