Terraced house for sale in Codrington Street, Exeter, Devon EX1

Overview

Introducing an exceptional investment opportunity: A six-bedroom HMO with a C4 classification strategically located just a stone's throw from the city centre. This property represents a prime investment, poised for refurbishment and refinancing to unlock its full revenue potential. With the ability to significantly increase rental yields through modernisation, this investment comes without the complications of a chain.

The layout comprises two bedrooms on the ground floor (including one with an en-suite shower room), three on the first floor, and a sixth bedroom on the top floor, previously generating rents between £450 to £525 per month per room. However, with strategic upgrades, the property could command much higher rents per room, depending on the quality of the renovation.

The property also features a generous kitchen/diner on the ground floor, a bathroom and a shower room on the first floor, all of which are ripe for enhancement.

By investing in upgrades for both the communal spaces and individual bedrooms — including the potential addition of en-suite shower rooms (subject to planning), you can appeal to a premium tenant base, including professionals or students and the possibility of refinancing at a higher valuation.

Located less than a 10-minute walk from the High Street and in close proximity to several new student accommodations — where students pay upwards of £155 per week — the location offers flexible targeting options for either city workers or students post-refurbishment.

Operating within an Article 4 area as a licensed HMO (with the current license valid until February 2025), this property has a C4 classification, meaning it is allowed to continue to operate as an HMO.

This investment offers the dual benefit of securing a higher income stream through refurbishment while capitalising on the property's strategic location, existing HMO license, and C4 class. A thorough analysis could reveal even greater potential, positioning this property as a standout investment opportunity in Exeter's competitive real estate market.

Are you interested in a cash-flowing, licenced HMO only minutes from town? If so, call to arrange a viewing.

Exeter Rental Market

Exeter presents a golden opportunity for investors eyeing the property on Codrington Street, positioning investors perfectly to capitalise on Exeter’s rental market.

This historic city is a hub of culture and education and a burgeoning centre for business and innovation.

With the University of Exeter standing as a beacon of academic excellence, the city attracts a vibrant community of students and young professionals, ensuring a constant demand for quality housing.

The city’s economy is on an upward trajectory, bolstered by technology, retail, and healthcare sectors, thereby promising investors a dynamic and growing market.

Broadband: Ultrafast 1000mbps available

Ground Floor

Living / Kitchen / Dining Room 4.93 x 9.95 m (16'2 x 12'11 ft)
Bedroom 1 2.42 x 3.23 m (7'11 x 10'7 ft)
Bedroom 2 3.44 x 2.17 m (11'3 x 7'1 ft)
En suite Shower room

First Floor

Shower Room
Bathroom
Bedroom 3 3.66 x 2.33 m (12'0 x 7'7 ft)
Bedroom 4 3.68 x 2.63 m (12'1 x 8'7 ft)
Bedroom 5 2.58 x 3.22 m (8'5 x 10'6 ft)

Second Floor

Bedroom 6 4.68 x 4.76 m (15'4 x 15'7 ft)
Council tax band: B