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Our Properties

King Street, Wallasey
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King Street was an empty shop with accommodation above that we purchased in October 2019. We have spent a year converting the shop into a one bed flat and a studio flat and the upstairs into a 6 bed HMO. This is our first HMO project and we have learned a lot during the process however even with some issues we have managed to get almost all of the money out covering all costs. This means we will be earning over £17,000 on this property in the first year with none of our money left in.

  • Purchase Price: £55,000

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Costs

  • Refurbishment Spend: £135,000

  • Project Management: £14,000

  • Finance and Legals £8,000

  • Other Fees £25,000

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  • Total Spend £237,000

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Before

Ready for letting

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Returns

  • Value Post Refurbishment: £310,000

  • Capital Left in:  £4,500

 

  • Monthly Rent £3,800

  • Net Income £1,850

 

  • ROCE 493% PA

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© 2020 by Pendennis Axis Property

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