This Grade II Listed block of five flats is situated in the Montpelier area of Bristol and should be a very straightforward project. Our intention is to refresh the flats, redecorating and putting in new floorings, and to replaster and redecorate the common parts. Externally, we’re going to repair the outside of the building and landscape the front garden, to create a lovely first impression for buyers.
In terms of the tenure, we are creating new leases for each of the flats. These will be written to maximise the value of the freehold, the separate sale of which has already been agreed. Our target market for these flats is first-time buyers, so we’re not overcomplicating things for ourselves, just making sure the overall impression is good and it’s an appealing first property purchase for our buyers.
We had considered selling just three of the flats and keeping two but, having consulted our accountant and considered the bigger picture, we decided we would be able to get a better return on our capital by selling them all on and reinvesting the profits.