Earl Street
Results and Investment Returns
This former hair salon with a garage and flat was redeveloped into a smaller retail unit and 4-bedroom HMO for young professionals.
Original Purchase Price: £91,000
Monthly Rental Income: £2,678
End Valuation: £230,000
Current Valuation: £300,000
Project Overview
This property was acquired in July 2018 as a mixed-use building with a hair salon, garage, and a 2-bedroom flat. Through strategic planning approvals, we converted it into a streamlined retail space and a high-quality, 4-bedroom HMO for young professionals. The convenience of both residential and commercial spaces supports a thriving co-living environment with an additional income stream from the retail unit.
Development Journey
Highlights of the transformation include:
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Hybrid Planning Strategy: We secured permissions using both permitted development rights and full planning applications, allowing us to reconfigure the space into a hair salon and HMO while utilizing the garage for added living space.
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Structural Modifications: The garage was rebuilt and connected to the main building, creating a large kitchen/living space for the HMO.
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Commercial & Residential Reconfiguration: The former salon area was adapted for co-living, creating space for a new retail unit, now leased to a convenience store on a 15-year agreement.
Conversion Highlights
The comprehensive redevelopment included:
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Ground-floor DPC installation.
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New internal walls and en-suites for each of the four bedrooms.
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Construction of a 30m² retail unit, now a convenience store.
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Expansion of a modern communal kitchen and living area meeting HMO standards.
