Hartfield Road SW19
The Client here was the leaseholder of a first floor, 1 bedroom flat in Wimbledon who proposed to convert the loft space with an L-Shaped extension into a further 2 bedrooms and bathroom. She also owned a share of freehold and with the other share of freeholder on good terms, Peter Barry were instructed to undertake a single joint expert report.
Architectural plans and a quote from a local contractor had already been obtained and an inspection of the property was undertaken. Analysis of similar 1 bedroom flats concluded that the existing value of the property was £500,000 and £650,000 once work was complete:
Subject as Existing:
62 m2 / 667 ft2
Ground Floor Flat, 115 Russell Road SW19:
£525,000: 56m2 / 603 ft2
First Floor Flat, 192 Hartfield Road SW19:
£498,000: 61m2 / 657 ft2
Subject as Proposed:
98 m2 / 1,059 ft2
Ground Floor Flat, 127a Graham Road SW19:
£613,000: 89 m2 / 958 ft2
First & Second Floor Flat, 75a Gladstone Road SW19:
£635,000: 79m2 / 850 ft2
The uplift in value as a result of the works was concluded to be £150,000. From this was deducted, build costs and professional fees to give a profit of £75,550. It would be typical to make deductions for risk with higher amounts for more risky projects.
This was ultimately a typical and straight forward scheme, so 10% was deemed appropriate. With the Client owning a share of freehold, the final compensation figure was £17,000.
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