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Featured Refurbs

Peppers Court, Littlehampton

This 1980's one-bed flat in Littlehampton was acquired in early 2014 for £85,000.

 

The flat was looking tired and both the original kitchen and bathroom were replaced with new modern units, new plumbing was re-routed and boxed, all walls and ceilings re-painted and new carpets fitted throughout. Cost of refurb £7,000.

 

A corporate tenant moved-in in the summer of 2014 paying a monthly rental of £550.

 

The flat was revalued (Oct 2015) at £125,000. Re-mortgaging at a 75% LTV allows us to withdraw all money injected to date and leave us with a net positive cash-flowing property.

Pharos Quay, Littlehampton

Another 1980's one-bed flat in Littlehampton, acquired in 2015 for £124,000 has undergone a full refurbishment. Originally it was felt that only a light refresh was needed but when an old and ongoing leak was discovered from the bath waste which had caused the chipboard flooring underneath to rot away, it was decided to renew the floor and to replace both bathroom and kitchen for new.

All walls and ceilings have been re-painted and new carpets fitted.

The flat has now been valued at £140,000 (Oct 2016) and a tenant moved in during December 2016 paying a monthly rent of £650 (gross yield 5.6%). The property has been re-mortgaged at 75% LTV.

8 High Street, Littlehampton

This 2nd floor one-bed flat was acquired at £89,000 in March 2016 (already tenanted) with the intention of carrying out a badly needed refurb when the tenant vacated. Notice was unexpectedly given by the tenant in September 2016 and we acquired vacant possession the next month.  Fortunately, the tenant made a brave effort to clean up on leaving and we were pleasantly surprised on entering at the inherent beauty of this high-ceilinged, period property. Heavy wear and tear damage has been made good; a new kitchen hob fitted, the central heating system overhauled, a new sink and toilet fitted and after painting walls and woodwork, new carpets were fitted. It was decided to offer the flat to the market with vacant possession and completion of the sale took place in May 2017 netting a return of over 25% on the initial investment.

Alpha Court, Littlehampton

Negotiations to purchase a very tired purpose-built 1980s flat in Alpha Court commenced prior to the sale of 8 High Street with completion taking place in July 2017. The flat offered great potential to add significant value to it. The layout has been changed with the location of the newly installed kitchen into the sunny south-west facing 6m x 4m lounge, enabling the creation of a new second double bedroom. Current estimates indicate an added value of over 45% on investment.

Cammells

Property

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