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Tewkesbury Street Redevelopment Case Study

Tewkesbury Bedroom

The Property

Currently let to five students (two bedrooms on the ground floor, three on the first floor), our landlord client was in the process of installing a second toilet in order to meet Cardiff Council’s HMO licence requirements.

After visiting the property, our advice was that it may well be worth spending an extra few hundred pounds and adding a full second bathroom instead of just a toilet, thereby generating a unique selling point for a 5-bed let. Not only that, but it also creates enough facilities for a 6 or 7-bed let.

The Plan

We concentrated on developing the 5-bed let into a 6-bed let, which we knew was achievable by splitting the first floor front bedroom in two - creating access via a small lobby directly behind.

The Project

CPS Homes arranged all the work on the landlord’s behalf. The new rooms, extra bathroom and extra bedroom were created and finished for under £10k. In the process, the property’s value increased by £45k.

Results

Please refer to the before and after first floor plans below in order to see what the outcome of the project was.

Tewkesbury Street Floorplans Tewkesbury Street Floorplans

  • Bought: £225,000(Feb 2016)
  • Rental income: £1,100pcm/£12,100pa
  • Total spend: £9,500
  • Current sales value: £300,000(Apr 2016)
  • Rental income: £1,950pcm/£21,450pa
Tom Foulkes

'This relatively small project added considerable value to the property at a comparatively low spend. The installation of a full second bathroom was wise because it provides enough facilities for a six or seven-bed let, so if the landlord wants to do further work and eek out additional bedrooms via a loft conversion, he can do.'

Tom Foulkes
Senior Property Advisor , Cathays Branch