Project 4 · Completed & SOLD
We sourced this property at auction in February 2019. It was empty for 20+ years so it was in need of a full renovation. In addition, the lease did not have enough years remaining in order to bring it to full market value post-refurbishing. For this reason, prior to the auction we have done our due diligence and contacted the freeholder, with who we agreed on lease extension terms should we be the successful buyers. After winning at auction we prepared a renovation plan for the freeholder to review. As our intention was to do some internal (non-structural) layout changes and in order to comply with current building regulations, we drew new plans and appointed an independent surveyor to supervise the works. A few weeks of work and some visits from the surveyor later, we adjusted the plan when needed and our works were finally approved.
Originally, this property had only one bathroom, and one bedroom upstairs. The lounge was divided in half by a plasterboard wall to add an additional small room. In our new plans, we took advantage of the lounge’s large size by removing the dividing plasterboard wall and creating a new open-plan kitchen and a shower room. By moving the original kitchen and bathroom into the previously lounge-exclusive area, we gained this space in which we created a new full-sized double bedroom. On the second floor, there used to be the bedroom and a small plasterboard division for a very small studio area. We removed this wall and we created a new en-suite toilet in this bedroom instead. As a consequence, there is now an additional toilet room in the property and a second bedroom, making a more efficient use of the available space.
Moreover, we have modernised a previously long-unused property proudly contributing to re-enabling homes into the UK housing market. After completing the renovations, we finalised terms to complete the lease extension. Once it was signed, a revaluation took place which turned out to be into the range we had estimated prior purchase. Taking into the account the total overall funds invested and as per its market value at the time of sale, the asset has seen 12% gains.
Please take a look at the images below to have a better idea of our journey during this project.
