One of our existing clients, for whom we manage a portfolio of properties, acquired a small freehold block, using our search services in 2014 which comprised 3 one bedroom flats and a commercial unit. Based overseas, LCP’s unique ‘one stop’ service, including purchase, refurbishment, letting and management offered them a hassle-free and appealing route to market. The flats having been let for a long time prior to their purchase by our client were now looking in very tired condition and it was decided that a complete programme of refurbishment was required.
Long Lease (80+ years) or Share of Freehold
Close to Marylebone Station and walking distance to Marylebone High Street.
- Specific requirements :
Modernisation throughout with high end interior designed look using a dark grey palette. Common parts also required upgrading.
- Refurbishment budget :
- Furnishing budget :
The end result
The flats were completely transformed into highly desirable units with fresh modern communal areas. Although small, at 339 sq.ft. their design optimised the space and as with all one bedroom units, the flats proved very popular with the rental market. LCP were able to select blue chip tenants for all the units which were occupied within weeks of coming to the market achieving rents well in excess of the market norm between £515 and £525 per week.
- Gross rental yield:
- Total investment: