STREATHAM
Streatham Vale is a quiet area, great for new families with many comfortable, well-proportioned three bedroom homes. It is close to a number of great schools and very well connected by the Streatham Common and Norbury stations. It is certainly one of London’s up-and-coming areas as it still offers buyers and renters alike great value for money. After careful consideration, the team decided to purchase five 1930’s three bedroom homes that were in much need of TLC. These were to be redeveloped, modernised and extended to create four bedroom homes with larger living areas and all the mod-cons as per market demand and ultimately put back on the market for resale. The project had a GDV of £3.1 million and a staggered building schedule spanning over 24 months.
Construction went according to plan, with each property taking an average of six months to complete. Its staggered building schedule allowed us to place some of the properties on the market while the rest were being completed. This strategy saw two of the properties sell with impressive speed and achieve a profit above of what was expected. Unfortunately, a dip in the market meant that if the three remaining properties were to be sold immediately upon completion, they would not reach their full market potential.
We decided it would be best to keep these properties and place them in the rental market until the market recovered instead. After only two years we were able to once again list the properties for sale. They not only sold very quickly but also achieved the desired returns for all stakeholders.
