Project 3 - Fitzroy Terrace

Fitzroy Terrace was purchased at below market value and is located in Redland, Bristol. It’s a quirky property which requires a full refurbishment including new kitchen, bathrooms, electrics, plumbing and redecoration. It won’t need any internal re-arranging, however the introduction of new Velux windows to the bathrooms and hallway will open up the space to become bright a beautiful. 

Purchase Price: ---------------------------------£400,000

Renovation Cost: ---------------------------------£50,000

Stamp duty + Legals + Selling Costs: ------£17,274

Revaluation: --------------------------------------£530,000

Projected Profit: ---------------------------------£62,726

Bruton Place was a rundown student rental that had been vacant for two years before the owners listed it on the market.  Despite its neglected state, the grade two listed property showed significant potential, especially with the possibility of converting the unused basement into a functional, habitable space.

After presenting the opportunity to anjoint venture investor, we evaluated various options and decided to transform the property into a serviced accommodation unit.

The basement conversion required excavating to increase the ceiling height and damp-proofing to the surrounding walls before the installation of the stud walling. We also undertook a complete refurbishment of the building and added two new bathrooms by reconfiguring the generously sized front bedrooms.

As a result, the property’s valuation rose from £600,000 to £925,000, and it now generates approximately £2,000 in net profit per month.

Whitchurch Lane was available on the market with a range of issues, including a dated interior, overgrown garden and a risk of subsidence. By completing the appropriate due diligence, I was able to work out that the property was not suffering from subsidence which had put off all other buyers. This allowed me to purchase the property at a great price. 

The renovation works included the following:

•full rewire 

•new plumbing system 

•full replaster 

•new windows 

•new kitchen 

•new bathroom 

•new flooring 

I also added value by opening up the living dining area to create a contemporary living layout.

As you can see from the photos that the property was finished to a fantastic standard and the whole project lasted exactly 12 months from collecting the keys through to the completion of the sale.

Purchase Price: ---------------------------------£237,000

Renovation Cost: -------------------------------£46,157

Stamp duty + Legals + Selling Costs: -----£8,028

Revaluation: --------------------------------------£348,000

Profit: -----------------------------------------------£56,315