From Disused Outbuilding to Holiday Let
The Numbers:
New build project completed: 2015
Total cash invested:* £90,000
Net annual yield:** 10.3% pa
Return on investment:*** 100%
Forecast predicted compound growth over the next 5 years:**** 23.4%
* to include full project management, build design, planning, build, interior design and full furnishing
** from rental income after deductions for agency fees, boiler maintenance, safety certificates, insurance, sink fund, Welcome Packs, insurance, utilities and cleaning
*** amount the original cash investment increased over investment term before tax and legals
**** as per Savills data
In Brief:
An abandoned and disused stone dairy building with holes in the roof, no electric or water supply which was completely reconfigured and developed to become a successful holiday let securing a net annual yield of over 10%.
Services provided: Project Management, Property Enhancement, Property Staging, Tenant Search & Letting and Property Management
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Acquired alongside a falling down house were a couple of abandoned buildings previously designated as agricultural dwellings. I successfully secured planning consent for a change of use to a holiday cottage along with approval for design of a spacious one bedroom property. It was big enough for a second bedroom, but according to research, a high quality one bedroom holiday home would provide a better return on the investment in the current market.
I managed the full build, designed and oversaw fitting of the kitchen, 3-piece bathroom, wood-burning stove, and central heating system, and sourced soft furnishings and practical, high quality furniture.
The hard work has paid off, with frequent 5 star reviews and lots of repeat bookings. Prosecco, delicious cakes and sourdough bread welcome packs as well as the 400 count bed linen and William Morris bed throw ensure guests always feel they are experiencing hotel quality service but without any disturbance, leaving them to quietly enjoy the privacy and idyllic location that this guest cottage provides.
