Conversion of a 4-storey building into a 6-bed quality shared house + 2 self-contained studios for working professionals

Project: King

Numbers:

Purchase

Refurb & Furnish

Other costs

All in

Revaluation

£66,000

£140,000

£23,000

£229,000

£300,000 (est.)

Monthly rental 

Expenses incl mortgage

Monthly cashflow

Gross yield

Return on cash left in

£3,200

£1,660

£1,540

12.8%

97.3%

This property used to be a mixed use building, meaning it has a residential element and a commercial element to it. We have to go through the planning process to change the use of the property.

 

The property was for sale via auction for over a year and the guide price was reduced several times due to lack of interest to purchase at the set price. 

The ground floor retail will be converted into two self-contained studios and the upper floors will be converted into a house share of 6 rooms.

This property sits on a street that is undergoing a lot of regeneration and there is also a multi-million pound development 2 min down the road from it.

 

Current progress:

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Works carried out:

Damp proof course

Rear dormer extension

Structural alterations and lowering ceilings

New windows and doors

New kitchen / diner

Full electrical rewire

New utilities for studios

Full interlinked fire alarm system

Full central heating system

Plaster throughout

New en-suites, bathrooms

Decoration and furniture

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