3-Bedroom Flat in Central Edinburgh
The Numbers:
Purchased: 2016 and sold 2020
Purchase price: £355,000
Total acquisition cost:* £370,000
Total cash invested: £230,000
Net annual yield:** 8% pa
Sale price: £470,000
Return on investment:*** 50%
Capital growth: £115,000
* includes stamp duty, survey, mortgage arrangement fees, searches, conveyancing, cosmetic upgrade and all furnishings for letting out
** from rental income after deductions for agency fees, boiler maintenance, safety certificates, insurance and a sink fund
*** amount the original cash investment increased over investment term before tax and legals
In Brief:
A spacious and well-configured flat within walking distance of the city centre. Sourced and negotiated at a competitive price from an owner occupier. Fully upgraded and let for 4 years with never more than a few days' void period, this was a really good investment securing an excellent annual yield and an outstanding return on investment when sold.
Services provided: Consultancy, Search and Find, Property Enhancement, Property Staging, Tenant Search and Letting and Property Management.
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This was a stunning 3 bedroom flat of classic Georigan design described as a ’typical Drawing Room flat’ boasting 3 meter high ceilings, an ornamental balcony running the full width of the property and ornate cornicing. Little was required to enhance it to its full potential but it had an unusually small bathroom and a long, dark hallway exacerbated by extremely high ceilings.
I used mirrors all along one side of the corridor so that the neutral light from open doorways ‘bounced’ off it, creating the illusion of yet more light, and sourced and installed feature lighting to further negate shadows. In the bathroom I fitted small mirrors in the painted shut shutters, added lighting and painted the walls brilliant white to give the illusion of a larger, more spacious room. I fully furnished the property with high quality (but inexpensive) furniture to enhance the property’s remarkable Georgian provenance and used rich and luxurious accessories to further promote its appeal to initially prospective tenants and then to prospective purchasers. This was an excellent investment from start to finish
