We bought a freehold of a building comprising of 6 flats for £1.7m, of which only one had a separate lease and was sold. We rehoused all 5 tenants and are currently in the process of refurbing the entire block of flats for £183k. The flats are now on the market, with a total asking price of £2.565m.
Going forward, we have received a positive pre-application planning permission to extend the above mentioned building out to the side to add 3 x 1 bedroom flats over 3 floors. The full application has been submitted and is in progress. The potential build costs for the extension is £400k and potential additional value is £1.2m.