A few months back, November if my memory serves me well, I was talking about a flat in Finchley Road NW3 that had great development potential as it had the attic in its demise with potential to add a second bedroom.
Incidentally,I have come across a larger than average self-contained studio flat in a purpose built block known as Havercourt just opposite Belsize Park Tube- a right little cracker and it's hot !
This studio is coming in at 350 square feet so with a bit of imagination and re-configuring this could be made into a 1 bedroom flat. Inside, its certainly seen better days, though it's a golden opportunity for the conversion and renovation.I would suggest that the cost will be around £12,000 to £15,000, so lets say that it will stand you in at £380,000. Although it will be a modest size 1 bedroom flat, its still a 1 bedroom, putting it in the next price bracket for sale and rental. "So what could it sell or let for" ?, i hear you ask. For re sale, as a 1 bedroom flat, i would suggest around £410,000 and for rental it will achieve £1560 per calendar month, all day long. This will give you a gross annual yield of 5.18% .
The supply of 1 bedroom flats in the NW3 area has fallen over the last few weeks, there is always call for them from single professional people and couples who want a starter home whilst grooming their careers over the next 4-6 years. So it's good news, as the occupancy rates will be high,with little or no void period to worry about, having a strengthening effect on the yield. The practicalities of being in a block with a lift with the desirability and convenience of the location put this type of flat top of the shopping list for purchasers and tenants.
This flat is on the market for £365,000 with our friends at Greene and Co who are just next door to the block. If you can see the potential, I would get my viewing booked pretty sharpish and be first in the queue, as this flat wont stick around.
http://www.zoopla.co.uk/for-sale/details/36543711
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