Seaside
Eastbourne
Three mixed use buildings, Grade II listed
Purchase Price £950,000
GDV £ 1.76m
ROI 32%
We managed to secure these properties pre-auction, tenanted and had no idea what a tangled web we had walked into.
During our first month we had to deal with two police raids, the discovery of a Cannabis Farm in the loft of one of the buildings and some rather unsavoury tenants.
The work was extensive, we had to draw heavily on our previous development experience and on the expertise of our team. We worked alongside the conservation team and HMO officers to ensure that we maintained the integrity of the buildings whilst meeting the requirements of each.
Due to the complexities of the buildings, we managed to buy at a competitive price, coupled this with strict project management and a rigorous refurbishment, we achieved significant GDV’s that enabled us to pay back all of our investors.
Another feel good factor on this project is that we have created some amazing spaces that now offer a safe space for vulnerable women, accommodation for young adults leaving care and provide support accommodation for vulnerable adults.
The Works
- Full back to brick strip out apart but maintaining certain ceiling roses, cornices and a fireplace
- Reconfigured the spaces to create - No.66; 2x 1 bed flats, 1x 5 bedroom HMO No.68; 2x 3 bed flats and 1x 5 bedroom HMO, No. 70; Commercial Unit, 1 x Studio and 2x 3 bed flats
- All new electrics, heating, plumbing, installation across all three buildings of compliant fire, safety and emergency lighting
- Installation of replacement sash windows
- A new roof across all three buildings
- New bathrooms, kitchens, creation of community space
- Full decoration inside and out include all new flooring
