C3 Dwelling House
Hereford – 15 Minutes from Hereford City Centre
12 Months –Project Completion December 2016
Joint Venture Partnership with Investor
Purchase price: £100,000
Build/Refurb Cost: £82,500
Total Investment: £182,500
The Property was intended to be rented out initially, however, due to an incredibly high offer made on the building, AAM decided to sell the property for a profit.
The Works consisted of comprehensive refurbishment as the property was not in a livable condition. Initially the property had to be decontaminated and stripped out just to gain access to it. Once we were in the whole building had to be gutted. The whole property was rewired and replumbed as well as creating a new open plan kitchen and communal living space to cater for modern one room living. We also created a new back kitchen and utility room by incorporating the outhouse as a utility room and downstairs WC which added significant value to the property. A new kitchen and bathrooms were fitted throughout. All windows and doors were replaced. Along with full redecoration internally and externally of the whole building and new floor coverings throughout. There were major external works to be undertaken and the whole site properly landscaped.
Having initially thought we were going to rent this property as a single let after a refinance AAM actually agreeda Sale Price of £212,000.
This resulted in a Net Profit of £29,300 which Represents a16% Yield Profit on Cost.