Even in this world of squeezed margins, if you are a canny buyer you can boost your investment with a little bit of research. Look for tired décor that can be updated, or a shorter lease where the capital uplift may cost less than it does to extend. Where can you add value in central London this autumn? Here are 10 properties with potential to get more for less.
1. Sussex Gardens, London W2 £475,000
For a shade under £500,000, this one-bedroom flat near Hyde Park could offer rental potential. A rent of around £2,000 a month would generate a yield of 4.8%. The apartment is on the fifth floor with a lift, and is ready to move into. There’s a long lease, the period building is appealing and Paddington Station is nearby. Find out more here.
2. Lisson Grove, London NW1 £750,000
This ground floor flat has two bedrooms and a garden, which will broaden the appeal to renters. You could live here yourself and rent out one room, or let the entire flat. Similar properties fetch around £2,500 a month, giving a 4% yield on your £750,000 investment. Find out more here.
3. Great Cumberland Place, London W1H £995,000
This two-bedroom apartment needs modernising and has a short lease – two factors that can keep the price down in prime central London. The location credentials of this property cannot be faulted – it sits just north of Marble Arch with easy access to Oxford Street and is near public transport. The building itself is an attractive period block with lots of potential. The price is £995,000. Find out more here.
4. Maida Avenue, London W2 £875,000
This two-bedroom ground floor flat overlooking Regents Canal would be perfect for an owner who wants to let out a room. The two bedrooms are far enough apart for privacy and both have bathroom facilities. The flat is in a period portered block with communal gardens. It is on the market for £875,000. Find out more here.
5. Stanhope Place, London W2 £995,950
This period conversion has the high ceilings and large windows that are always high on a house-hunters’ wishlists. If you are looking to share, the two bedrooms are fairly equal in size. One is ensuite and the other would have a larger shower room along the corridor. The price is £995,950 and the location is excellent, close to Marble Arch. London’s beautiful white stucco-fronted buildings never fail to impress. Find out more here.
6. Bulstrode Street, London W1U £1.5m
This three-bedroom maisonette could be perfect for somebody who would like to rent rooms out to friends. It already has three bedrooms, one of which is ensuite. Potentially, you could use the dining room as a living room, and then have the main reception room as another bedroom. In that way, you could have an income of around £3,000 a month, plus giving you a place to live close to Marylebone High Street. Find out more here.
7. Norfolk Crescent, London W2 £1.7m
Looking for a project? £1.7m might seem a hefty price, but this three-bedroom apartment could do with modernising and has a short lease. Not only this, there is potential to create a fourth bedroom, with a little remodelling of a dressing room. Recently, four-bedroom flats in this block have been put up for sale for prices exceeding £3m. An interesting proposition or a great view of Hyde Park if you decide to make it home. Find out more here.
8. St Georges Fields, London W2 £1.925m
Crossrail is coming to Paddington next year and it will potentially drive up prices along the route. This three-bed apartment was once two properties, and benefits from two parking spaces. It is part of the St George’s Fields gated development, which means it is surrounded by leafy communal gardens, giving verdant views from the two terraces. It’s on the market for £1.925m. Find out more here.
9. Upper Wimpole Street, W1G £1.5m
This lovely two-bedroom lower ground floor flat has a delightful internal patio area. It is very centrally placed, close to Tube lines and bus routes. There are two bathrooms, so could suit two sharing and, given that it’s on one of the most sought-after roads in Marylebone, it offers excellent value. On the market for £1.5m. Find out more here.
10. Gloucester Square, London W2 £4.5m
Close to Hyde Park, Gloucester Square is a garden square with a variety of town houses and mansion blocks from various eras. This vast lateral penthouse flat stretches across two Georgian town houses, offering a generous living space in need of some updating. So here’s where you can add value and make your mark. The initial outlay – at £4.5m – is significant, but for a fantastic family home in a premier location, the only way is up. Find out more here.
•Contact Kay & Co estate agents for details of properties for sale or to rent in Marylebone, Bayswater, Paddington, Notting Hill, Mayfair, Hyde Park, Fitzrovia, Regents Park and The West End (020 7262 2030; Kay & Co)