Deal 108 Marlborough House
This is one of those sourced deals that took forever! Originally owned by business partners who no longer saw eye to eye, this bad boy took a looooong time to get over the line, due to their frustration with each other and inability to come to an agreement. A little like a property version of ‘War of the Roses’. And breathe…
We got there.
A block of flats, very close to Bristol city centre, in a great location, originally planned for Buy to Sell Projects. The first buyer withdrew from their offer, and Susie reconsidered the route she wanted to take. Which turned out to be a good thing! So instead she refinanced the properties to long term lending, and they let out immediately.
The top floor is of real interest as a case study if you want to follow our route in generating great value from flats.
We refurbished the original one bedroom flat into a two bed, by doing a couple of smart things. The bathroom was changed into a good double bedroom, and we pinched a little space from the bedroom next door to make them more equal. The smart bit was that (with the permission of the freeholder, who was, do’h, TGPC!) we moved the entrance to the flat further onto the landing. That allowed the original hallway entrance to be changed to a bathroom, with a shower, no bath.
The open plan kitchen living room remained the same (the usual route to getting a two bed from a one bed flat is to pinch the kitchen for a bedroom and move it to the living room).
This meant the property got revalued by RICs surveyor at £160, 000. Not bad considering the refurb was only £13,995, and we bought it for £103,750.
An equity gain of over £42k for a few weeks work.
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RICs Valuation after works
Current monthly rental