London, W2
We acquired a 1,578 sq. ft. top-floor lateral apartment in the prestigious Hyde Park Gardens for £2.15m significantly below market value at £1,362/sq. ft. This 3-bed, 3-bath (all ensuite) apartment benefits from a private terrace and generous proportions.
The goal is to undertake a full-scale refurbishment, including reconfiguring the layout, adding a guest bathroom, raising ceiling heights, and upgrading all finishes. Refurbishment costs are projected at £650k, with an exit planned within 24 months. Our appraisal is based on a conservative resale assumption of £2,700/sq. ft., with meaningful upside supported by strong local comparables. Comparable units in the area have recently transacted between £2,700 – £3,600/sq. ft.
