The brief from the client was to liaise with our planning and design department to find a property that needed renovating and that had the potential for a building plot in the garden. We identified this site as a possibility and the client proceeded with the purchase.
We renovated the bungalow concurrently with the planning application for a plot on the side of the site. For the renovation, walls were knocked down & structural steels installed. The conservatory to the rear was demolished and a timber frame structure was constructed to create a large kitchen. Chimney and fire removed to allow flow from the kitchen to an open plan lounge. Old oil boiler removed and brand new gas heating installed.
List Price £150,000 Purchase price £131,000 May 2014.
Sold August 2015 £195,000. Rental income £8400 cost to point of sale £33,987.96 including renovation cost, estate agent and legal fees. Pre tax profit £38412.04 23% return.
The construction of the dweliing in the garden was nominated for an award, the figures for that property is as follows. Build cost £143,985.23 sold August 2016 £255,000, pre tax profit £111,014.80 a 77% return. The total return for the site of £149426.80 48% over 2 years 3 months. Inc all planning fees, council tax and borrowing.