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2016 - Central Watford
2 Bedroom Flat, 1 bathroom, Kitchen & Garden.
The floor was raised for added room in the basement below. Karndean floor finish.
We added a decked area directly outside bedroom 2 and a paved area and coffee table leading from the lounge.
The former coal cellar was turned into a 2nd bedroom. The area was tanked, insulated and the ceiling joists raised.
Replacement kitchen with solid oak worktops and handleless cupboards.
The neglected kitchen also had water coming through the ceiling from upstairs.
The garden was abandoned, overgrown and full of rubbish.
The room needed the floor joists raising to get a decent room height,
Project Details
Purchase Method: Auction
Purchase Price: £202,500
Sale Price: TBC £315,000
RICS Valuation
ROI: 30% TBC
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Purchased at auction in January 2016 after a 20 minute viewing the week before. The property was already divided into 3 flats. This was a 1 bedroom flat with a large basement and lease of just 63 years that needed extending.
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The property was not mortgageable at the time of purchase.
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We converted the basement coal cellar into a habitable room/bedroom 2 and raised the ground floor joists to increase the basement headroom. The basement received a 10 year guarantee and has natural light from the original lightwell that we improved.
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The rest of the flat was refurbished to a high standard with a new kitchen, bathroom and other finishes.
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The flat did not sell in June 2016. However, it was rented very easily and refinanced to extract 92% of the overall investment costs.
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Note:
Further financial information on all of our previous developments is available to investors upon receipt of a signed NDA.