Thursday, 13 August 2015

Great property in Burley with a lot of scope for investment

This property on High Cliff in Burley doesn't immediately jump out at you with it's old fashioned interior, somewhat unappealing layout and small bedroom on the first floor but it's definitely got a lot of scope for improvement and could be a great investment. 

It's location is highly in demand by professionals with it being so close to Burley Park train station and plenty of main bus routes going straight into Leeds City centre in less than 10 minutes. Looking at the advert, it does say that it could potentially go to a group of students but from my experience it's too far out of the area that student's ideally want to be. The areas much more residential & populated by professionals. 

I've given the floor plan a good look and it appears that the property is pretty much a blank canvas depending on how much you'd want to spend on it. If you re-jigged some of the rooms around, you could definitely utilise the space better to create a 6 bed all en-suite property and if done right you could create a high quality boutique professional let which could achieve around £28,000 per annum. 

I would suggest moving the kitchen from the basement up to the ground floor where there is currently a bedroom. There's also quite a bit of wasted space with a large hallway on the first floor so I would utilise this space better to create a larger kitchen. Down in the basement I would have two good size en-suite bedrooms; one where the kitchen used to be and by moving the door for the other bedroom to go directly into the bathroom. On the first floor I would use some of the space taken up by the larger bathroom to make that small bedroom larger and in it's place fit a smaller shower cubicle instead of a bath. I would then move the door to the other bathroom to be accessed by the other bedroom. On the top floor I would then add in two en-suite bathrooms. 

Depending on the amount you wanted to spend on it there's scope for removing the chimney breasts and fitting dormers on the top floor or at least taking the eves right back to the floor to create much more space. 

I'd imagine for the work I've described and to decorate and re-carpet it you'd probably be looking at spending around £40k. Even if you bought it at the asking price of £180,000, I think for a high end boutique professional let with en-suite bedrooms you would be looking at around £90 per room exclusive of bills.  That's a whopping 12.8% return. 

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