We knew major works were necessary when we purchased this 1,388 sq ft, five-bedroom flat in 2007. Principally, its dividing corridor needed to go, so we applied for a licence to alter. We also needed to extend its 48 year lease. So we negotiated one for 999 years, a share of the freehold and a stake in the management company.
Our architect’s plans for the penthouse made the very best use of the floor space. Its three bedrooms, three bathrooms and open plan, double-aspect lounge brought it firmly in line with contemporary living spaces, and merited the extensive re-plumbing and internal reorganisation.
The transformation certainly paid dividends, too. We sold the flat just 16 months after purchase. It fetched a record price for the block, in what was a financially challenging year, generating a profit of £316,123 and 26.7% ROI.