Cromer Street Conversion
Location: York
Purchase Price £220,000
Refurbishment £105,000
Gross Development Value £490,000
Profit £165,000
The Challenge
This end-terrace property in York presented a daunting challenge. It was an unappealing, slightly overpriced home in need of a full renovation. On the surface, the numbers didn’t add up: refurbishment costs alone meant that a standard 3-bedroom renovation would fall into negative equity. The property sat untouched as developers and builders dismissed it as unviable, unable to envision a profitable solution.
The Solution
While others were splitting the property in half, we had a different idea. After looking at the layout and potential we came up with an innovative and more profitable solution: split the property into three small terraced houses.
Here’s how we made it work:
Maximised space: Though the new homes were small we worked closely with our architect to design the layouts to feel modern, functional and full of character – perfect for first time buyers.
Calculated risk vs reward: There was uncertainty whether the property could be split into two or three. Splitting into two would have broken even, splitting into three would have been a goldmine. By consulting with our architect and carefully looking at the planning constraints we made the three house configuration work.
The Results
Our bold approach paid off:
Three beautiful homes: We turned an ugly end-terrace into 3 lovely properties. The small size was part of the charm, perfect for first time buyers who wanted affordability without compromise.
Big profits: The GDV was £490,000 and we made £165,000 profit. Proof our way works.
Key Takeaway
At Fibre Construction we don’t just renovate properties – we reimagine them. By thinking outside of the box, we can turn ignored opportunities into big profits. By combining creativity, strategy and collaboration we deliver results for property investors.
To explore how we can help you unlock the hidden potential in your next property investment, reach out to us today and let’s discuss how we can bring your vision to life:
