Located in the heart of Great Yarmouth, Faymar, 25-28 Paget Road, is a well-established HMO with 22 rooms available in our 11th September livestream auction. When fully occupied, this property generates a profitable gross income of £117,480, making it a highly attractive investment opportunity. With a competitive guide price of £750,000 to £800,000, this well-maintained property offers significant rental income potential in a prime location.
Instant returns
This large HMO has been operating for over 30 years, with lawful use granted in 2014. The property provides 22 fully occupied, self-contained rooms, each with a private bathroom, and access to several shared kitchen facilities. With tenants paying £445 per month, the property generates an impressive net income of £85,000, making it a highly worthwhile investment.
The property benefits from up-to-date fire and electrical certificates, providing peace of mind for the landlord and tenants alike. Each room is also equipped with its own Metro meter for electric supply, ensuring clear and accurate billing for tenants. Additionally, the basement offers the potential for further development, with the possibility of adding more rooms and increasing rental income.
Multiple occupiers, multiple benefits
HMOs are often more resilient to economic fluctuations, as demand for affordable shared living accommodation remains consistent, even in times of uncertainty. This model also offers flexibility, as vacancies in individual rooms do not significantly impact overall rental income, thanks to the contributions of other tenants.
As a freehold property, Faymar, 25-28 Paget Road, presents an attractive investment opportunity for landlords who are seeking a dependable source of income. With its straightforward management of communal areas and facilities, it allows you to focus on nurturing your investment while ensuring a comfortable environment for your tenants.
Coastal convenience
This lucrative investment opportunity is in a prime location, offering a perfect blend of seaside charm and convenient access to local amenities. It is less than a mile from Great Yarmouth train station and is well-served by road and bus links to Norwich and Lowestoft, making the property ideally placed for commuters.
All the necessary amenities are within easy reach including an array of pubs, shops, schools and restaurants. Residents will also find plenty of leisure options on their doorstep, including stunning sandy beaches and renowned attractions such as the Hippodrome Circus.
Great Yarmouth also offers ample sports and recreational facilities, including a racecourse, football club and leisure centre. Furthermore, the town is surrounded by breathtaking natural beauty, including the Norfolk Broads and Halvergate Marshes, which are perfect for birdwatchers and walkers to explore.
An enticing acquisition
Jenny Austen, Area Manager at Auction House East Anglia, comments: “This expansive premises presents an enticing opportunity, whether that be as a long-term investment or a new venture that explores other potential uses for this prominent property.”
If you’re looking for a commercial opportunity and are keen to find out more or book a viewing, please call our Norwich team on 01603 505100.
