Hendon Way
Hendon Way
Location:
Hendon
House Tour: https:/my.matterport.com/show/?m=GSTYnapXVfh
The property was a run down 3 bedroom house over 2 floors. The owners recently acquired it and wanted to add value through refurbishing the property. Planning permission was obtained to convert the house into 3 flats (1 x 2 bedroom, 2 x 1 bedroom flats) to try and maximise profits. Unclear if
the investors wanted to sell or rent, the refurbishment costs were kept to a minimum in creating a show flat with a highly desirable finish which could give a good return weather sold or rented. A back extension and a loft conversion were added to the property all of which took 5 months. The smallest, most undesirable unit was made into a show flat, so purchaser or renters could see the potential. The property was bought for £220,000, post works the three flats had a combined valuation of £730,000. No pre works rental valuation could be done as the property was not in habitable condition, however the post works achieved rental value was ££72,000 pa.
