Hello Readers,
A recent property alert has brought up a fantastic property in Cecil Road, Rochester, that’s up for sale at £270k. You can view the property here.
This three bedroom property is in need of refurbishment, but has excellent potential. I’ve spent a fair chunk of time looking over the floorplan and think you could potentially get five or six rooms, most with ensuite bathrooms.
With Rochester HMO rents ranging between £650-750 for an en-suite and £575-650 for non-en-suite you could get some fantastic returns. If you managed to achieve say £650 per room with six bedrooms, you’d be looking at a generous 17% yield.
Here’s the floor plan for you to check out:
Depending on the work required, you may need planning permission from Medway Council to convert it from a residential building to a HMO, but that is likely to be granted as long as proper health and safety procedures are followed to ensure the property will be in a good condition for living.
In any case, it would be prudent to fit the property in compliance with HMO standards, with fire doors, interlinked smoke alarms, carbon monoxide alarms and a heat detector in the kitchen.
The best bit about this investment is that it is only 0.6 miles from Chatham station and 0.8 miles from Gillingham station. There is also a bus stop right outside and as you will see from the street view picture below, there is also excellent parking that could be utilise by tenants.
Medway continues to be an excellent area to invest and particularly within Rochester, the HMO market is strong, so this one is definitely worth checking out!
If you want to hear about the latest buy-to-let deals, subscribe to this blog at Medway Property News. If you are considering investing in property in the area (including how I would recommend converting this property and wanted to talk about it, I’m happy to give my impartial advice. The best way to contact me is through LinkedIn.
Hasan
