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Riffel Road, London NW2

London

£1,175,000
Listed on 18/01/2024

Property Details

Bedrooms
N/A
Type
Detached house
Area
1754 sqft

Description

This spacious center-terraced property presents a unique opportunity for renovation and investment, having previously functioned as a fully operational assisted living facility. The building has undergone considerable updates to meet safety and compliance standards, including the installation of fire safety systems, fire doors, CCTV, and emergency lighting. The current layout includes a ground-floor common room and a large communal kitchen equipped with dual cooking facilities. Additionally, there are six generous double rooms, each with individual washing facilities. Two communal bathrooms are available on both floors, providing essential amenities for residents. Given its existing infrastructure, the property could easily be re-licensed to continue operating as a care facility, subject to approval from local authorities. Alternatively, potential buyers may consider reverting it back into a comfortable family home. With the possibility of configuring it as a four-bedroom residence with three reception rooms, there is also scope for extensions into the loft or rear of the property (subject to planning consent). Located in a sought-after residential area, this property benefits from immediate access to Walm Lane and Willesden Green Station on the Jubilee Line (Zone 2), while Cricklewood Station offers Thames Link services. Nearby green spaces like Gladstone Park provide recreational opportunities, complemented by local amenities such as The Mapesbury Deli. This combination of location and potential makes the property a noteworthy consideration for investors and homeowners alike.

Investment Analysis

(NW2 area)

Above Market Value

This property is priced +4.1% above area average per sq ft

+4.1%
This Property
£670/sq ft
Area Average
£643/sq ft
Avg Rent (weekly)
£476
Avg Yield
4.0%

Renovation Potential

Est. Renovation Cost
£117,500 - £293,750
10-25% of property value
Target Value
£1,241,472
10% above area average per sq ft
Potential ROI
-15.5%
After renovation
Monthly Sales
32
Average per month
Market Turnover
14%
Properties sold annually

Local Market Trend (NW2)

Area prices are rising by +7.0% over the last 12 months
3 year growth: -4.6%
5 year growth: 12.2%
Investment Disclaimer: Analysis based on NW2 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Renovation costs vary significantly based on property condition and scope of work. Always conduct professional surveys and get multiple quotes before making investment decisions.

Location

Riffel Road, London NW2
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