We bought this building consisting of 2 terraced houses previously joined and converted to a licensed HMO as part of our strategy of creating larger higher-end rooms catering for young professionals.
Our tenants who are a little less social and prefer their peace and quiet can enjoy their privacy while living together due to these larger rooms. It also allows them a comfortable working from home environment.
The works included cleaning, painting, re-carpeting stairs and hallways as well as a full strip out of one bathroom and a refurbish of the kitchen and another bathroom. The project took 4 months.
It has had high occupancy since completion and by managing it ourselves we guarantee the level of standard for our tenants as our aim is for them to stay with us until they can save up to get on the property ladder.
This property was bought as an investment with future development potential.
Having an existing commercial tenant using the building as offices de-risks the project by giving a good cash flow while waiting for planning.
The building will be converted into 5 rental homes by turning each floor into a separate apartment.