So i must admit we have been pretty poor at updating our website with whats been going on. Its not that we havn't been sharing - its just quite often quicker and easier to share through our facebook and instagram accounts. So please feel free to search for Kieba Property on your chosen platform and follow us there.
Any way so what have we been upto, well we have purchased another mixed use commercial property - across the road infact from the last one - that has been sat empty for 20 plus years on the top 3 floors.
This was agreed direct with the vendor, which was great, and funded by working with some of our private investors who are now earning 10% per annum on their capital.
The property needs a lot of work, but on the plus side we knock properties about quite a bit when re configuring to HMO's so thats not too much of an issue, but definitely our most extensive project for a while.
We have a long term tenant in the retail unit on the ground floor, so we've signed a new 5 year lease with them, this means cashflow from day 1. But we've had to do a fair bit of work to get the unit compliant, full rewire, roof work, insulation, new toilet and kitchen area in the back, along with some replastering and joinery. Outcome = a much happier tenant, especially as he had been without running water for 2 years.
Upstairs we have ripped the property back to brick, removing all internal plaster, plasterboard, wiring and pipework -There wasnt much to start with, but along with sorting out some roof issues and external guttering etc we are ready to move forward.
We have now submitted planning for a 7 bed 5 bathroom Professional HMO. We are waiting on the council to decide on this one. Fingers crossed we shouldn't have any issues as there is huge demand, and encouraging people to live in the town centre has to be a good thing for the local economy and businesses. We are currently tendering for work which can start soon, as regardless of the planning outcome we can proceed with another option under permitted development.
We have also agreed to buy the property next door off the same landlord, and we are currently still in conveyancing with this one, due to issues with the title and the tenant currently occupying the residential element. I'll update as soon as we get some progress on this one.
So for now i'll leave you with some pics of a stripped out building.
