This property was purchased for one of our loyal customers as part of a property investment portfolio.
When we saw the flat, we immediately understood what we had to do to tap the investment’s potential. We created a business plan for the property with a rate of return of 7.8%, and then we got to work. The flat was located in a 30-year-old building, was dilapidated and had wall-to-wall carpets, damaged pipes and a hazardous electrical system. But it did have one notable advantage: its perfect location by the sea in a building that was due to be renovated. We bought the flat for the investor and our design team then got to work.
We then replaced the flat’s systems, pipes, and electrical elements, built new walls and renovated it in a way that created a sense of luxury – at investment prices – ultimately transforming a 100 m² flat into two stand-alone flats: one black and one white.
The properties were leased immediately after the renovations and now generate amazing returns (more than 9%). The owner’s reaction to the flat being leased at much higher prices than expected made our day.
