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Seller Type: Agency, Property Type: House, Number Of Bedrooms: 4

For more information call us on 0161 870 0010

Where Excellence Comes as Standard
* High Spec 4 Bed – 4 bath HMO *

Please see below for full financial breakdown

THE PROPERTY

• A popular area with easy access of local amenities and the town centre is only a 3-minute drive away.

• Just a 10-minute walk to BAE Systems who have many contractors looking for comfortable, affordable accommodation in Barrow.

• Spacious enough to enable a 4-bedroom multi let: all with double rooms and 4 bathrooms plus a dining kitchen.

INVESTMENT OPPORTUNITY

7 Abercorn Street – Barrow-in-Furness

4 bed, 4-bathroom HMO

7 Abercorn Street - Financial Breakdown – 4 Bedroom – 4 Bathrooms
Purchase Price: £63,000.00
Deposit: £18,443.25 - Finance (75% LTV STL with interest paid for 1st 6 months)
Conversion/Build: £68,701.88* approx. (subject to further onsite visits)
Set up costs/Design & Build Fees: £14,750.00
Legals Estimate: £1,400.00
Stamp duty: £1,890.00
Survey: £650.00
Furniture and flooring packs can be purchased at an additional cost: £9,069.01
Total Project Cost: £159,460.89
Total Cash Outlay: £114,904.14

Projected Rental Income: £115.00 PPPW net of bills (water, gas, electricity) x 4 = £23,920.00 per annum
Management: £3,619.20 including VAT- (10% fully managed)
NET RETURN ON INVESTMENT AFTER REFINANCE: 36.95%

BASED ON A REFINANCE VALUATION OF £160,000.00 WE CAN RELEASE APPROXIMATELY £128,000.00 BY RE-MORTGAGING AFTER 6 MONTHS. AT THIS STAGE, YOU WILL HAVE AROUND £34,154.14 LEFT IN THE DEAL AND AFTER DEDUCTING THE NEW, INCREASED MORTGAGE INTEREST, YOUR NET INCOME WILL BE AROUND £12,620.80 PER ANNUM GIVING YOU A NET RETURN ON CASH INVESTED OF 36.95%.

CHOOSE BARROW-IN-FURNESS: GREAT VALUE FOR MONEY: EXCELLENT POTENTIAL GROWTH RATE: FANTASTIC RETURNS

• Barrow town is the second largest settlement in Cumbria at around 57,000.

• It has close commuting and business links with Ulverston and South Lakeland as part of a Furness peninsula travel-to-work area.

• The economy of Barrow is dominated by its BAE shipyard where there are currently some 8,500 workers plus contractors. This has grown by around 3,000 since 2013.

• The area has a large shortfall of shared accommodation for contractors.

• In September 2021 BAE Systems was awarded a £85m to support early design and concept work on the Royal Navy's next generation of submarines which will help secure 100’s of jobs in Cumbria.

• Barrow is the centre of the "national endeavour" to develop a new generation of nuclear deterrent submarines, the £40 billion Dreadnought programme.

• There are other important manufacturing employers in paper and fast-moving consumer goods including Kimberly-Clark and Robert McBride.

• Barrow port acts as the UK’s west coast hub for oil and gas at Rampside gas terminal and Roosecote power station and the offshore wind farms in the Irish Sea, including Ørsted, the world’s largest operational wind farm. It is also a gateway to Sellafield Location of Furness College and its Advanced Manufacturing Facility.