Our client had given us a brief to find him a property that offered a high rental yield and also the potential for capital gain. We started our search on behalf of our client and it wasn’t long before one of our property professionals came across a property that he felt that fitted the client’s brief.
The property was a distressed three storey Victorian property converted into three separate apartments listed for “offer over £220,000”.
We conducted a viewing on our client’s behalf and came up with a basic plan to achieve five high-end self-contained apartments.
We worked out the numbers including conversion costs and potential end values and with this we were able to advise the client on the level of offer we needed to put forward.
We carried out all negations and after a few days managed to secure the property for £206,000 a massive £14,000 under the listed price.
We instructed a local architect to draw plans ready to submit to planning, we initially had to make a couple of small changes but after these small alterations were made planning was granted for five separate units consisting of one studio, three one bedroom’s apartments and one large two-bedroom penthouse apartment.
Once these plans had been approved we were able to instruct our sister company “Clock Work” to carry out the conversion.
As the conversion came to the end we were able to list the properties ready for the rental market and started conducting viewings.
Our client is now achieving a gross yield of over 8% and capital growth of £150,000.