This one bedroom apartment in a classic pillar fronted heritage building had been left untouched for many years. LCP was appointed to manage the entire refurbishment process on behalf of our client who was based overseas.
Investment Criteria
- Tenure:
Leasehold 81 years - Search Area:
Prime Central London
- Specific Preferences:
One bedroom rental investment in a heritage building - Purchase Price Budget:
600,000
The Final Selection
Boasting large windows and high ceilings, this was a designer's dream. The property was reconfigured to create a modern, open plan living space with a working-from-home area to meet the demands of the rental market. In keeping with the heritage building, our projects team introduced panelling throughout and used a fresh sage green to create a modern feel to the property.
- Agreed Purchase Price:
£532,378 plus lease extension £11,400
The End Result
This beautifully designed flat stood out in a crowded market place and was let to a young professional looking for a property close to the office but also with a space to work from home. It achieved a 16% uplift on the previous rent despite the headwinds during the pandemic.
The Returns
- Gross Rental Yield:
4.3%
- Valuation Post-Refurbishment:
£600,000
