Westminster Road - Cornerstone Property Investments
15237
portfolio_page-template-default,single,single-portfolio_page,postid-15237,qode-quick-links-1.0,ajax_fade,page_not_loaded,,qode-theme-ver-16.8,qode-theme-bridge,disabled_footer_bottom,qode_header_in_grid,wpb-js-composer js-comp-ver-5.5.2,vc_responsive

Westminster Road

About This Project

A freehold property in Morecombe bay already converted into 3 flats but very run down and vandalised.  All flats  were just shells requiring everything doing to them to bring them back into a lettable standard. Rewire, re-plaster, new kitchen , new bathroom, new carpets, new fire alarm system to HMO standards,  new combi boilers, new plumbing and so on.

 

The property took 2 months to refurbish  after which I split title creating 3 leasehold flats and refinanced  from commercial lending onto 3 BTL products pulling  all of my starting capital out plus £40K The deal cash flows positive at around £500 / month and is let to LHA tenants.

 

 

 

 

 

 

Purchase Price


£75,000

Renovation Costs


£17,000

RICS Valuation After Works


£150 000

Current Monthly Rental


£1,170

Category
Buy To Let, Title Split