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Redevelopment case Studies
If we haven’t already done enough to convince you that CPS Homes is the company to trust with your investment, perhaps a sneak-peak at some of the projects we’ve overseen in the past few years will help? Here’s the proof in the pudding…
To find out how we can help you, e-mail us via enquiries@cpshomes.co.uk or give us a call on 02920 668585. Alternatively, if you fancy calling in for a face-to-face chat, we’d love to see you.
- Bought: £110,000(Nov 2010)
- Rental income: N/A(previously a warehouse)
- Total spend: £183,500
- Current sales value: £417,500(May 2013)
- Rental income: £3,235pcm/£38,820pa
Hunter Street Development Case Study
The Property
Located in the heart of Cardiff Bay, this previously derelict warehouse is situated close to the Cardiff Bay Police Station and is just a short walk from the Bay’s main attractions including Mermaid Quay, Techniquest and The Wales Millennium Centre.
Its large size and scope made it an ideal candidate for a refurbishment project and a perfect way to add extra housing opportunities to Cardiff.
The Idea
The previously abandoned warehouse was acquired at an auction for £110,000 and was seen as having perfect property redevelopment potential. The idea was to turn the warehouse into 6 one bedroom apartments – which also required to add an additional storey. By creating the 6 new flats the building’s new owner could rent each of them out and achieve a noticeable gain on their investment.
Property Assessment
When assessing the property we provided the client with a full detailed explanation on the refurbishment costs, the extent of building work required and interior design suggestions.
We also gave the client a full and comprehensive after-refurbishment value appraisal, giving the client a chance to see just how much return on investment they could achieve. Once the client was happy with our property assessment, the funds were released and the redevelopment began.
The Project
Hunter’s Lodge is one of our biggest property redevelopments to date, and required more work than the average house because of its previous status as a warehouse. Indeed, the derelict warehouse needed to be deemed safe before any redevelopment plans could be put in place. Thankfully, after the paperwork had cleared we were able to begin our plan of turning this warehouse into 6 one-bedroom flats which would be available to rent from between £500-£550 a month; with all the apartments fully occupied, this would generate a total income of around £3,235 a month.
Results
Current rental figures:
- Flat 1 – £550
- Flat 2 – £550
- Flat 3 – £535
- Flat 4 – £550
- Flat 5 – £525
- Flat 6 – £525
The project was completed as per the restoration plans and the first flat was rented out in August 2011, with all 6 flats filled by October 2011.
If that wasn’t enough, this restoration project was featured on the BBC’s Homes Under The Hammer programme. In the show the BBC filmed the auction where CPS Homes acquired the building and an interview with CPS Homes where we discussed what the plans were for the development.
- Bought: £110,000(Nov 2010)
- Rental income: N/A(previously a warehouse)
- Total spend: £183,500
- Current sales value: £417,500(May 2013)
- Rental income: £3,235pcm/£38,820pa
'The Hunter’s Lodge project was the first of its kind for us here at CPS Homes (not to brag but we have completed several larger scales ones since!) Every flat attracted a lot of interest from potential tenants meaning they were filled quickly at the highest possible price. And of course the Homes Under the Hammer feature was an added bonus!'