Mona Drive, Douglas
Asking price: £850,000

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Paramount, 9 Mona Drive, Douglas

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  • Fully licenced HMO property
  • Recently refurbished to a high standard
  • 16 bedrooms
  • Fully tenanted achieving £106,680 per annum
  • Gross yield 12.57%

An opportunity has arisen to purchase this well presented refurbished fully licenced HMO property.

The former guest house has been converted into 16 bedrooms with 10 ensuite bedrooms and 6 bedrooms with shared shower/wc facilities and sinks in rooms. All bedrooms are single occupancy, with potential to increase occupancy levels.

Property benefits from keypad entry, WiFi throughout, CCTV in communal areas, two communal lounges, two communal kitchens, two WC’s, one shower room and one bathroom, boiler room, laundry room with coin meters, bike store, front and rear yard areas.

The property has undergone extensive renovations including reroofing the entire property, installation of a new boiler and 2 x insulated mega flow cylinders, chimney stacks hacked off re-rendered and new lead flashings, new rainwater goods, new double glazed PVC windows, new soil stack pipework, insulated the loft space, installed two new kitchen spaces, bedrooms renovated and installation of new shower rooms, excluding two bathrooms, building has been rewired and compliant to all new regulations, new floorcoverings to bedrooms, kitchens and lounges, redecoration of all internal and external areas, new laundry room and the fire alarm renewed.

Fully tenanted achieving £106,860 per annum which includes laundry room income. Gross yield 12.57%. Tenants are on licence agreements with a 2 week notice period.

Fully compliant with HMO regulations and fire regulations.



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Location

Mona Drive
Douglas IM2 4LG
County: Iom
Sale Type: For Sale
Ref #: DR3192
Darrel Tinnion
Chrystals Douglas
P: 01624 625100
TPO TSI RICS OnTheMarket Isle Man Chamber of Commerce Biosphere