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61 Gregory Boulevard
The project
This property is in a fantastic location for all local amenities, including the city centre. The property is situated in an Article 4 Area, which means you must obtain planning before you can turn it into a HMO. Luckily for us, this was already classed as a 6-bedroom HMO, although it was in extremely poor condition when we bought it.
We got planning granted to add 2 more bedrooms and then renovated the whole thing to create 8 luxury studios. This ensured we achieved a higher valuation and higher rental income, all while providing an exceptional standard of living for our tenants. WIN WIN.
£287,500
Purchase price
£244,000
Refurbishment cost
£650,000
Current valuation
£5,400
Monthly income