Hestia Home Development
Hestia Home Development are specialist investors, developers and asset managers. We focus exclusively on developing and refurbishing housing inemerging locations within central and inner London.
Our experience, efficiency and attention to detail enable us to deliver exceptional results for our clients – as you will see from the following case studies.
Commercial Road, E14 7NT
Development Management: Magdalena Skinner
Interior Design: Hestia Home Development
Lettings & Management: Hestia Estates Ltd
Gross area: 2,336sqft (retail and residential)
A four storey mixed use property in close proximity to Limehouse station, purchased for £420,000.
With two flats already completed and occupied by tenants and another to follow soon, the project is already generating revenue.
If the development of a further four storey property to the rear of the building is approved, the project will deliver a margin on cost in excess of 60% within just three years.
We achieved a valuation between £886psf (bank) & £1,000psf (agent) in an area that typically achieves <£500psf and should achieve more than 60% margin on cost.
Lewisham High Street, SE13
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%.
Tavistock Avenue, E17 6HP
Development Management: Magdalena Skinner
Interior Design: Hestia Home Development
Lettings & Management: Hestia Estates Ltd
Gross Area: 687 sq ft of residential space
The property was purchased in September 2012 for £235,000.00 as a terraced house with two unconsented flats.
A comprehensive refurbishment of the ground floor flat (335ft2) was carried out at the end of 2014 and the flat is now under offer at £275,000.00.
The first floor flat (352ft2) is on the market for £205,000 and is expected to sell for £200,000.00.