Existing clients, committed to the long-term benefits offered by Prime Central London, were keen to add to their portfolio by purchasing a property in another of PCL's micro markets or 'villages'. Based overseas, LCP's unique 'one stop' service, including purchase, refurbishment, letting and management offered them a proven hassle-free and appealing route to market.
Long lease (80+ years) or Share of Freehold
- Search area:
North of Hyde Park in close proximity to a tube station
- Specific preferences:
Two bedroom flat in need of refurbishment
- Purchase price budget:
The final selection
A spacious 760 sq.ft. two bedroom flat on the third floor of a purpose built block in the Bayswater area. It had been on the market for just under £800,000 but the vendor was keen to sell and LCP managed to negotiate a significant discount to £710,000.
The flat had been well-lived in and was tired and run down. It had two medium sized bedrooms but only one bathroom, which is not ideal as it does not meet current lifestyle aspirations, limiting the pool of potential tenants. The refurbishment team were able to make an open plan kitchen area in the reception, creating a flexible space for dining or a 3rd bedroom. A second en suite bathroom was also added to the master suite. Both bedrooms were fitted with full length wardrobes to maximise storage space.
The interior design scheme was specified to be high-end with a neutral pallet, attractive to blue-chip international tenants.
- Agreed purchase price:
The end result
The flat proved very popular with the rental market. LCP were able to select professional sharers working in the hospitality sector and the tenancy commenced within three weeks of the flat coming to market.
£600 per week
- Gross rental yield:
- Valuation post-refurbishment: