Harriet Street Redevelopment Case Study

The Property

We bought this Harriet Street property in 2012 as it had potential to be developed into a desirable student let. At CPS Homes we know all about Cardiff and its property market which means we are always on the lookout for property development opportunities. The central Cathays location of Harriet Street made this property a great purchase as it is a short walk from Cardiff University and the amenities of Crwys Road and Salisbury Road. We know that students want large houses which are central to the student area so we set about expanding this four bedroom property.

The Idea

We proposed to double the number of bedrooms of this property, add 2 extra bathrooms and create an open-plan kitchen/lounge area. This would create a more profitable House of Multiple Occupancy (HMO) suitable as a buy-to-let investment especially due to its prime student location. Whilst adding multiple new bedrooms, we still wanted to keep the house spacious so that it would be practical for a large group of residents.

The Project

Once planning permission had been granted, work started on the property in June 2012, with a dormer being created in the unused attic space to make way for new bedrooms, and a single storey extension taking shape to create the open-plan kitchen/lounge area.

The floors of all storeys were dropped using rolled steel joists to allow for more space, meaning that new bedrooms and bathrooms could be fitted into the floor plan of the property - this wouldn’t have been possible if we had kept the existing structure.

The conversion created four extra bedrooms, 2 new bathrooms and a large kitchen lounge area which gave the house better space for socialising.

The property was fitted with a brand new contemporary kitchen, a wall-mounted plasma TV and the rest of the house was finished to a high standard with neutral furnishings, allowing the property to be put on the market within a higher rental bracket.

The development was completed by October 2012 ready for potential tenants to view for the next academic year. It was priced at £325 per person, generating a total income of £2,600 per month.

Results

The property now boasts 8 bedrooms, 3 bathrooms and a much larger kitchen/lounge area. After the £75,000 redevelopment, we almost tripled the property's potential income. The property is now furnished to the highest of standards and tenants can enjoy additional amenities such as a plasma TV and contemporary kitchen.