Chapelfields, Coventry CV5 6HJ
Sale Completed: January 2020
Homemaker Properties’ Anthony McMullan sourced the property on Hearsall Lane towards the end of 2019. The property sale completed and work started in January 2020.
At the time of purchase the property was being used as a House of Multiple Occupation (HMO) although was not meeting with standards. It consisted of six bedrooms with two shared shower rooms. Accommodation was dated and in poor condition. A full HMO conversion was required to modernise and bring the property up to standard.
There were a few challenges along the way, as you would expect from this type of HMO conversion project; including party wall agreements, structural concerns and waste management. However, a significant set back that could never have been foreseen was the global pandemic and getting the materials and labourers on site during long periods of lockdown. Work completed in July 2020 and all rooms were fully let by August 2020, despite the challenge market conditions at the time.
The end result was a six ensuite bedroom property which met with local HMO regulations. The newly modernised and high-end appearance meant that the property proved popular and let quickly - all tenants like new! The investor is now achieving a return on investment of 20.8%.
You can read more about the figures behind this deal by downloading the case study below.
GROSS RENTS (PCM)
RETURN ON INVESTMENT
Taking into consideration void periods, management and tenancy set-up costs, maintenance and utilities including Council Tax.
HMO Conversion Case Study
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"I have been dealing with Anthony at Homemaker Properties for the last year. I have found the service to be excellent and prompt at all times. Based on my experience I will happily recommend the company to anyone who requires the services offered."
J. Choongh, Wolverhampton (Dec 2019)
Related Videos | HMO Conversion
Ensuite 1, Hearsall Lane | Virtual Tour
Ensuite 2, Hearsall Lane | Virtual Tour
Ensuite 3, Hearsall Lane | Virtual Tour
Ensuite 4, Hearsall Lane | Virtual Tour
Ensuite 5, Hearsall Lane | Virtual Tour
Ensuite 6, Hearsall Lane | Virtual Tour
Project Update | Structural Challenges
Project Update | Waste Considerations