Conversion of C3 Dwelling house into C4 HMO
Hereford – 15 Minutes from Hereford City Centre
5 Months –Project Completion May 2017
Purchase price: £235,000
Procurement Cost: £11,700 (Inc SDLT)
Build/Refurb Cost: £65,000
Total Investment: £311,700
The Property is to be let to six individual professional tenants on separate ASTs. The Works took 5 months and cost just over £60k.
The Works consisted of comprehensive refurbishment including creating building a new extension of the kitchen to form a larger kitchen and communal living space, converting the cellar into a lettable bedroom by tanking it, adding 4 new ensuites out of the six bedrooms along with full redecoration of the whole building and new floor coverings throughout.
Appleton Asset Management agreed commercial lending on the property at point of refinance and managed to achieve a post refurb and end value of £360,000. The property was retained and rented out on 6 ASTs, producing over £40k gross income PA.