Lancaster Gate, Bayswater
Acquired in late 2006, in what was then nearing the peak of the market, this unusual maisonette in Lancaster Gate , Bayswater, was completely remodelled and designed around the stunning original first floor ballroom. On completion by the Obbard team in the summer of 2007, three potential deals collapsed due to market conditions.
We were able to respond quickly to the market and rent out the property, achieving a Gross Development Value (GDV) yield of 5%. After 18 months the tenant was given notice and the property sold in early 2009, close to the low point of the market, following the sharp correction in 2008. Despite having bought at the top and sold at the bottom, the investors saw a net 12% Internal Rate of Return (IRR).