Property spotlight: Burley Road, Leeds
Property purchase price plus refurbishment costs: £260,000
An HMO with potential for higher yields in Burley, Leeds
Our client was keen to start a rental property portfolio and had identified Leeds as a good location for their first investment. They approached Vision Properties to help them make a strong start.
A great example of Vision’s full service through the property lifecycle, from property sourcing and project management to lettings and management, this property now delivers an impressive 12% yield.
We identified a substantial, five-bedroom, mid-through-terrace property in vibrant Burley. A suburb close to Leeds city centre and the universities with excellent transport links, Burley is a sweet spot for professional sharers and students alike.
The property needed refurbishment having been tenanted for over ten years. Our research showed that the property had historically achieved a good rent, but that there was significant scope to improve the yield for our client through carefully managed improvements to the fabric and layout of the property.
Based on our knowledge of the achievable rental income from the local market, we project managed the refurbishment, which included a new kitchen, windows, decoration and flooring, as well as reconfiguring the layout to add an extra bathroom.
Vision’s lettings team dealt with the HMO Licence application and now manages the property, leaving the investors free to focus on finding their next buy-to-let investment.