KEY POINTS
- 3 minute walk to the train station (direct to waterloo in 50 mins)
- large victorian property
- loft conversion and extension potential
- 6 studio flats with individual kitchenettes and shower rooms
- high professional tenant demand
- green technology – heat pump and solar panels installed
OVERVIEW
Purchased in December 2020 and completed in May 2021, this property underwent a remarkable transformation to cater to the professional market.
With the addition of a loft conversion and a single-story rear kitchen extension, we expanded the property to encompass six spacious studio rooms. Each room is thoughtfully designed and features its own kitchenette and en-suite shower room, ensuring privacy and convenience for residents. This meticulous renovation allows us to offer high-quality living spaces that meet the demands of discerning professionals seeking comfort and autonomy.
gross development value:
£600,000
purchase price:
£300,000
build costs:
£165,000
professional fees:
£25,000
total project cost:
£490,000
rent roll:
£66,000 PA
profit on gdv:
£110,000
project duration:
4 months
DEVELOPMENT
This project was successfully completed within a span of 18 weeks. As part of our commitment to cost-effective maintenance, we incorporated a hot water heat pump and installed a roof full of solar panels in this development. By doing so, we have taken responsibility for covering all heating, hot water, and electricity bills within this professional HMO. In order to minimise these costs, we devised a strategic plan that focused on efficiency and reduction measures.