Conversion of a 2 bed flat into a 3 bed flat and full refurbishment of shop and flat to sell
Project: Seabank
Numbers:
Purchase
​
Refurb & Furnish
​
Other costs
​
All in
​
Revaluation
£110,000​
£80,000
£9,500
£199,500
£245,000
Monthly rental ​
​
Expenses incl mortgage
​
Monthly cashflow
​
Gross yield
​
Return on cash left in
£1,300
£795
£506
7.8%
27.2%
This property is a mixed use building, meaning it has a residential element and a commercial element to it.
We bought it off market through a local sourcing agent. However, during the process, our structural surveyor picked up a major structural work needing to be done, so we negotiated the price down.
Our main exit for this property is to do a full refurbishment and sell it as an investment, or sell the shop and the flat separately. It will also be a good investment to keep it and rent out.​
As the property comes with a shop, it is perfect to diversify the portfolio with another income stream.
Current condition:
Works carried out:
​
Damp proof course
Repairs to roof
New windows and doors
New kitchen
Full electrical rewire
Full central heating system
Plaster throughout
2 new bathrooms
Decoration and furniture
See us in action.​