St Marks House, Chester
Overview
Originally used as a cinema up until the 1950’s, the building was then refurbished and converted into offices in the 1980’s.
Once purchased, Planning Permission was obtained to convert it into 16 residential flats comprising 8 x 1 beds and 8 x 2 bed duplex apartments.
Purchase Price
£415,000
Refurb Costs
£945,000
Rental Income
£138,000
Market Value
£2,000,000
Yield
6.9%
This project was funded by private investors and commercial lending.
Pentre House, Deeside
Overview
This property was purchased as an existing HMO, however was in an extremely poor state of repair and required a total refurbishment.
Planning permission was sought and granted for a complete loft conversion to create 4 additional bedrooms.
The building was purchased as a 7 room HMO with 2 bathrooms and 2 kitchens – once the conversion was completed it comprised 11 bedrooms, 4 ensuite bathrooms, 4 further bathrooms, 2 kitchens and a laundry room.
Purchase Price
£160,000
Refurb Costs
£138,000
Rental Income
£60,000
Market Value
£395,000
Yield
15%
This project was funded by a private investor and commercial lending.
Wynne Road, St Helens
Overview
This large end terrace property had been used as offices since the mid 1980’s and required a full refurbishment.
Planning permission was obtained to convert it into a 14 room HMO.
Purchase Price
£250,000
Refurb Costs
£144,500
Rental Income
£62,000
Market Value
£500,000
Yield
12%
This project was funded by a private investor and commercial lending.
Student House Portfolio, Chester
Overview
A portfolio of 12 student houses comprising of 67 individually let rooms.
The portfolio had suffered several years of underinvestment and required a compressive refurbishment throughout.
Purchase Price
£3,000,000
Lease (PA)
£180,000
Rental Income (PA)
£240,000
Margin
£60,000
Yield
8%
This project was secured via a Purchase Lease Option.