Hestia Home Development

Development Management: Magdalena Skinner
Interior Design: Hestia Home Development
Lettings & Management: Hestia Estates Ltd

Gross area:  2,550sqft

Through a targeted investment of just £20k to upgrade the studio flat and issue separate leases for the three existing flats, we boosted the value by 67% to £585k in just three months.

And with a subsequent investment of £113k, we upgraded the two remaining flats and more than tripled their rents – even allowing for discounting rents for pre-lets and advanced payments. In the process we increased the value to £800k. We will seek consent to build an additional flat on the rear of the site in due course.

Through efficient staged refinancing with bridging and commercial lenders we minimised the equity required throughout.

We achieved a gross yield of 13.6%pa and are on track to achieve a margin on cost in excess of 40% against our original forecast of 25%.