Colwyn

8 Ensuite bedrooms, 1 large kitchen diner with 2 sets of facilities, a laundry room/WC and large clean garden overlooking the racecourse.

The subject property was an outdated and worn-down 8-bedroom HMO that was in dire need of extensive renovation upon our acquisition. The building featured kitchenettes in every room, and it had experienced several fire incidents in the past. Although the property required complete gutting, we were able to identify hidden issues along the way, and we were pleasantly surprised to discover an immaculate fireplace that had been preserved.

As the property was already functioning as an 8-bedroom HMO, we did not require planning permission for this project. We merely made minor reconfigurations to the layout to optimise the space.

Development

The development of this project required an extensive workload, lasting approximately 8 months. The property still contained all of its furniture and kitchenettes upon our acquisition, leading to a massive amount of waste generated during the renovation. In fact, we had to remove four tonnes of waste within the first month, with a further four tonnes being cleared throughout the project.

The basement area presented significant challenges, as it had severe damp issues that required us to apply a tanking solution to ensure proper drainage. Unfortunately, this led to the size of the kitchen (located in the basement) being reduced, as we had to install a stud wall lining to avoid damaging the newly treated walls and compromising their integrity.

Finally, it is worth noting that this property had recently undergone a full re-roofing process, during which additional insulation was installed to enhance its thermal efficiency.

Refinance and Rent

Refinancing this particular property proved to be a relatively straightforward process, as we already had a very similar property on our portfolio. It took approximately 3 months for the refinancing to be completed.

As with our other projects, we experienced little difficulty in finding tenants for this property. In fact, we typically have a vacancy rate of less than a month.