Marriot

11 Ensuite bedrooms, 1 large kitchen with 2 sets of facilities, 1 kitchen with a single set of facilities a communal living room and large garden.

The subject property previously functioned as an 8-bedroom HMO, without ensuite facilities, and was primarily let out to students. Despite its suboptimal condition, the building was structurally sound and boasted a practical, 'stacked' floorplan, which would facilitate the installation of new water and waste pipework. Recognizing its potential for value uplift, we embarked on a project to enhance its appeal and functionality.

Our initial step was to secure planning permission to expand the property and reconfigure its layout, in order to maximise its usage and minimise wasted space.

Development

The installation of eleven new ensuite bathrooms, a new central heating system, and two kitchens presented a significant undertaking that necessitated us to strip the building down to its foundations. Despite the cost implications, this approach allowed us to identify potential issues that could cause problems in the future and address them during the development phase. Additionally, we were able to improve the building's thermal efficiency by incorporating upgraded materials and techniques.

The development project spanned a period of 8-9 months and encountered no challenges that we had not previously experienced, although it was the most extensive build we had undertaken to date. During the process, we encountered rotten floorboards and joists, as well as plaster that had deteriorated to the point of falling off the walls. In addition, we encountered expected damp issues in the basement, which we were able to address and correct.

To appeal to our target tenant profile - young, working professionals - we opted for a minimalistic color scheme throughout the property. However, we added bold touches in certain areas, such as the kitchens, to maintain the building's character and infuse some vitality into the space.

The plastering aspect of the project represented a significant portion of the undertaking, and ultimately surpassed both its budget and timeframe due to the extensive amount of replastering required. However, we understand that these occurrences are not uncommon in the construction industry, and the project as a whole remained within its allocated budget. Despite the challenges faced, we consider this project to be one of our favourites due to the simplicity of its layout.

Refinance and Rent

The process of refinancing any project can be a lengthy and laborious one, and this project was no exception, with the financial release process taking approximately 4-5 months.

Despite this, the rental phase of the project was straightforward and efficient, with rooms being occupied rapidly. Notably, seven of the rooms were quickly occupied by engineers from Mercedes F1.