Durward Street
Creating Flexibility for Use as a Private Residence or HMO
The background
Mid-Terrace House
The property is a mid-terrace house located in central London, within a nice location, close to train station.
Project Details
Location: London
Value: £85,000 → £260,000
Rental: £350 pcm → £2,500 pcm
Timeline: 5-6 months
The Numbers
Home Buyer Report: £400
Refurbishment Costs: £85,000
Architect: £10,000
Furniture: £5,000
Annual Rental Income: £30,000 pa
Caption
The brief
Flexible Use as Private Residence or HMO
The client intended the property to serve as their primary residence, with plans to convert it into an HMO in the future. They aimed to add a ground-floor extension and construct an additional floor, allowing them to rent out the property should they decide to live abroad temporarily.
Caption
Caption
The challenge
Managing Article 4 Restrictions
The primary challenge was addressing policies restrictive to HMOs, as the property was located within an Article 4 area. Despite highlighting the demand for young professional accommodation near the hospital, we were initially unable to convince the council of the need for HMO approval.
However, we successfully resubmitted the application, securing approval for all proposed extensions. This allows the clients to expand their existing property and enhance its overall value.
Project Timeline
Apr 2018
Found Property
Sept 2018
Exchanged
Apr 2019
Refurb Starts
Sept 2019
Refurb Complete
Oct 2019
Tenants Move in
Project Scope
→ Design Appraisal
→ Existing Drawings
→ Concept Drawings
→ Full Planning Permission Application
→ Building Regulation Drawings & Application
→ Construction Project Management
→ Interior Design
→ Furniture Selection
→ HMO Licencing
→ 3D Virtual Tour
Related Project
Devonshire Road
Location: East Sussex
Value: £500,000 → £900,000
Rental: £450 pcm → £8,100 pcm
Timeline: 12 months