Social Housing Case Study
Clearwater Property Partners specialise in property investing and managing property investments. Social Housing is at the heart of what we do. Already, Clearwater Property Partners have completed over 106 units spanning 26 properties, purpose built homes for vulnerable people in the UK.
Originally a public house in Oldham, Greater Manchester, we converted this building into 11 x units as part of one of our 3 year social housing contracts.
We delivered funding for the property in August 2018. Planning was originally granted for 19 units however, we decided to redo planning for 12 units instead. We started work in December 2019 and finished development April 2020.
FINDING THE RIGHT LOCATION
Upon discovering this building, we immediately identified a fantastic opportunity for one of our trusted service providers. We split the property into two sets of 5 studios on each floor. Located in a rural area surrounded by few residential homes, the property is only a 15-minute walk into town with easy access to the motorway.
A Closer Look...
We split the property into two sets of 5 studios on each floor. Each of the 11 units has a kitchenette, en suite, and single bed. As per the request of our provider, we added single beds to deter non-residents from spending the night at the property. We also included durable furniture to prevent future costs.
We purchased the property for £180,000. Renovation costs approximately came to £250,000. Following development, equity increased by £90,000.
A note from our Investor
"Carole and Charlotte work tirelessly to provide excellent investment opportunities.
I have dealt with them first hand and highly rate their professionalism, level of knowledge but ultimately their openness, integrity and honesty. It is refreshing to hear people in the industry not only talk about the ‘roses’ but help you gain a full picture of a property investment before deciding to invest money."