Development Update College Crescent – 14/04/16
The studios have now been completed and are being cleaned throughout, before being marketed by our local agents, Parkheath and rhw estates. We are approximately 2 weeks away from completing the ground floor flat and possibly a further two weeks for the lower ground floor flat. Marketing of the studios will commence from the beginning of May and we should achieve rents of between £280 and £300 per week.
The mouldings to the front porch and elevation are near completion and the new rendering is being applied. The new balcony has been installed and the refurbished iron railings have been fitted to the balcony. Unfortunately, our insurance claim to replace the porch and boundary wall were unsuccessful. We have however, reduced our costs by replacing the porch with block and render rather than bricks. The boundary wall will also be repaired, with a possible contribution from our neighbour.
The new Front entrance door and frame are currently being fitted, floor tiles have been laid in the entrance hall and carpets have been fitted to the stairwell. The rear garden has been cleared and the paving slabs are being laid, with steps down to the bi fold doors of the Lower ground floor flat. New electricity meters have been fitted to 5 studios and we are waiting for a date from EDF to fit the remaining meters.
We are currently obtaining two estimates to complete the area to the front of the property, which will include a car parking space, bin store and bicycle storage.
GJB Estates Ltd can also report the sale of the offices at Batchworth Lock House, Rickmansworth to GJB Estates Ltd Retirement Benefit Scheme, whilst at the same time purchasing the offices at Hallowell Road, Northwood from the Scheme. Our regulated tenant at Flat 1, Church Road, Southbourne moved out of the property at the end of March. We have now relet the flat, achieving an increased rent of approximately £6000 per annum, after minimal refurbishment.