King Street, Medway
- Purchase Price: £277,000
- Revaluation: £390,000
- Gross Annual Rent: £50,340
- Gross Yield: 12.91%
- ROCE: 23.57%
Challenges
Conservation area project with the following property development restrictions:
- Planning Restrictions: Required Certificate of Lawful Development for conversion from C3 to C4 and full planning approval for any external work.
- Design Limitations: Constraints on internal architectural styles and features.
- Increased Costs: Higher expenses for compliance with conservation and HMO standards.
- Expert Consultations: Need for an architect experienced in HMO designs.
- Drain Redesign: Need to redesign the entire internal drains to accommodation the additional 4 en-suites.
- Limited Modernisation: Restrictions on adding modern features like double glazing, solar panels, or extensions.
- Fines or Penalties: Risks of non-compliance leading to legal penalties.
- Valuation Risk: Potential for undervaluation due to surrounding factors.
Before Images
Solution
Engaged an experienced architect to navigate the development restrictions effectively:
- Planning Restrictions: Gained Certificate of Lawful Development for conversion from C3 to C4 and no other planning approval required.
- Design Limitations: Even with conservation area limitation, we were still able to make structural changes that was required for the HMO development.
- Increased Costs: The higher expenses for compliance with conservation and HMO standards was unavoidable.
- Drain Redesign: Successfully achieved by our internal development team, with all rooms featuring their own ensuite, except for one with an off-suite.
- Fines or Penalties: No risk of fines or legal penalties as all rules were fully complied with.
- Valuation Risk: Managed effectively despite lack of control over surrounding factors.
After Images
Results
All-ensuite 5-bedroom HMO delivered within budget, optimising cash flow & standards.
Below are some selected pictures showcasing the tasks we executed to create this wonderful product.
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