THE DRAKE
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Persistence pays.
44a AD popped up on my Rightmove in early 2017; intrigued by its prime location, I clicked to discover more.
Despite having all the signs of previously being a student rental (matching furniture, several rooms and two ensuite’s) the agent insisted it did not have permission to let to students.
Loughborough’s strict Article 4 Direction would’ve meant had it not previously been let to students prior to 2012 it would have been impossible to obtain a Certificate of Lawfulness for a C4 dwelling. So I left it.
A few months later, the house reappeared on Rightmove under a second agent. Still unsold, something told me to dig deeper.
Lo and behold, upon investigation I discovered it had a strong history of being let to students. I applied for planning permission for a certificate of lawfulness and once granted, purchased the house.
I now have a large, luxury student home a mere 10 metres from Loughborough University campus. What was it they said about persistence paying off?
Purchase & Costs
Purchase Price: £245,000
Deposit: £77,303.84 (Bridge Loan)
Total Loan Repayable: £172,659.97
Purchase Fees: £3,000
Stamp Duty: £9,750
Renovation; £80,000
Post Renovation & Returns
Re-Valuation: £360,000
Cash Released: £306,000 (85%)
Money Left in Deal: £36,713.81
Annual Gross Rent: £43,680
Mortgage: £15,120
Utilities: £3,120
Management Fees: £3,500
Contingency 5%: £2184
Net Profit Per Annum: £19,756
ROI: 54%
Renovation & Works
An unusual build, the house was erected in the 1980’s. Browsing historical documents, it appeared that the house was a self build on the large garden plot of next door’s property.
A 4 bed property with 2 reception rooms and an integral garage, I spotted a great opportunity to create extra bedrooms and add some ensuite bathrooms.
We ripped the entire house out and started from scratch; fortunately we didn’t miss out on much, the house was in terrible condition when we started.
Garage Conversion | Downstairs Bedroom
I capitalised on Permitted Development rights, allowing me to convert this attached double garage into a large downstairs lettable bedroom. This provided a 5th lettable bedroom.
We installed matching UPVC windows and kept the original steel beam on the ceiling.
We knocked through a wall on the ground floor landing to create an entrance way into the room and also allocated some space for a ‘boiler room’ containing a water cylinder and various pipework for the heating system.
Kitchen | Downstairs Bedroom
The original kitchen, adjacent to the integral garage was in poor condition. Outdated kitchen cabinets and appliances along with years of neglect meant it had seen better days.
Fortunately, we hadn’t planned on keeping the kitchen where it was. There was a large, open plan living and kitchen area which was large enough to accommodate a new, larger kitchen, dining area as well as a living/cinema area.
By moving the kitchen to this area, we freed up the old kitchen to become a 6th, large downstairs bedroom.
Living & Kitchen
Although an unusual shape, the house offered a large, open plan living room. It was flanked by two large patio doors, leading directly out into the garden.
I decided it would be ideal to have an open plan kitchen and living room in this space, complimented by the patio doors out to the garden.
To accommodate more kitchen units and appliances, we removed one set of patio doors and put in a new wall and windows. We re-routed the services and installed a sleek, modern kitchen fully equipped with all appliances.
Bedrooms
All of the bedrooms were very spacious and well proportioned. With the addition of the two downstairs bedrooms, the upstairs bedrooms required basic works to be brought up to standard.
I installed new electrics, spotlights, USB points and TV’s in each bedroom.
We had custom made wardrobes and drawers imported all the way from India; individually hand painted in an eclectic mix of colours.
Bathrooms & Ensuite’s
The house originally had 3 bathrooms, two of which were ensuite. There was an existing study room, adjacent to one of the bedrooms on the first floor. This provided a perfect opportunity to install an additional ensuite to take the total bathrooms to 4, shared between 6 people.
Once a few walls were configured, new plumbing was installed and eventually all the bathrooms were replaced with pristine 3 and 4 piece suites.
Finding 4 bathrooms between 6 bed shared properties are rare; ensuring this property will stand out for the test of time.
