We purchased this property as a large 3 double-bedroom two reception end of terrace house with a garage and big garden. The property was located in Hanwell, one of the most desirable areas in West London surrounded by good schools, parks and golf course. Greenford avenue is famous with local shops, cafes and large Edwardian family houses of which most have been recently converted into flats. The house is just minutes away from Hanwell Mainline Station with undergoing improvements in preparation for the new Crossrail line services to open in 2018. We saw this project as an opportunity for conversion into flats. The project undergone three planning stages, such as house conversion into 2 two-bedroom flats; roof extension and conversion of roof space into self-contained studio flat. The property went under huge transformation, including new ground floor extension, structural works and loft conversion. The flats were refurbished to high standards still trying to keep a unique character of period features in a combination with a modern, luxury design. The project delivered three luxury apartments (two two-beds and one studio). We decided to sell one apartment and keep another two for rental income and capital appreciation.
This project was complex in nature of planning. While two planning stages went smoothly and we had planning permissions granted for two flats, studio flat application was refused three times and we had to go through appeal process to win the case. Even thought, the project took longer than we planned, we were very happy to see the results. One flat was sold at the top market price while other two bring monthly returns and capital appreciation. The project delivered better returns than expected and gave 100% ROI.
|Total Project Costs:||£535,000|
|End Value per Flat:|