Love Island’s Olivia and Alex Bowen are selling a £1.5million luxury villa in Essex which they bought three years ago after a major renovation in which they built a cinema room and an extension

Love Island stars Olivia and Alex Bowen are cementing their reputation as budding property entrepreneurs by selling their luxury Essex home for a big profit.

The couple paid £1,080,000 for their four-bedroom detached home in the Essex countryside in February 2020, before beginning the renovation project.

It came onto the market just three weeks ago for “offers over £1.5m” and has already been sold subject to a contract.

The exact selling price hasn’t been revealed yet, but if it matched the asking price, on paper it would net Olivia and Alex a whopping profit of £420,000 or more, depending on the size of the offer accepted.

But any gross profit will be offset by the tens of thousands of pounds likely to be spent on improvements to the house – including an extension.

Love Island stars Olivia and Alex Bowen are cementing their reputation as budding property entrepreneurs by selling their luxury Essex home for a big profit

The couple paid £1,080,000 for their four-bedroom detached home in the Essex countryside in February 2020, but it was only put on the market three weeks ago for “offers in excess of £1.5 million”.

The house was featured in the second episode of the new ITV series Abbey Clancy: Celebrity Homes this month

In the episode released last Thursday on ITVX, Olivia gives TV personality Abbey a tour of her home

MailOnline can also reveal the couple, who came second on Love Island in 2016, have also built their own buy-to-let empire by seemingly buying rental properties.

Companies House records show they formed a company called The Bowen Homes in December 2020, making themselves co-owners and directors.

The company now owns two investment properties in Wolverhampton, one worth £175,000 bought in June last year and another worth £142,000 bought in May 2021.

Olivia, 29, also has a nearly £500,000 business dealing in media representation and selling textiles, clothing, furs, shoes and leather goods.

She and Alex, 32, made a number of dramatic changes to their Essex home after buying it, including replacing the kitchen and living room and adding a cinema room.

In June last year they received planning permission to build a single-storey connecting extension to a separate garage, creating a new games and entertainment room and an office leading to their gym.

Estate agents describe the property as an “impressive, lovely family home” with “fabulous gardens”, including space for outdoor entertaining and a “gorgeous bespoke kitchen/dining room”.

The agents describe the master bedroom as “most desirable” with a newly renovated en-suite bathroom

The couple made a number of dramatic changes to the Essex home after purchasing it, including replacing the kitchen and living room

After purchasing the property, the couple set up a new cinema hall

The description states that the sale is “a rare opportunity to purchase this detached family home with the most stunning views of the surrounding countryside”.

It continues: “The property has been expanded and extensively renovated by the current owners. It is centrally located on over an acre of private land and offers beautifully designed living space.”

The agents describe the master bedroom as the “most desirable” with a newly renovated en-suite bathroom and adjoining dressing room or fifth bedroom and a balcony “with extensive countryside views”.

The details continue: “The property is extremely private and features electronically operated gates to the front onto a gravel driveway which provides parking for numerous vehicles and a garage.”

“The private rear gardens have great entertaining terraces with an integrated bar, state-of-the-art speaker system and hot tub area.”

The house was featured in the second episode of the new ITV series Abbey Clancy: Celebrity Homes this month.

Estate agents describe the property as an “impressive, pretty family home” with “fabulous gardens”.

They say the property also offers space for outdoor entertaining and boasts stunning greenery

A large fitness room can also be seen in pictures of the property advertised online

In the episode released last Thursday on ITVX, Olivia gives TV personality Abbey a tour of her home.

The film is believed to have been filmed in September, when Olivia reveals that her son Abel, who was born in June last year, is now 15 months old.

Real estate agent records show the home was put on the market on October 4th.

In the episode, former England star Peter Crouch’s wife Abbey arrives at Olivia’s house and declares: “This is incredible.”

The former model added on-screen: “My first impression was ‘Wow’. What a staircase. It’s modern – full of neutral tones. “It’s very bright and spacious, beautiful, lovely.”

Olivia explains on the show how she and Alex bought the 20-year-old home in 2020, just a few years after appearing on Love Island.

She tells how, as a girl who lived nearby, she saw the house being built and became “obsessed” with it.

The Love Island couple defied predictions by staying together and pursuing careers as reality TV stars and influencers after getting engaged in 2017

She and Alex (pictured), who are reportedly worth £4.2million, became the first Love Island couple to marry in 2018

Olivia adds in the episode: “We saw it go online and couldn’t believe it was for sale. “I think it’s for a reason. It’s just strange. It’s the one house I was obsessed with as a child.

She and Alex, who are reportedly worth £4.2million, became the first Love Island couple to marry in 2018.

They defied predictions by staying together and pursuing careers as reality TV stars and influencers after getting engaged in 2017.

She increased her profile by acting as maternity stand-in for Ferne McCann on This Morning and launched her own clothing range, MissPap.

The couple also filmed the TLC show “Olivia and Alex Said Yes” in 2018.

Olivia told OK magazine this week that she and Alex are thinking about having another baby next year.

She also recently opened up about her battle with postnatal depression in recent months after a traumatic 30-hour labor to give birth to her son.

Olivia has also admitted that she has been undergoing therapy after suffering from recurring anxiety issues.

She shared earlier this month how she wanted to encourage women to take more time for themselves to feel healthier mentally and physically.