House for Sale : Manchester, Higher Openshaw, England

Fantastic Investment Opportunity for serious investors in the UK Buy-to-Let market

This pair of 6 bedroomed houses is currently being offered with 6 Months Guaranteed Return in place. These properties currently produce an income of over £23,000 per Annum, and are fully tenanted by mature, international students.

Each of the 12 bedrooms are currently let at £162.50 pcm and current contracts run to the end of June 2006. Although let to students, the tenants are on 12 month renewable contracts and rental demand has been consistently very high for many years. Rent has also been increasing steadily, and we anticipate a rent review in June could increase annual income by around £1500.

Purchase Price = £240,000

Fixtures, fittings, and full furnishings including 2 computers = £10,000 Cash Payment

Annual Income = £23,400

Yield = 9.75%

Assuming an 85% LTV mortgage at 5% interest, this investment will produce positive cashflow of over

• 85% LTV Mortgage = £204,000
• 15% Deposit = £36,000
• Monthly Repayment = £850
• Monthly Income = £1950
• 10% Management = £195
• Monthly Profit = £905

Clearly this is just one possibility, and the more you can afford to put down initially the greater your income will be. If buying the properties outright, annual income from these will be over £23,000.

We are currently inviting serious offers above £250,000. We have a team of solicitors, mortgage brokers, and letting agents lined up to facilitate every step of the purchase. We request that any investor considering this investment is in a position to complete within 6 weeks.

Location

These properties are situated in Higher Openshaw, East Manchester, 3 miles from the City Centre and Universities. This is an ideal location for students from MANCAT, Openshaw, or Nicholls Centre, being only 3/4 to a mile away.

Property Description

These properties both made up of six bedrooms are both being sold fully furnished with good standard kitchens, bathrooms & 2 living rooms each & basement. Additionally, both properties have been re-wired and damp proof course have been added. Both properties benefit from double glazing, gas central heating, and have front and rear gardens. The brickwork has also recently been pointed front & back. Accesories include burglar alarms, emergency lighting, hard wired linked smoke detectors, fire doors on every bedroom, and security lighting at the rear with a locked (alarmed) bicycle shed. Including in the sale are 2 free computers, one in each house (students pay for wireless Broadband, linked to all bedrooms).