August 6, 2018
I hope you got the very much intended pun above? ‘W’right investor, Wright House? Sorry, but I had to do it.
Anyway my latest scour of the property market for my lovely investors has brought this treasure to my attention – Lesley Wright House, Cheadle Heath, SK3.
It is a huge development and is currently a cluster house with 11 bedrooms within it and 6 bathrooms, over three floors and it most definitely requires a full refurbishment throughout. This is obviously a huge project and I would estimate a cost of between £10-£20k per apartment created. The sq footage of the building is 3648 which means you could probably get 7-8 one bedroom apartments out of it. So the cost of the reburbishment would be approx. £150k.
With this in mind and the guide price of £430k it would mean a total outlay of £580k. If each of the one bedroom apartments created was then rented for £575pcm as a minimum and there were 8 apartments that would give you a monthly income of £4,600 meaning your overall yield is 9.5%. AMAZING!
The property is currently on the market with 2 agents, Edward Mellors and Harvey Scott, and I have posted the links to these Estate Agents below.
If you would like more information on this property or if you have any specific queries about Lettings, Investments or even if you have a property you would like advice on renting out then please do not hesitate to contact me on 0161 474 8668.