Having sold 130 Widmore Road on behalf of a client resident in the USA last year, we were both surprised and delighted to receive instructions to dispose of 120 Widmore Road on behalf of a different client based stateside less than a year later!
The feeling of déjá vu soon subsided when we inspected no. 120, as the potential was clearly very different to that offered by no. 130. Whereas no. 130 had the benefit of a detailed planning consent and was available with full vacant possession, no. 120 is arranged as an HMO with various assured, shorthold and protected tenancies in place.
Whilst there appears to be future development potential, the vendor required an unconditional sale with the tenants to remain in situ, and furthermore wasn't able to provide access for any internal viewings.
Several local investment companies showed early interest, but most declined to offer given the circumstances. Hambridge Homes, however, saw the potential to improve the income and tenancy structure of the building, and promptly completely their unconditional purchase. Acorn's Property Management Division have subsequently been instructed to re-organise the tenancies and ultimately enhance the investment value.
