Financed & In Progress Our Terrassa gem upgraded, with a huge garden (180sqm!).
Project Overview
This project looks familiar? That is right, because this project is almost identical to our first Topete project published. Our last project was the second (2nd) floor, and this project is concerning the ground floor of the exact same building in Terrassa. In total, the building has three floors, consisting of the ground, first, and second floor. The apartment has 100 square meters including a very spacious 180 square meter garden, 3 bedrooms, and 1 bathroom.
The difference between the second and ground floor projects is in the amount of renovations needed. In terms of the ground floor, there is an old house in the garden most likely created by one of the previous owners. This garden house will be demolished completely to open up the garden bringing in a lot of natural light. After, the space of the garden will be converted to an outside lounge area including a swimming pool. Also, the apartment will be enlarged with a 10 square meter room build into the garden space. Moreover, on the other side of the apartment, or street side if you will, the first lobby room will be converted into a parking space. This is because it is a big plus to have a parking space for apartments in Terrassa as it could be hard at times to find a parking space in the area surrounding the building. The parking space will also boost the value of the apartment. After the renovation is done the place will be the kind of property that has a high demand in the Terrassa market.
Remember Xavi, the famous midfielder of FC Barcelona and the Spanish national football team always playing with number 6, who not too long ago decided to leave the club and play his last years for a club in Qatar? Terrassa is his home and birthplace.
The strength of this project is that the property is undervalued because of its current state. The building in the street Carrer de Topete is between newer, renovated buildings and on a not even 1-minute walking distance around the corner accompanied by a centre with different restaurants, shops, a supermarket, and a green park. Also, the university hospital is located on 5 minutes walking distance the other direction. The spacious 90 square meter apartment is ready to be completely transformed with the My Blue Bricks formula in which you walk in and never wanting to leave again, or being able to picture yourself living there with your family.
Walking through the apartment with our contractors and architect, we are considering to convert part of the roof of the flat into a sunny terrace. We added photos from the outside of the building to give you an idea of how that could look like.
The project is going to be a fix and flip project. Meaning that we are going to buy, then renovate, and then sell the apartment. For the fix and flip concept, our investment community can participate in two ways:
- Via a variable contract: You are investing in the project and getting your investment plus interest back after completion of the project. Your return is based on the final selling price of the property, or in other words, the successfulness of the project, with a minimum of 5% guaranteed and an added 7,5% variable. In total, this could add up to 12,5% upon selling the property.
- Via a fixed contract: You are investing in the project and getting your investment plus 5% guaranteed interest back after 8 months. This return is fixed. No matter the successfulness of the project, the investor will receive his or her initial investment plus ROI back after 8 months. In this setup, there will be no My Blue Bricks commission subtracted.
Terrassa, one of the two biggest cities in the
‘El Vallès’ region next to Sabadell, is having a population of 216.428 inhabitants. Taking the train from the famous central square Plaza Catalunya in Barcelona to the
‘El Vallès’ region, you will be first be passing by Sant Cugat, and then Rubi, before reaching Terrassa. The city is at a distance of 20 kilometres from Barcelona and located at 277 meters above sea level, in between the mountains and the natural reserve of Sant Llorenç del Munt. For the ones who have ever been to Barcelona and like hiking, they will recognise the name Montserrat which is also relatively close to Terrassa at 18 kilometres distance. A lot of people from the big city Barcelona are choosing to live in one of the surrounding cities (based on multiple considerations such as a part of the family living there already and/or housing prices), to escape the busyness and high real estate prices. Terrassa is a city on itself, in which when compared to its surrounding cities, Terrassa is less wealthy than Sant Cugat, but appears a bit more ‘family-friendly’ than Rubi. In the last centuries, Terrassa is known for its Roman history and its wool fabric companies during the 19th Industrial Revolution century. Both characteristics can be seen at multiple locations throughout the city.
Some more features of the city: it has the biggest hospital outside of Barcelona and the city centre is composed by nice pedetrian streets with a lot of shops.
The property in its current state needs a lot of attention. It is old, ugly, and it smells. This is exactly our definition of a ‘hidden gem’ where our team is always looking for. Looking at this from an optimistic perspective, this makes that there are a lot of areas to improve and create value. The plan is to completely refurbish and renovate the apartment and the garden with a
new (open) kitchen,
interior paint and wall finishes, new
flooring, electricity through the whole apartment, plumbing, interior changes, converting the entrance into a parking space and
converting the garden in a a really amazing place to enjoy the sun to attract the right people for buying the property as a new chapter in a family’s or couple’s life.
- Complete renovation of the apartment
- A complete new open kitchen design
- Redoing the walls throughout the whole apartment
- New flooring throughout the apartment
- New interior paint throughout the apartment
- New electricity systems
- Maximizing both sides of the apartment where the light is coming in
- Converting the garden in a lovely place.
- Converting the front door into a parking space
- Making the apartment bigger 10 sqm more.
Project Schedule
| Rehab: |
3-6 months |
| Listing Period: |
2-4 months (partly overlapping) |
| Expected Total Project Period: |
8-10 months |
Put Down Your First Blue Brick Today