KEY POINTS
- 0.5 miles walk from university of surrey
- 5 x double bedrooms, all with en-suite shower rooms
- loft conversion and extension potential
- perfect for second year students
- fantastic long term capital appreciation in surrey
OVERVIEW
Following the successful completion of Student HMO 1 a few months prior, the opportunity arose to acquire this property. Recognising the commercial potential, we made the strategic decision to challenge ourselves to build faster, smarter, and more cost-effectively.
We are thrilled to announce that we not only achieved but surpassed these goals. With a remarkable build phase completion of just 14 weeks, we were able to deliver the project efficiently. Moreover, we managed to reduce costs by £8,000 compared to the previous Student HMO, demonstrating our commitment to driving value and optimising resources. This achievement highlights our ability to continuously improve and deliver outstanding results in the realm of property development.
gross development value:
£600,000
purchase price:
£317,000
build costs:
£142,000
professional fees:
£30,000
total project cost:
£489,000
rent roll:
£42,000 PA
profit on gdv:
£110,000
project duration:
3.5 months
DEVELOPMENT
We revamped the development layout, surpassing our previous HMO project. With a more efficient kitchen layout, advanced air source heat pump heating system, and purpose-built off-road parking, we optimised functionality and resident convenience. These enhancements exemplify our commitment to improving projects, delivering superior living spaces that prioritise sustainability and resident satisfaction.