This 5 bed property has just come on the market for £230,000 on Norwood Terrace in Hyde Park. For some reason it’s
empty at the moment so ready to start work straight away and renovate in time for viewings in January and February for the next academic year.
It has a current 5 bed HMO license which from memory of my conversation with the agent expires next year.
The house really lends itself to extending to an 8 bed property. There would be a lot of work to do and it would probably cost in the region of £60,000 but at the end of it you'd be left with something that could fetch £89pppw, so a rent roll of about £370,000 which would give you a fantastic return of over 12%.
Currently it has a basement at the rear of the property, so you'd need to dig out the rear and tank the whole thing. You could get two good sized bedrooms and a bathroom down there. Then you'd need build an extension to the rear to alter the layout of the ground floor with a bedroom at the front and an open plan living room/kitchen area. You'd be able to do the extension as permitted development so wouldn't need planning.
On the first floor, you'd need to fit in another bedroom - we manage 4 similar properties on Norwood Terrace and they all have 3 bedrooms and a bathroom on the 1st floor so it's easily done. The top floor layout can stay the same.
Then refurbish throughout to a really high standard with LED lights, modern bathrooms and kitchen, TV's in all the bedrooms etc and I'll guarantee I could get £89pppw for you. And then you could either keep for a great return or flip - an 8 bed on Norwood Road sold for £380,000 last year.
Be quick though because I don't think it'll be around for long.
