Partner with Toothbrush Apartments
Although Toothbrush Apartments was only born in June 2015, with the purchase of our first serviced apartment, just a year later we have five apartments, four of which we own and one under our management.
They're also almost always full, indicating that there's more demand than supply. We certainly know that we're turning away business almost every day, which is a huge shame.
So, we're looking to expand. In the short term, we're looking for more serviced apartments in the Ipswich area. They must be in strategically good locations with consistent demand, so near the town centre, Waterfront, or Ipswich Hospital. They should ideally have allocated off road parking. They will need to be furnished to a high standard suitable for our corporate clients. We operate at the middle to higher end of the market.
Our existing 'under management' apartment works on a revenue share basis, so when it's booked both us and the apartment owner make money. When it's empty (which it pretty much hasn't been for more than a few days in over a year), neither of us do. We prefer this approach as it aligns the interests of us and the property owner. In the past year our property partner has earned 50% more net income after all costs from their apartment than they would had they let it on a standard AST basis. They have also had it actively managed and maintained by us, and although it hasn't been required this year, they can also use it themselves subject to availability. Put simply, what used to cost them almost £2000 a year to be mostly empty, now earns them over £10,000 a year. Everyone's been a winner!
Those reading this who are currently residential Buy To Let landlords and who are higher or additional rate taxpayers may be especially interested in this, as subject to various conditions around length of stay, it is possible for your apartment to be considered as a Furnished Holiday Let for tax purposes, thereby allowing all of the mortgage interest to be offset, and for Capital Allowances to be claimed.
If you're interested in partnering with us, or would just to like to chat it over, get in touch via our Contact page.