In the last decade Bow has seen a massive surge in popularity amongst young professionals. With excellent transport links to the City and Canary Wharf, Bow has seen both a residential and commercial regeneration that has resulted in high demand for property in the area. Parallel development in nearby Mile End, Bethnal Green and Stratford has resulted in Bow commanding higher-than-average property prices.
When this repossessed flat came up for sale in a highly sought-after residential development less than 500m from Bow Road station it was a fantastic opportunity for those that could move quickly. Requiring only a light refurbishment, and with close proximity to transport links, amenities and green space meant this opportunity was the ideal opening to expand the portfolio.
Following an initial light refurbishment in 2014 the flat was snapped up for rental within a week. A second refurbishment in 2018 refreshed the property and again was rented out within 48 hours of going on the market.
Purchase cost: £295,000
Initial refurbishment cost: £3,500
Secondary refurbishment cost: £15,000
Total cost: £313,500
2020 value: £415,000
Rental yield: 6.1%