31 & 33 Outcote Bank
Renovation

The Brief

We had a vision to create first class student accommodation in a market where poor accommodation was “the norm”.

It took many months of research and many viewings before we found the two neighbouring houses that matched the description of what we needed. The location and price of the houses were perfect for our first project. Buying the houses was a lengthy process as they were in rebate. The planning permission and building regulations were also a challenge due to the size and layout of the 6 studios.

The Solution

The work was very difficult because the location is central to Huddersfield Town and very close to the university. The main problem we faced was removing all the waste when the houses were internally demolished and re-modelled. There were many structural changes including the removal of internal basement stairs and chimneys.

During the remodel, we faced many increases in construction costs as the planning inspectorate imposed more and more regulations on us. The small studios had to meet extensive fire safety requirements that included metal framing and partitions, as well as integrated panel systems for fire protection that were not originally included in the cost.

Other additional costs included new windows that we didn’t initially think would need to be replaced, new better security doors for the basement apartments, security camaras and security lighting. A final additional cost was the creation of an entirely new separate entrance and stairwell to the basement apartments for the safety of our student tenants.

The Results

The initial purchase and construction costs were estimated at £220,000. The problems encountered meant that we had to increase the budget by £16,225.

All 6 flats have performed very well. Even during the pandemic we were fully occupied, largely due to their private nature.

The Figures

JLH Ward Ltd pays interest to both Ward Britten Investments Ltd and JLH Homes Ltd on their loans to the company. On this basis, Ward Britten earns 6% on the invested funds and JLH Homes Ltd earns 12% on the invested funds as JLH Homes fully manages the properties.

After all costs and investor interest paid, JLH Ward Ltd is cash positive at £3882 pa.
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