Cromwell Street, Gloucester, GL1

A Large City Centre Home, or a Ready HMO Investment A substantial terraced property positioned in the heart of Gloucester, offering genuine flexibility: a large family home with a self-contained rear studio flat for rental income or independent living, or a seven-bedroom HMO with planning already in place. The main house provides two ground floor reception rooms, a kitchen and shower room on the ground floor, three bedrooms and a shower room on the first floor, and two further bedrooms on the second floor. At the rear, a self-contained studio flat has its own private garden and separate entrance. Off-road parking for multiple vehicles is provided, a significant advantage in this central city location. As a family home, the two ground floor reception rooms stay as reception rooms, giving five bedrooms upstairs plus the separate studio, which suits letting out for extra income, a home office, or space for family. As an HMO, the same layout works as seven bedrooms plus the studio. The property was previously licensed as an HMO (licence expired April 2025) and has been freshly painted and carpeted throughout. A recently installed fire alarm system and a current Electrical Installation Condition Report (EICR) are in place, providing a sound safety platform. Further refurbishment is required to bring the property to its full potential, whichever route a buyer chooses. Planning In Place. Reduced to £350,000. City Centre. A Certificate of Lawful Development has been granted for use of the property as an HMO (Sui Generis), arranged as seven bedrooms plus one self-contained studio flat, removing the planning uncertainty that would normally sit over a property like this. With an estimated rental income of approximately £4,500 per month (£54,000 per annum), the property offers an estimated gross yield of circa 15% at the reduced £350,000 asking price, subject to refurbishment and relicensing. The self-contained rear studio flat, with its own entrance and private garden, provides a further income stream on its own, or flexibility for a residential owner to live in the main house and let the studio separately. The property has previously operated as a licensed HMO with essential safety infrastructure already in place, and now comes with the planning position resolved. The reduced asking price reflects the refurbishment required, and presents an opportunity to acquire a large city centre asset, with planning secured, at a meaningful discount to its income-producing potential. The property is located on Cromwell Street, which has historic notoriety. Prospective purchasers are advised to make their own enquiries.