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Penelope Road, Salford

Penelope Road was a ready made and income producing 7 bedroom HMO  we sourced on for the owner. The large Edwardian property was in an article 4 area and therefore held a licence, a desirable  quality to have and was in great condition as well as providing excellent transport links into the Salford and the city centre.

• Salford Royal Hospital = 1.1 mile
• Salford Shopping Centre = 1.4 miles
• Media City = 2.1 miles
• Lowry Centre = 3.3 miles
• Trafford Centre = 4.1 miles
• Manchester City Centre = 4.2 miles

The property had potential to convert the loft room and the basement into two additional bedrooms subject to planning permission.

Below is a testimonial received from the owner of this property:

"Martin Webb of Elliot James Property worked for me as an agent in the sale of a house in Salford during the summer of 2018.

In all my dealings with Martin, I found him to be a polite and diligent negotiator, always on top of the situation and great at communicating the small details.

I would happily work with Martin again and I am glad that I can call on him for advice in landlord and property matters. I was pleased to note also that one of the other landlords he worked for, who asked my advice about his portfolio, described Martin to me as “the most honest man I have ever met”, a rare epithet in these shark infested waters!"

Contact Us

0161 327 2789


Purchase Price £320,000

Deposit £80,000

Legals £1,000

SDLT £9,600

Total Investment £330,600

Total Capital £ 90,600

7 Rooms @ £442.14 pcm £3,095 pcm

Annual Rent £37,140

Bills £401

Mortgage Payment £800

Letting agent (10%) £309.50

Council Tax £148

Maintenance £100

Voids (10%) £309.50

Total Bills £2,068 (£24,816)

Cashflow pcm £1,027

Cashflow p.a. £12,324

Gross Yield 11.6%

Net Yield  3.9%

Net Return on Cost 3.3%

ROCE 13.6%

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