case study 1: The urban Goldmine

Ainsley court Ellesmere Port.

In 2014, I stumbled across what would become my very first Property Unicorn—a large, mixed-use building in Ellesmere Port. At the time, I wasn’t consciously looking for a unicorn deal. In fact, I didn’t even have the concept yet. I was just looking for my second HMO conversion after completing my first nearby.

But sometimes, your best deals find you when you least expect it.

The Discovery: From Auction Catalogue to Opportunity

I was originally looking to buy a 10-bed HMO project in Birkenhead, which had already been through planning and was headed to auction. While flipping through the auction catalogue, another listing caught my eye: a substantial mixed-use property with seven flats and two commercial units… with a guide price of just £90,000.

Even for 2014, that was shockingly low.

Then I noticed something in the legal pack—something that told me this deal had real potential. The property had previously sold for £475,000 in 2007, at the peak of the market. That meant the value had dropped by over 80%. I dug deeper.

The Backstory: Mismanagement, Vandalism, and Flood Damage

The building had been purchased by a London-based investment company in 2007. When the financial crisis hit, they tried to self-manage from afar, couldn’t keep on top of tenants, and eventually let the property deteriorate. After evictions, the building sat empty, and the traveller community moved in—stripping the place of copper piping and leaving the water mains running.

At one point, according to a local regeneration officer, water was literally cascading out of the first-floor windows.

So yes, there was a lot of work to do. But there was also a big opportunity.

What Made It a Potential Unicorn?

Here’s what stood out to me—and what I want you to take away:

• No planning required: The flats and commercial spaces already existed. It was “just” a cosmetic refurb.
  
  
  

• Significant previous value: £475,000 down to offers over £90,000.
  
  
  

• Potential to add serious value quickly, with minimal red tape.
  
  
  

This is one of the core strategies of the Property Unicorns approach: look for cosmetic refurbishment opportunities with underlying asset strength.

The Deal: How I Bought It, Funded It, and Secured Grants

• Purchase price: £124,000 (just below my £125K ceiling to avoid stamp duty).
  
  
  

• Refurb cost: £146,000
  
  
  

• Total investment: £270,000
  
  
  

• Council grants: £70,000
  
  
  

• £50K from the Empty Homes Grant (5 flats empty >2 years)
  
  
  

• £20K from the Regeneration Grant for commercial frontage
  
  
  

That means my net investment was just £200,000—for a property that had previously sold for more than twice that.

🔎 Tip: Many local councils offer grants or low-interest loans to bring empty properties back into use—especially if they’ve been empty for 2+ years. It’s always worth checking your local authority’s scheme.

📈 Refinance, Rental Income & Long-Term Gains

• Post-refurb valuation (6 months later): £415,000
  
  
  

• Initial mortgage with Lloyds: £200,000
  
  
  

• Additional advance (year later): £80,000
  
  
  

• Total funds pulled out: £280,000
  
  
  

• Cash left in: £0
  
  
  

Rental income at the time:

• Flats + commercial: £45,000/year (below market due to initial tenant strategy)
  
  
  

• Valuer’s market rent estimate: £53,900/year
  
  
  

That’s a fully recycled investment with £2,000/month net cash flow, even on capital repayment.

🏦 Why capital repayment? Because for me, this is part of a legacy strategy—building a portfolio that’s unencumbered by the time I retire.

10 Years On: The Power of Predictable Performance

Today, this property continues to deliver. Rents have increased, especially the residential units (from £395 to around £550/month per flat). The commercial rent has held steady, but overall, the rent roll is significantly stronger. Despite interest rate fluctuations, I hedged the mortgage (half fixed, half variable), which gave me stability and flexibility across market cycles.

And more importantly: this single deal showed me the blueprint for what I now call a Property Unicorn—dense, high-yielding blocks with multiple income streams, strong long-term fundamentals, and big value-add potential without planning headaches.

Key Takeaways for Your Own Property Journey

• Look beyond the surface: Ugly, mismanaged properties can be gold mines if the bones are good.
  
  
  

• Understand the value of no-planning deals: Refurbs can be faster and less risky than conversions.
  
  
  

• Partner smartly: Council grants and JV funding made this possible without stretching my own finances.
  
  
  

• Think long-term: Good refinancing strategy and capital repayment build wealth for the future.
  
  
  

• Track and learn from every deal: This case became the foundation of the Property Unicorns method.
  
  
  

Want to Learn More?

This is just the first in a series of real-world case studies I’ll be breaking down here on the blog. Each one offers new lessons, new angles, and new inspiration for finding and funding your own unicorn deals.

👉 Stay tuned—and if you haven’t already, grab a copy of my FREE book Property Unicorns for the full backstory.