Gradwell Street

Our largest and most technically demanding project to date, Gradwell Street involved the complete repositioning of a traditional two-bedroom terraced property into a fully compliant four-bedroom House of Multiple Occupancy (HMO).

Acquisition & Strategy

• Purchase Price: £180,000

• Refurbishment Investment: £50,000

• Total Capital Deployed: £230,000

• Post-Works Valuation: £250,000

The strategy was clear from acquisition: unlock hidden square footage, maximise rental efficiency, and engineer long-term value through structural improvement rather than cosmetic uplift alone.

Refurbishment & Development

This was not a light refurbishment. The project included:

• Full cellar conversion into a self-contained studio apartment

• Structural alterations supported by structural engineer calculations

• Architect drawings and redesign of internal layout

• Full building regulations approval and compliance

• Complete mechanical and electrical upgrades

• Fire safety and HMO compliance works throughout

The cellar conversion was the most complex element of the scheme, requiring careful planning, regulatory oversight and coordinated contractor management. This additional unit significantly enhanced both valuation and rental performance.

While the programme presented challenges, disciplined project management ensured delivery to specification and within controlled cost parameters.

Performance & Outcome

The property was revalued at £250,000, creating an immediate capital uplift of £20,000 over total funds invested.

Following completion, all rooms were marketed and achieved full occupancy within two days. The asset is now fully let as a four-bedroom HMO, delivering:

• Net Yield: 9%

• Return on Investment (ROI): 32%

The property has since become a flagship asset within our portfolio — combining strong monthly cash flow, professional tenant demand and long-term capital growth fundamentals.

Joint Venture (JV) Partnership

This project was delivered in partnership with a single Joint Venture (JV) investor.

The investor provided capital for acquisition and refurbishment and now benefits from a completely hands-off income stream. Their position is secured against the asset, and they receive structured returns without involvement in sourcing, planning, contractor management, compliance, tenanting or ongoing operations.

From acquisition through design, regulatory approval, construction management, refinancing and letting, the entire process was executed and overseen by us — allowing the investor to participate in a high-performing HMO asset without time commitment or operational exposure.

Gradwell Street demonstrates our capability to execute complex value-add projects, navigate regulatory processes, and convert underperforming stock into high-yielding, professionally managed income-producing assets.