Conversion of a 3 bed maisonette into a 6 bed, 5 bath quality shared house for working professionals incl shop

Project: Rake Lane

Numbers:

Purchase

Refurb & Furnish

Other costs

All in

Revaluation

£105,000

£100,000

£38,000

£243,000

£285,000

Monthly rental 

Expenses incl mortgage

Monthly cashflow

Gross yield

Return on cash left in

£3,150

£1,900

£1,250

15.5%

28.7%

This property is a mixed use building, meaning it has a residential element and a commercial element to it.

 

Originally, the owner only wanted to sell the flat, as he was using the shop for himself, however, after some negotiations he agreed to sell the whole lot to us. 

The flat will now become a shared flat for 6 people. As there is a bus station right in front of the building, it's ideal for local commuters working in the area. 

 

As the property comes with a shop, it is perfect to diversify the portfolio with another income stream.

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Works carried out:

Damp proof course

Structural repairs to walls

New windows and doors

New kitchen / diner

Full electrical rewire

Full interlinked fire alarm system

Full central heating system

Plaster throughout

4 en-suites, 1 off-suite

Decoration and furniture

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