Hestia Home Development
Deptford Broadway
Development Management: Magdalena Skinner
Interior Design: Hestia Home Development
Lettings & Management: Hestia Estates Ltd
Gross Area: 1201 sq ft of residential space
The site was purchased in September 2012 for £800 000 and is currently worth £2.325 m.
The project started with the refurbishment of the 2 existing flats on the 2nd and 3rd floors and then the first floor storage area was converted to produce a third flat. The value of each flat now stands at £225,000 compared to the £115,000 at acquisition and all the building work cost just £120,000.
To the rear is a development site consented for six flats with a GDV of £1.84 million. The site is currently valued at £650,000 and the redevelopment will cost £700,000.
A planning application will shortly be submitted for two additional flats, which would increase the GDV to £2.22m. The extra building work on those two units would cost £60,000.
We are working with our planning consultant and architect to secure consent for an additional three flats, which would bring the GDV of the development site to approximately £3 million with the retail element adding a further £100,000. The sale of the Ground Rents would generate an additional £75,000 bringing the total GDV to £3.175m.