Effra Road, London SW19 – example of a development project
I recently appointed a trusted architect and applied for planning permission to add an extra bedroom and bathroom to 2 two-bedroom flats in Effra Road. The work required careful consideration as the property is within a conservation area and many applications are turned down.
I ensured the plans were sympathetic to the local environment, while not compromising the returns, and liaised with the local planning office before submitting the final plans. Planning was granted first time.
Increase in value
Increase in rental
Cost of works (per flat)
Forecast profit (per flat)
Two 2-bedroom, one bathroom flats, each valued at £400K in October 2013
Rental amount per month for each flat £1,300 pcm (£15,600 pa)
Planning permission obtained for a rear extension to the ground floor flat, and roof dormer for first floor flat
Project is to create two 3- bedroom flats with 2 bathrooms
After conversion, each flat is projected to be valued at £595,000 – increase of 48.75%
Estimated cost of the work is £100,000 (£50,000 per flat)
Therefore a profit of £145,000 per flat is forecast
New rental amount per flat is projected to be £1800 pcm – an increase of 38%