This is a mixed use unit (shop downstairs, vacant residential upstairs) that we acquired in September 2021. It didn't come without a few hiccups but all in all was a successful project, funded by bridging finance and two investors (who were repaid in full plus interest upon refinance of the property).
When I started this project the residential property was very unloved and had been vacant for several years, so was a full refurbishment in every sense. The layout was interesting as there wasn’t an obvious room that would lend itself as a living room, however all of the bedrooms were so large that there wasn’t a need for a living room.
Each room was equipped with an en-suite toilet and shower, so every tenant has their own little space. One of the rooms does also have its own small kitchen – the plan was to put small kitchenettes in each of the rooms, however the council put a stop to that as they felt it was ‘forcing’ tenants to do everything in their own rooms, even though there was a perfectly good kitchen for them to also share – sometimes it’s nice to just cook your own thing in your own room, but the council disagreed.
When this property got refinanced we managed repay all investors their initial capital plus interest, and actually managed to pull out all capital utilised, meaning that there was no money left in this deal, which is always the aim.
