A large property on Dennington Park rd, this had all the problems you could imagine from being in terrible condition to having an enforcement notice for closure.
At inital inspection it was being let out as 11 rooms without meeting regulations. The approach was to refurbish the property and add an extension to the rear and loft to increase the number of rooms. Once fully completed it became a high end HMO for working professionals for 14 en-suite/kitchenette rooms over 5 floors
Purchase price £2,000,000
Costs £200,000
Refurbishment £675,000
GDV £3,900,000
Income pcm £15,000
I found this property through an agent and upon viewing was excited to see its potential. The property was set over ground and first floor with large open spaces set on a large plot of land with parking. This property had great potential but cam with a D1 use class which can be difficult to get a change of use.
I felt it was a good opportunity and with my investors, as a team we exchanged subject to planning permission.
The process through planning took around 7 months and we achieved planning permission for 10 x 1 bedroom apartments with a GDV of £1.65m. It is currently under construction.
A house of multiple occupation is a great way to increase income on a property by renting each room out individually. The following project was a conversion from an office building into a 12 bedroom HMO.
The existing building was used as a large office with plenty of space used for additional storage. Located within Ashton Under Lyne we worked with the local council to gain approval for a conversion to a HMO. The refurbishment took around 6 months and the end product looked fantastic.
Within this borough, the rental market is very good especially when you have en-suite bedrooms. The resulted in a better income circa £44k per annum.
