27 Cotelands

The deal, start to finish

Acquisition

27 Cotelands was bought off-market, for cash, at a discount to comparable local sales. It came with a short lease, which A&G extended during the works. That removed what would otherwise have been the single biggest obstacle for a mortgage buyer.

Refurbishment

The renovation was carried out by A&G's own team and covered a full bathroom refit, a full kitchen refit, electrical work and decoration throughout. The same people and the same standards used on A&G's client projects were applied here.

The numbers

• Margin on ARV (target ≥15%)16.8%
• ROI on total costs20.2%
• Equity created (ARV − Acquisition)£146,000
• Break-even sale price£349,400
• 70% rule (Max Allowable Offer)Over MAO but still profitable

Status

The refurbishment is complete. The property is listed with a local agent at £420,000, priced against comparable sales in the immediate area, with a sale expected within 8 to 12 weeks of listing.