Conversion of 1 Bed Flat into 2 Bed Flat
Hereford – 15 Minutes from Hereford County Hospital
2 Months - Completed September 2017
Purchase Structure: Private Equity Loan
Existing Value (Pre-Development): £88,000
Build/Refurb Cost: £21,000
Total Investment: £109,000
The flat was let the day works completed on a single AST as a very strong rental income. The Works took 2 months and cost just over £20,000.
The Works consisted of creating a second bedroom out of the existing galley kitchen by moving a wall into the bathroom, where the old bath was and creating a new door into the new double bedroom. The bathroom was then moved into a void cupboard space and a new kitchen fitted in the existing sitting room by removing a chimney breast, retaining the old bedroom as the master bedroom. As well as full redecoration of the whole building and new floor coverings throughout.
Appleton Asset Management will retain this flat and is currently let out on an annual rental income of over £9000. If we were to sell the property, an estate agents valuation has been given of around £155,000 as of October 2017.