Two formerly derelict properties in the London Borough of Southwark have been renovated and now look set to sell for more than £3 million each. The ex-council houses were purchased in 2013 and have undergone 18 months of refurbishments and alterations, including the addition of new conservatories.
Before being refurbished, the Grade 2 listed Georgian-era properties at 21 and 23 Park Street were empty, in serious disrepair and partly held up by scaffolding. However, they are in a highly desirable location, in Zone 1 and close to the attractive Bankside area and the famous Borough Market. The investor realised the potential of these properties to be transformed into luxurious homes. The council granted permission for the refurbishments and the work was carried out according to the required guidelines.
If the houses reach their asking prices, the investor will be making a significant profit, effectively doubling their initial investment. With such a sought after location and so many modern, luxurious amenities, it seems highly likely that the houses will indeed reach the requested price. Although the decision to sell off these ex-council homes was initially controversial, the council has stated that the money raised from the sales would be used to build 20 new council houses in the borough. As it would have cost local authorities hundreds of thousands of pounds to bring the properties up to scratch to be used as council houses again, it seems that this has been a win-win solution both for the investors and for the community.
This news story demonstrates just how much potential the capital holds for investors who are prepared to work on and improve their properties, making them more appealing for their target market. If you need any kind of advice, guidance or assistance with Southwark investment properties, or any kind of support with your investment in any other area of the capital, our professional property specialists are on hand. From lettings to sales to altering properties, our versatile team can offer the help you need.