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2016 - Grosvenor Road, Watford
2 Bedroom Flat, Living Room, Bathroom, 40 ft Garden & Patio.
A flat with a garden usually big enough for a house.
Directly outside Bedroom 2 for convenient living spaces.
Just off of the living room for a coffee outside.
Karndean floor provides a hard wearing, modern finish with sound absorbing qualities.
A private space in the basement conversion.
Oak worktops with modern appliances and handleless cupboards.
Compact, yet very functional.
Project Details
Purchase Method: Open Market
Purchase Price: £202,500
Value 2022: £350,000
RICS Valuation
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Freehold
Bedrooms: 2
Receptions: 1
Bathrooms: 1
Parking: 1
Garden: 40 ft
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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. So, this became an accidental BTL property. 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.