Conversion of C3 Dwelling house into C4 HMO
Hereford – 15 Minutes from Hereford City Centre
6 Months –Project Completion May 2016
Sourced and Developed for Investor
Purchase price: £255,000
Procurement Cost: £11,800
Build/Refurb Cost: £127,000
Total Investment: £393,800
21 Meyrick Street was an existing six-bedroom HMO in Hereford. AAM bought in on behalf of a client off market.
The Works consisted of major refurbishment to the property due to the poor state it was currently being let in and converted into a seven bed, all ensuite luxury HMO. All walls and ceilings were taken down due to being lath and plaster and re built properly. Seven new bathrooms were added to each of the existing 6 bedrooms and the communal bathroom was converted into the seventh bedroom. All windows and doors were replaced. A chimney stack was taken down and new kitchen fitted, and the old utility room opened as the sitting room on the end of the kitchen. The whole of the site was landscaped including new turf and gravel front and back. The property was then fully redecorated throughout along with new floor coverings put down.
This property was retained and rented out. The Current Commercial Value Post Refurb on this property is £550,000and has been let on a company let to a major IT firm in Hereford for the lasy year at a gross rental income of over £55k per annum.