Timescale 4-6 Months
£870,000 GDV (RICS – £70k higher than I thought)
£340,000 Purchase Price
£210,000 Works and Professional fees
£50,000 Interest costs bank and private investment
Investor input £120,000 Gross @ 10% = £12,000
We have decided to keep this unit, refinance and pull all our money out the deal meaning and infinite return.
£72,000 Gross rent
Property & Partners secured this large 3 storey semi commercial building two streets down from the seafront in Worthing on the South Coast. This town centre building which was in need of complete renovation was a great size and was ideal for change of use. We secured this project just before the first lockdown and went in for planning for our 8 bedroom, 8 en-suite Co-living space with a smaller commercial unit on the ground floor.
We originally hoped to purchase in September but unfortunately probate held the transaction up and we ended up completing in November.