The main objective was to convert an end of terrace residential property into 2 x 1 bed flats for a property investor. The team sourced the property for the investor and then took the property, the architects floor plans and builders quotes to the investor to confirm this was a project of interest. After we received the go ahead we started to convert the property. Emma liaised with the builders, STG, Medway planning department and the utility companies as we needed new water, gas and electric feeds for the top flat. We also got the address listed with Royal Mail. The letting agent was able to securing two very lucky tenants for these new homes within 2 weeks of being on the market.
The property investor came to Tungsten MG as he already knew the benefits of investing in property opposed to other investment vehicles. He had been watching what the team had achieved and wanted to own his own properties that would let well and be as hands off as possible.
The investor did not want to take the time to educate himself through training programs that Tungsten MG had done nor did he want the daily hassle of liaising with trades, working with architects or any of the admin – this is why Tungsten MG was a perfect fit.
Tungsten MG have converted 5 residential properties into a mix of 4-6 bed HMO’s so the conversion of a residential property in 2 x 1 bed flats was an exciting project to spear head for this property investor.
We had the power team to ensure the project was run smoothly and hassle free. The builders were able to give an accurate quote on the build cost, along with the TMG team and an architect we created plans for this conversion. Our builders and architect have worked together before so they know our objectives, time frames and budgets.
Once the build process was underway the investor was sent weekly updates and photos of the conversion. He stipulated at the start that he wanted to visit at the beginning and once the flats were ready to let – he is really hands off! We liaised with the council planning departments and STG to achieve sign off for the works such as the removal of the staircase, adding an external staircase, creating new entrances to each flat, re-configuring the internal layout and also advising us on the windows needed. We then had to manage the impact of Covid-19 on the utilities installation with the investor. We had to re-book the electrical, gas and water installs and then the connection with our chosen suppliers.
The letting agent was able to market the flats easily and let these within 2 weeks.
1a Jeyes Road is a 51 sqm and offers a large kitchen with double bedroom and ensuite, plus a lounge area, bathroom with bath, shower and WC and a small bedroom/office area.
1b Jeyes Road is a 39 sqm flat with a large lounge area, separate kitchen, WC and double bedroom with private outside courtyard.
The flats have been renamed by Medway council and Royal Mail as the entrances are from the road to the left flank of the property, Jeyes Road
Both flats are now rented on a 12 month AST for £750 and £795 and the investor has plans to invest again and use our team to manage the process.