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SarahBell

Attractive propositions?

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House of Multiple Occupation for sale

Bits & Pieces, 68 Woodstock Road, Worcester, Worcestershire, WR2 5NF
  • 12 Freehold HMO Properties
  •  
  • Adjusted NET Profit £265,607
  • Turnover for Y/E 2014 circa £326,175
  •  
  • Combined property value of circa £3,000,000

http://www.rightmove.co.uk/property-for-sale/property-62879525.html

Asking price
 

 

£3,750,000

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'Bits & Pieces' - what a BTL-minded style description of 12 properties they've laid claim to over 20 years, now trying to find buyers for.

Is number 68 part of the 'portfolio' of 20 years I wonder.

Quote

The Opportunity
The business is currently owner operated and has been operating for over twenty years with our clients taking care of the day to day running of the business. 

2008.  Remember it for the living breakdown of excuses with people claiming buyers/owners haven't known/don't know what they're doing in having paid ultra high prices in run up to crunch.   'They just wanted a home.' / Innocence.     Bashing renter-savers hopes (HPC), lobbying for policy to protect (rate slammed down and QE), and allowing BTLers to keep property and double-down for moar.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=39516198&sale=86201343&country=england

Sale Date Property Price Paid Source
13 Jun 2008
Semi-Detached, Freehold
£228,500 Land Registry
05 Sep 2003
Semi-Detached, Freehold
£158,000 Land Registry
and
Advertising for student academic year 2016/2017. Available from 01/09/2016
Edited by Venger

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2 hours ago, SarahBell said:
  • Turnover for Y/E 2014 circa £326,175
  •  

£3,750,000

That's some inappropriate use of "circa".  And what's the deal with withholding post-2014 information?  

I am an interested party with circa £3,750,000.0000 in my bank account.  Will they disclose the accounts to me?

 

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Would expect someone who had the cash to be looking for a substantial discount on market value........not a premium. Mentioned in other threads that cash buyers in 70's and 80's who bought portfolios or HMOs expected 50% discount and the sellers were normally dead. 

It's not a business. It's an investment and a bad one. £265k on £3.75m is laughable particularly for the £750k premium. 

Interest rates and yields are so low....but I would hope anyone with £3.75m would have the sense to recognise just what a terrible proposition this is. 

Great spot and worth watching to see what happens.

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