OVERVIEW - CASE STUDY - Change of Use from Single Let to Serviced AccommodationPlease note that all the information provided below and in the following tabs has been supplied by Topstone Property and this has not been verified by LEOcrowdfunding.
Topstone Property's mission is to pursue property investment and development opportunities responsibly and with integrity for the benefit of their investors, partners, tenants, employees, company and the community. They provide quality rental accommodation across the UK and contribute positively to the housing market of the communities that they serve. Everyone deserves a house they can call home at fair prices and an unparalleled level of service. The core values of respect, partnership and dedication are all supporting pillars to the work Topstone Property consistently carries out and is easily evident in their service to every one of our stakeholders
Painter and decorator by trade for several years together with other family members that are all different trades within the construction industry. Within the team we have altogether over 20 years experience combined in refurbishments and conversions and builds from scratch that we have done for other investors.
The property was initially bought off-plan for private use in 2015. After a change in job roles and a relocation to Peterborough to be closer to family, it was decided to let out the property, after 4 years of private use. The property was then subsequently rented out to tenants through a letting agent. Unfortunately, when the COVID pandemic hit, the tenant stopped paying rent and before moving out, destroyed the house! This was viewed as an opportunity to investigate all the potential property strategies available for the property throughout lockdown, and due to the property being in a good location, it was decided to convert it to serviced accommodation.
The project is located in Poole a touristic, coastal town in Dorset, Southern England, known for its large natural harbour and sandy beaches.
Poole had an estimated population of 151,500 (mid-2016 census) making it the second-largest town in the ceremonial county of Dorset. The town has a commercial port with cross- Channel freight and passenger ferry services, which connect with the Channel Islands of Jersey and Guernsey, as well as the French port town of Saint-Malo, Brittany. The headquarters of the Royal National Lifeboat Institution (RNLI) is in Poole, and the Royal Marines have a base in the town's harbour. Poole is also the home of The Arts University Bournemouth, the Bournemouth Symphony Orchestra, the Lighthouse Arts Centre, and a significant part of Bournemouth University is based in the town. The town also boasts a host of shops, cultural and religious centres, historical landmarks, sporting and water-based activities, a as well many Blue Flag beaches in its locality.
The Property Details
The property is located in Lyell Road in Poole and comprises a three bed, 2 reception semi-detached house with kitchen and bathroom facilities, a rear, external paved garden space with car parking space to the front. The property is in an excellent location just six minutes walk to all shops, restaurants etc., with nearby extensive transport links and the local Hospital and the nearest beach just nine minutes and twelve minutes drive away respectively.
The property has been completely refurbished and will now be re-let as Serviced Accommodation via a local Lettings Agent with experience of this type of rental.
It is the intention of Topstone Properties to replicate this model in future deals and to build on the experience gained from the reclassification of this project from a single let to serviced accommodation.Investment in property related assets comes with risks as well as the possibility of rewards. Please read the full risk warning on our platform before deciding to invest. Past performance is not indicative of future results.