MIXED USE DEVELOPMENT

We purchased this development off market at the end of 2022 via an exchange with delayed completion strategy. 

By purchasing this development via an exchange with delayed completion strategy, this allowed us to exchange on the property to give us the certainty of the purchase but to also carry out the refurbishment works, giving us an uplift in value before completing on the purchase therefore allowing us to take out finance on the higher value.

Our Elm Grove development is a fantastic example of a mixed use opportunity that we at Hunnings Homes love. Based in the centre of Southsea, this large building consists of two shops on the ground floor with one five bed HMO and one four bed HMO occupying the upper two floors.

This site has plenty of future development opportunities, which we intend to take full advantage of when the time is right, but as for now, the two shops are leased and all nine of the HMO rooms are let.