Gross Area: 863 sqft
The first floor one bedroom flat cost £120 000; it was converted to a two bedroom flat and the value rose to £240 000 in only three months. The flat had been let at £650per calendar month which post refurbishment was doubled to £1300 per calendar month.
The second floor one bedroom flat was purchased for £115 000 and lightly refurbished for £15 000 in just 4 weeks. After the refurbishment the value of the flat rose to £180 000.
Pre-refurbishment the flat was let at £650per calendar month; now the tenants are paying £1,079 per month.
Gross Area: 1201 sq ft of residential space
The site was purchased in September 2012 for £800 000 and is currently worth £2.325 m.
The project started with the refurbishment of the 2 existing flats on the 2nd and 3rd floors and then the first floor storage area was converted to produce a third flat. The value of each flat now stands at £225,000 compared to the £115,000 at acquisition and all the building work cost just £120,000.
To the rear is a development site consented for six flats with a GDV of £1.84 million. The site is currently valued at £650,000 and the redevelopment will cost £700,000.
A planning application will shortly be submitted for two additional flats, which would increase the GDV to £2.22m. The extra building work on those two units would cost £60,000.
Gross area: 2,336sqft (retail and residential)
A four storey mixed use property in close proximity to Limehouse station, purchased for £420,000.
With two flats already completed and occupied by tenants and another to follow soon, the project is already generating revenue.
If the development of a further four storey property to the rear of the building is approved, the project will deliver a margin on cost in excess of 60% within just three years.