Albion Terrace – Project Pod. Investment Acquisition, Design & Build.
The scope:
To source an investment property to eventually act as a pension source. The let of the property needed to be sustainable and grossing over 6.5%; capital appreciation was not a primary focus.
Situated in a developing part of Bath, just below the Royal Crescent and about a 0.7mile walk away from the town centre, our client acquired an apartment in serious need of refurbishment – Project Pod. In a poor state of repair, we were tasked with a sizable remodelling of the place.
The result:
Our team undertook a rebuild to a dilapidated extension, along with an overall refurbishment. A new dining area was created by relocating the kitchen, freeing up the original reception to turn into an additional bedroom. We then created large self-contained bedrooms with desks, wardrobes, TV and seating areas to appeal to the professional sharing and student market.
After completion of work the property was let immediately. It continues to fill up quickly following any periods of re-let and has proved itself a popular choice for the target market.
The numbers:
Total spend including acquisition = £198,000 (£163,500 acquisition + £34,500 build)
Current value = £265,000
Monthly gross rental = £1350 pcm
Gross yield pa = 8.1%
