Project Cressage

Project Cressage

Key Figures

The Project

We purchased this property in 2018. It had failed to sell at a local auction twice. We attended the auction and spoke to the vendor afterwards and struck a deal with him to purchase the property.

The guide price at auction was between £180,000.00 to £200,000.00, link to Coventry Evening Telegraph article below in which the property is featured. We suspected that the reserve was set at £200,000.00. We secured the purchase at £165,000.00. It wasn’t a cash purchase, we explained to the seller that it would be purchased using bridging finance and that it would take some time to complete the purchase because we wanted to submit a planning application for 7 bedrooms. We therefore secured the purchase on an option agreement subject to planning.

https://www.coventrytelegraph.net/news/bargain-homes-sale-auction-coventry-13330768

At that stage we didn’t secure planning permission for the 7th bedroom but we have since obtained planning permission for this. We decided to proceed with the purchase despite not gaining planning permission at that stage because we thought that the property had significant potential.

The plan for the property was always to turn it into a large all en suite HMO. It is located close to Coventry’s university hospital and motorway network and we always thought it would make a great HMO. It had already been extended to the side with a large double storey extension and also had a very large garden as well.

We spent around £100,000.00 converting the property into a HMO. We carried out extensive works including taking most of the building back to brick.

The work carried out included:

  • Creating six ensuite bedrooms that were at least 10sqm excluding en suites.
  • Creating a new staircase to provide a protected fire escape route.
  • New fencing throughout.
  • New windows, doors and garage door.
  • Render exterior of house.
  • Complete rewire.
  • Installation of fire alarm.
  • New central heating system including 300 litre megaflow system to provide constant water to the tenants.

This was a challenging conversion for many reasons. However other than a one room void period for a few months during the first Covid lockdow we have always had full occupancy at this property, often when a room becomes vacant it is filled within 24 hours from a referral or from someone an existing tenant already knows. Our room rents are typically 30 per cent above the local market average for the area.

This was one of the more challenging projects that we have done but now provides great accommodation to key workers like trainee doctors and nurses.

Before

After