A 100% Increase in Rental Revenue from just One Refurbishment Project? How We Made it Happen in Notting Hill
| Property Type: | 1 bed |
| Location: | Colville Terrace, Notting Hill |
| Developer: | Private Landlord |
| Postcode: | W11 |
| City: | London |
| Services: | Refurbishment, Furnishing and Window Dressings |
| Result Achieved: | Let for double the asking price |
The story below tells of how, by combining an imaginative refurbishment plan with our usual keen eye for detailed furniture items, we took a property commanding £1,200 rents straight into the £2,000 to £2,500 bracket.
What plans did the client have for the property?
In a prestigious postcode like W11, rentals of over 2K are the norm and the client had every right to expect that this was achievable. The size, positioning, and potential for expansion led us to confidently predict that, with right refurbishment work, the client would see a marked increase in rental yield.
Keeping an eye on the overall spend
Drawing up a well worked out budget is a firm foundation for any successful refurbishment plan. After getting approval from the client, we took full responsibility for keeping within spending limits. With InStyle Direct, the client can always clearly see where ROI efficiencies are being achieved.
Where were the most dramatic results achieved?
1. Taking out the false ceiling
By doing this one thing, we instantly made the property look bigger and brighter. The large windows were able to play a more effective role in allowing natural light into the home. Now, hanging light fixtures could be added to provide a clearly visible elegance and sparkle. Even a casual glance from the outside lets viewers know that this is a home of distinction and good taste.
2. Committing to Open-Plan living
First impressions are everything in this exclusive West London enclave and an impressive front entrance attracts a certain calibre of renter. By going for an open plan configuration, we could focus on the property’s expansive size. With the walls removed, prospective tenants can see the potential as soon as they step through the door.
3. Giving the kitchen some space
By definition, an open-plan configuration needs to link the kitchen with the rest of the home. Taking down the walls of a previously segregated kitchen space had the immediate effect of expanding the living area. A larger, more flexible kitchen could then be installed.
4. Making space for a home office
As the novelty of working from home today becomes a necessity, home office space is a serious consideration for would-be renters. The removal of the old kitchen allowed for the freeing up of valuable desk and storage space.
How did our design choices catch the imagination of viewers
A competent renovation project will certainly go further than just replacing old items with the latest palettes and design features. However, a truly standout job will have people seeing the area in a totally different light and our Portobello Market – inspired décor is a prime example. There was plenty of positive feedback about our design choices and how they reflected the mood and history of the area. We believe that it was this readiness to stand out from the competition that allowed the client to almost double the rental value on their investment. Both innovative and practical, our approach to refurbishment and furnishing is not only inspiring but also profitable.
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