Conversion of a 4-storey building into a 6-bed quality shared house + 2 self-contained studios for working professionals
Project: King
Numbers:
Purchase
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Refurb & Furnish
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Other costs
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All in
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Revaluation
£66,000ā
£160,000
£23,000
£249,000
£380,000 (est.)
Monthly rental ā
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Expenses incl mortgage
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Monthly cashflow
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Gross yield
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Return on cash left in
£4,000
£2,000
£2,000
12.6%
∞ (all money out)
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.
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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.
Works carried out:
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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
See us in action.ā
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