Crescent Apartments, nestled in the heart of Newport's city centre, is a story of remarkable growth and unwavering dedication to exceptional guest experiences.
The property’s journey to success began when Owen Werakso acquired it as a promising investment during an auction. Initially, the property was rented out through traditional ASTs. However, as time went on, he sought to maximize the property’s potential and explored alternative avenues.
This led to booking a meeting with Pedro at AirFreedom. During our initial conversation, we delved into the property's characteristics and identified opportunities to enhance its value. Together, we crafted a strategic plan designed to transform the property into a lucrative rental asset.
Our collaboration marked the beginning of a fruitful partnership. The property's prime location presented a unique opportunity. With its proximity to bustling areas like Friar's Walk, High Street, and Royal Gwent Hospital, it attracts a wide range of guests, including medical professionals, tourists, and business travelers. Convenient access through the nearby Kingsway multi-story car park further enhances its appeal.
The property garnered attention for its impressive transformation on the popular TV show Homes Under the Hammer. Purchased for £145,000, the property embarked on a remarkable journey from a rundown space to a thriving hub of rental success. With an ambitious renovation plan and a significant investment, Crescent Apartments has become a shining example of property potential realized.
In Series 23 Episode 5, viewers witnessed the potential of Crescent as a three-story property. The property, featuring a prominent fire alarm panel at the entrance, was described as having "huge potential" by the show's host and as a "blank canvas" by local real estate agent David Ramsay.
The real estate agent estimated that each room could potentially achieve a rental income of £80 to £85 per week, including bills.
As a five-bedroom House in Multiple Occupation (HMO), the property was projected to generate an annual income of around £20,000. The agents valued the property at £220,000 post-renovation.
Alternatively, the property could be converted into three separate rental flats, with estimated monthly rental income ranging from £500 to £550 per flat. The show highlighted the potential financial benefits of both options, providing viewers with a clear understanding of the property's investment potential.
Renovations will involve reconfiguring the first floor to change the entrance location, while the second floor and third floor will feature a large, open floor plan.
Fast forward four years later, and Crescent Apartments has significantly outperformed initial projections. While the estate agents’ figures were based on traditional rental models, the property's success as part of the AirFreedom portfolio has been remarkable. The apartments now command at least £65 per night, with an incredible occupancy rate, far surpassing the anticipated returns. This success is also attributed to AirFreedom's property management system, which has played a pivotal role in optimizing both bookings and revenue.
The initial £50,000 investment into the 12-week refurbishment not only revitalized the property but also positioned it as a highly desirable option in the city centre. The effective management and strategic positioning provided by AirFreedom have further enhanced the property's appeal. The contrast between the projected rental income and the current nightly rates underscores the success of the renovation, strategic positioning, and management of Crescent Apartments.
The financial success of Crescent Apartments is a testament to the effective renovation and management strategies employed. The property’s high occupancy rates and nightly rates reflect its strong appeal in the rental market. Testimonials from guests and stakeholders highlight the quality and attractiveness of the apartments, showcasing how well the refurbishment met the needs and expectations of the market.
By driving a remarkable 68.9% direct booking rate and an additional 1.1% through our website, we’ve significantly reduced reliance on online travel agents (OTAs). This strategic approach translates to substantial savings on hefty OTA commissions. Moreover, our higher average booking values indicate longer guest stays, which in turn, optimize cleaning schedules and reduce operational costs.
From a humble purchase price to a thriving investment, this property has exceeded all expectations. With its stylish interiors, prime location, and excellent management, it's no wonder that Crescent Apartments is a sought-after destination for travelers.
Owen, the investor behind Crescent Apartments review:
Behind the success of Crescent Apartments is Keystone Real Estate Investments Limited, led by the dynamic duo Owen and Danielle Werakso. Keystone is known for its commitment to high-quality property development and renovation. Danielle brings her expertise as a designer, honed through her work with Marriott Hotels, to ensure that each project meets a high standard of design and functionality.
Owen, a skilled home developer, played a crucial role in the refurbishment, ensuring that every aspect of the renovation was executed with precision and care. Together, Danielle and Owen’s combined expertise has driven the success of Crescent Apartments and many other projects under the Keystone banner.
Danielle's design acumen was instrumental in the transformation of Crescent Apartments. Her vision helped shape the property into a desirable rental space, reflecting modern aesthetics and functionality. Owen's development skills ensured that the renovation was completed to the highest standards, enhancing the property’s appeal and value.
More photos of the building:
Crescent Apartments’ journey from a modest purchase to a successful rental property is a compelling success story. The effective renovation and strategic management have transformed it into a high-demand asset in Newport’s rental market. The collaboration between Keystone Real Estate Investments Limited, and the expertise of Danielle and Owen Waerakso, has been key to this achievement.
For those interested in property development or inspired by successful transformations, watching the Homes Under the Hammer episode featuring Crescent Apartments is a must. Additionally, considering Keystone Real Estate Investments Limited for property development could be a step towards similar success. The Crescent Apartments story stands as a testament to the potential of well-executed property investment and renovation.
Don't forget to catch the episode to see the incredible transformation firsthand.
For property investors seeking a reliable and efficient property management partner, AirFreedom is your ideal choice.
Homeowners can initiate the process by contacting us at their convenience through email, text, or phone to schedule a property assessment. Following our visit, we'll provide a comprehensive analysis, including potential strategies to optimize your property's earning potential. Our goal is to offer transparent and honest feedback so you can make informed decisions.
Once we've aligned on a plan, we'll formalize our partnership with a mutually beneficial contract. Our focus then shifts to elevating your property's appeal. This involves meticulous staging to create an inviting atmosphere and professional photography to showcase its best features. With your property looking its absolute best, we'll strategically launch it online to attract potential guests. From there, we handle every aspect of the booking process, including inquiries, reservations, and guest communication, allowing you to relax and enjoy the benefits of passive income.
For more information, head to our website.
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