Case study: a tired Preston terrace, reborn as a 4-bed HMO in 15 weeks.
A London-based investor wanted an almost completely hands-off conversion. We provided the full schedule of works, fixed pricing and project management from pre-survey to fully tenanted — 15 weeks of site work, a fixed £49,600, and four rooms letting at £95 each.
Project at a glance Verified Wolsten build
- Property type
- Mid-terraced house — Preston PR3
- Service
- HMO Conversions
- Time on site
- 15 weeks
- Outcome
- 4-bed HMO, fully tenanted
- Project cost
- £49,600 — fixed
- Room rate
- £95 per room
- Client
- London-based investor — fully hands-off
- Compliance
- Fire compartmentation, HMO standards throughout
An investor 200 miles away who never needed to visit.
We were approached by an investor based in London who wanted an almost completely hands-off service: a tired mid-terraced property in Preston, to be turned into a compliant, income-producing 4-bed HMO without them needing to manage anything on the ground.
That's exactly the service we built the business around. We provided a full schedule of works up front, fixed pricing against it, and project management from the pre-survey right through to the property being fully tenanted — and of course everything in between: planning the layout, the compliance design, every trade, the finishing spec and the furnishing.
Fifteen weeks of site work later, an old terrace looked brand new from front door to back — with each of the four rooms renting at £95, delivering a strong ROI on a £49,600 build.
Back to brick, then built up to HMO standard.
The photographs tell the story better than any spec sheet. The property was stripped right back — in places to bare brick — before anything new went in, so nothing old and tired survives behind the finishes.
- Full strip-out — old kitchen, bathroom, ceilings and finishes out; walls taken back to brick where needed; the old boiler removed
- Fire-rated ceiling system — a new metal ceiling frame fitted throughout, packed with acoustic insulation and boarded in fire-rated plasterboard: proper compartmentation between floors, designed in from day one
- Full rewire — first-fix cabling run back to a new consumer unit position, mains-wired interlinked detection, and a fresh electrical installation throughout
- New kitchen — fitted against fresh plaster with a tiled splashback and new appliances
- Bathroom refit — new fire-rated ceiling with extractor ventilation, then a full modern fit-out: walk-in shower, vanity unit and finishes chosen for tenant durability
- Finished and furnished — full redecoration, new flooring and carpets, a new spindle balustrade to the landing, and the communal lounge furnished ready for tenants
Fifteen weeks from tired terrace to a fresh, compliant 4-bed HMO — tenanted and producing income.
The whole project, in four shots.
Real photos from the actual Preston job.
The kitchen as found — dated units, tired finishes, a property showing its age.
Stripped right back — old boiler out, walls back to brick where needed.
New fire-rated ceiling system — frame, acoustic insulation, fire-rated board.
The finished open-plan communal space — furnished and tenant-ready.Every stage of the build.
The full set of photos taken throughout the project.
For the discerning investor.
What was actually built into this project.
A fixed price against a full schedule of works
Hands-off investing only works when the numbers can't move. Before a tool was lifted we issued a complete schedule of works — every trade, every room, every specification line — and priced it at a fixed £49,600. That's the number the project finished on. No ballparks, no creeping extras, no surprises landing 200 miles away.
Fire compartmentation done properly, not patched
The ceilings weren't overboarded and forgotten. A new metal ceiling frame went up throughout, packed with acoustic insulation and boarded in fire-rated plasterboard — real compartmentation between the floors. In an HMO this is the difference between passing a licensing inspection first time and an expensive retrofit later.
Rewired around the HMO layout
The electrical installation was first-fixed around the final room layout — new cabling back to the consumer unit, sockets and switching where tenants actually need them, and mains-wired interlinked detection designed in rather than bolted on.
Finishes specified for tenants, not for show
Everything from the flooring to the furniture in the communal lounge was chosen on one test: how it survives four unrelated tenants. Durable floors, washable surfaces, a kitchen that takes daily use — fresh and modern, but built to stay that way between tenancies.
The investor maths
Four rooms at £95 per room on a £49,600 total build delivers a strong return on the works — and because compliance was designed in from day one, the property went from handover to fully tenanted without a licensing snag.
Three founders, plus extended crew when the job calls for it.
Liam, Ryan and Paul on every job. Where the work needs more hands, we bring in trusted regulars.
Liam
Survey, schedule of works, client liaison and the electrical installation.
Ryan
Structural work, brickwork and the heavy lifting of the strip-out.
Paul
Fire doors, linings, finish carpentry and the details that pass inspection.
Preston
Preston is one of the most active HMO investment markets in the North West — and one of the most complex for planning, with Article 4 zones from 2012 and a new city-wide direction incoming. We've converted multiple HMOs here and know the planning landscape street by street.
Questions investors ask about projects like this.
How much does a 4-bed HMO conversion like this cost?
This complete refurbishment and upgrade to HMO standards came to a fixed £49,600 — agreed against a full schedule of works before we started, and unchanged at the end. Every project differs with size and condition; we provide a free feasibility visit and an itemised fixed quote before you commit.
How long did the Elmsley Street conversion take?
A total of 15 weeks of site work — from strip-out through structural and compliance work to decoration, flooring and furnishing.
Can you work with investors who aren't local?
That's exactly what this project was. The client is based in London and wanted an almost completely hands-off service — so we provided the schedule of works, fixed pricing, and project management from pre-survey through to the property being fully tenanted. Regular updates, no site visits required.
What does 'converted to HMO standards' actually include?
Fire compartmentation between floors, fire doors, mains-wired interlinked detection, compliant room sizes and amenity provision, and an electrical installation certified for licensing — all designed into the layout from day one so the licence application is straightforward.
What return does a project like this produce?
Each of the four rooms lets at £95, giving a strong gross return on the £49,600 works. We'll talk honestly about the numbers for your property at the free feasibility visit — including whether they don't stack up.
Start with a free feasibility visit and a fixed, itemised quote.
Whether you're weighing up a purchase or ready to convert, we'll give you an honest view on planning, costs and returns — exactly the way these Preston projects started.
Free feasibility check
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