Portfolio Details

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Wellington Esplanade property project Shreeve property old bathroom
Wellington Esplanade property project Shreeve property old bedroom
Wellington Esplanade property project Shreeve property old front room
Wellington Esplanade property project Shreeve property old hallway
Wellington Esplanade property project Shreeve property new front door
Wellington Esplanade property project Shreeve property new hallway
Wellington Esplanade property project Shreeve property new bathroom
Wellington Esplanade property project Shreeve property new toilet
Wellington Esplanade property project Shreeve property new kitchen
Wellington Esplanade property project Shreeve property new bedroom

  

Project information

Bought for: £280,000

Fees: £ 15,175-76

Refurb: £120,000

Revalued on 05/07/2017 at £145,000 to £155,000 per flat giving the block a valuation of £725,000 to £775,000

Profit: £309,824 to 359,824

Rent: Each flat receiving a new rental income of £700pm with a block income of £3,500pm

24 Wellington Esplanade, Lowestoft (Flats 1, 2, 3, 4 & 5)

Free hold terraced building bought consisting of 5 flats – all flats consisting of 1 bedroom, kitchen, bathroom and living room. All flats taken back, gutted and re plastered (where damp works required, mainly sea facing rooms this carried out) whole block re-wired & all heating systems installed. All flats converted into two bedrooms with Living Room, New Kitchen, New Bathroom, fully decorated with new flooring throughout upgraded insulation and sound proofing, new doors both internally and externally.
To the common areas fire alarm upgraded to latest regs and tests & certs to clarify, new CCTV and door entry systems fitted. Externally new gutters with re-pointing and roof repairs carried out where needed.

The block was re-mortgaged in 2019 at £450,000  returning us all our original investment
and keeping a cash-flowing assist