Hawthorn Crescent, Durham
Project Gallery
Project Overview
This property was purchased at auction for £129,000 with a short lease of 53 years remaining. Prior to completing the purchase, we negotiated directly with the freeholder and successfully secured the freehold at no additional cost. Following acquisition, £5,000 was invested into remedial works including ceiling boarding, electrical updates, gardening, carpet cleaning, and waste removal. The property was subsequently revalued at £240,000 and now operates as a fully furnished 3 bedroom, 2 bathroom self-catering accommodation.
Financial Breakdown
Investment Details
- Purchase Price: £129,000
- Refurbishment & Remedial Works: £5,000
- Total Investment: £134,000
- Total Investment + SDLT + Legal Fees ± Auction Fees
- End Value: £240,000
Rental Performance
- Buy-to-Let Income: £1,200 per month
- Self-Catering Income: £2,500–£3,000 per month (Gross)
- Current Achieved Income: £2,500 per month
Strategy Used
- Auction purchase
- Freehold acquisition negotiation
- Light remedial refurbishment
- Serviced accommodation strategy
Results & Outcome
By securing the freehold prior to completion and undertaking targeted remedial works, the property achieved substantial capital uplift. It now generates strong monthly income as a fully furnished self-catering accommodation, demonstrating the power of strategic negotiation and value-add improvements.
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