Kilburn, London NW6
Two blocks containing 23 self-contained flats.
The property is located in the popular area of Kilburn, in North West London, within the London Borough of Camden.
We purchased this property for £2.675m, on behalf of our client, and agreed with the council to lease 18 flats in the first block to them for 10 years.
They took the 18 flats on lease for 10 years at £175k per annum rising with RPI and in return they gave us £550k for the works in the property.
The five flats in the second block are let on assured shorthold tenancies generating around £72k per annum rental.
We are currently refinancing this property and Savills has valued this property at £4.765m. The investors will pull out most of their invested money and still get a good rental income.
The value of this property will still be rising and we can keep remortgaging it.
We plan to add another £1m to the value of the property by adding six studio flats to the first block.
We are also planning to purchase the freehold of the property which will give our clients another £80k per annum income.