114 & 116 Albert Road, Plymouth, Devon

Description

An opportunity to acquire two adjoining freehold HMO (House in Multiple Occupation) investment properties, offered together as one substantial lot in a well-connected Plymouth location. The properties comprise a five-bedroom HMO and a six-bedroom HMO, providing eleven bedrooms in total. The accommodation is presented in a modern style and is complemented by enclosed courtyard areas. A detached garage, accessed from the rear lane, provides useful additional storage space.

Accommodation

114 Albert Road: Ground floor open-plan living room/kitchen/dining room and two W.C.s; first floor three bedrooms, two shower rooms and utility room; second floor three bedrooms. 116 Albert Road: Ground floor open-plan living room/kitchen/dining room and bedroom with small kitchenette; first floor utility room, two shower rooms and two bedrooms; second floor two bedrooms. Outside: enclosed courtyard areas and a detached garage with access from the rear lane.

Location

Conveniently positioned close to Devonport Dockyard, Plymouth city centre and local transport links, with access to the waterfront, rail services and the wider road network. The location is well placed for occupiers working at the dockyard, city centre and surrounding employment areas.

Tenure / Property Information

Investment Analysis

The property comprises two adjoining freehold HMOs with 11 bedrooms in total. Supplied sold comparables on Albert Road are individual terraced freehold properties ranging from £150,000 to £287,500, but they are not identified as HMOs and are not sufficiently comparable to establish a value for this combined lot. No HMO passing rent, licence information, condition survey, operating costs or formal valuation is supplied. Accordingly, a supported GDV cannot be established.

Investment Snapshot

Strategy Recommendation

Proceed only subject to satisfactory legal, HMO licensing, compliance, condition, rent and fee due diligence. Do not set a maximum bid from the supplied evidence alone.

Works Required

No specific refurbishment works are evidenced. Before purchase, verify the condition, HMO licensing and compliance position, fire and safety requirements, EPC-related requirements, utilities, and the condition of the courtyards and detached garage.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because the purchase price above the guide, works allowance, HMO income, operating costs, finance costs and supported GDV are unavailable. The vacant status may allow repositioning, but licensing, compliance and refinance assumptions require verification.

Buy-to-Let Analysis

The properties are vacant and no passing rent or property-specific achieved/asking rent evidence is supplied. The £758 pcm rental evidence is a general Plymouth advertised asking-rent reference and cannot be reliably applied to these 11 bedrooms or the combined HMOs. A BTL gross yield and sustainable rental appraisal therefore cannot be established.

Flip Analysis

A flip appraisal cannot be supported. The supplied comparables are individual terraced sales rather than comparable two-property, 11-bedroom HMOs, while works, selling costs and a supported resale GDV are unavailable. Any resale surplus calculation would therefore be speculative.

Investor Risks & Due Diligence

• The property is vacant, so there is no evidenced passing income.

• No property-specific rent or achieved rental evidence is supplied; the £758 pcm reference is a general Plymouth asking-rent listing.

• HMO licensing, planning and regulatory compliance details are not supplied.

• Condition, heating, fire safety and required works are not evidenced.

• Buyer premium, administration, other non-optional fees, VAT and statutory acquisition costs may be payable in addition to the bid.

• The supplied sold comparables are individual terraced properties and may not represent the value of two adjoining HMOs with 11 bedrooms.

Recommendation

Proceed only subject to satisfactory legal, HMO licensing, compliance, condition, rent and fee due diligence. Do not set a maximum bid from the supplied evidence alone.

Strategy Rating

Analysis Confidence

The property description, tenure, vacancy, accommodation and several local sold comparables are supplied, but there is no property-specific rent, HMO licensing/compliance evidence, condition information, works budget, formal GDV or complete buyer fee schedule.