Hazelwood

8 Ensuite bedrooms, 1 large kitchen diner with 1 set of facilities, 1 small kitchen with 1 set of facilities, a communal bathroom, laundry room, cinema room and clean garden.

When we first acquired this property, it was classified as a 3 bedroom townhouse, despite having previously been used as an office. The original townhouse consisted of the bedrooms, kitchen, and bathrooms, while the true value of the building lay in the expansive, empty extension located in the garden that had previously served as the primary area for office-related activities.

As our first project, this property required full planning permission for a change of use, and was situated in a conservation area subject to Article 4 regulations. Despite these obstacles, we were able to navigate the planning process with relative ease.

Development

Upon entering the extension, we immediately recognized the potential for a highly profitable House in Multiple Occupation (HMO) due to the large, open space available. By constructing simple stud walls, we were able to create an additional 4 rooms within the property.

Given that this was our first project, we were initially apprehensive about putting our knowledge into practice. However, by closely following the lessons we had learned, we were ultimately able to achieve great success.

The property underwent a 12-month development process during which our team gained valuable skills and knowledge in growing our property business. Despite the challenges of being new to the field, we were able to successfully complete the project and generate a profit, leaving us with no complaints.

Although the building was in good condition, the refurbishment involved extensive rip-out and rebuild for the creation of 8 en-suite bedrooms, installation of heating systems, and new kitchens. The partition walls required a substantial amount of plasterboard, with double-boarding needed for most of them.

Located in the heart of Northampton, this project boasts a central location with no parking available. However, due to its proximity to the general hospital and the new university campus, the target market for this property is versatile and can adapt to potential changes in the future.

Refinance and Rent

Refinancing this project was our first experience, and it required us to jump through a lot of hoops to prove that we were capable of holding a commercial mortgage. It took around 5 months to complete the process.

However, renting the property out was a breeze, and we were able to fill all 8 rooms in just 10 days. This helped boost our confidence and gave us a positive start to our journey in property development.