Investment opportunity at purpose-built HMO in Golders Green
PUBLISHED: 19:04 19 January 2015 | UPDATED: 19:11 19 January 2015
A rare opportunity to invest in a purpose built HMO (house in multiple occupation) on Golders Green Road, NW11, has arisen.
The development, which is being marketed by Goldschmidt & Howland, comprises 38 studio and one-bedroom units, each with a kitchenette.
Due for completion in the first two weeks of February, the building has already been approved for use as an HMO.
Richard Humphreys, a director at Goldschmidt & Howland, said: “It’s very unusual to get a unit that’s purpose built and brand new as an HMO and all the units have been built to a very high standard.
“Although buildings like this can be labour intensive as they do have to be managed, they do have good yields.
“HMOs are normally relatively inexpensive homes, so this development is filling a desperate need in the area, and really across the whole of London.”
While Golders Green is dominated by large family homes, Humphreys also points out that this stretch of the main road has a diverse range of dwellings and businesses on it, underlining the gap in the market for comparatively affordable homes like this, which are ideal for single tenants or couples.
There are 44 rooms in total covering 11,977 sq ft arranged over four floors.
Each floor has a shared kitchen and utility room where tenants can do laundry and cook more complex meals when their requirements are more elaborate than their individual kitchenettes will allow.
The remaining six rooms are set aside as office space, but could be converted to additional studios, subject to planning.
Humphreys said: “For an HMO it’s high spec. There’s a card-operated front door and the units have metered heating. A lot of facilities are going to be provided for the tenants: it’s got parking in front, communal gardens and terraces.”
The block is ideally situated for busy tenants with local shops and amenities and Brent Cross shopping centre within easy reach.
It is also well placed for commuting, located between Limes Avenue and Woodstock Avenue on Golders Green Road, moments from Golders Green Underground station.