This property is the former Charles Clinkards building with offices above, located in Middlesbrough town centre opposite Barclays Bank. The location of this property is perfect which offers many potential exits. It was purchased directly from the vendor for £180,000 with a quick sale agreed. The plan was to fully refurbish the commercial ground floor and convert the offices upstairs to 5 serviced apartments.
Commercial
Middlesbrough
Property Breakdown
Property Information
Refurbishment
£250,000 refurbishment including all professional fees, creating high-spec serviced apartments to maximise returns. Everything was taken back to brick and refurbished to very high standards ensuring that maximum rental income would be achieved. All 5 apartments also now have split titles with separate meters meaning they can be sold separately to maximise profits as a potential future exit plan.
Result
This property is now complete and has a combined annual turnover of £94,000 from the commercial and 5 flats with £25,000 net profit. The property has also been revalued at £1.1m, delivering strong returns while regenerating the city centre.
Financial Breakdown
£180000
Purchase Price
£250000
Refurbishment
£30000
Additional Fees
£180000
Total Cash Investment
£1100000
GDV (End Value)
£93600
Rent PA
£25000
Cashflow PA
£0.00
Money Left in Deal
∞
Return On Investment
Project Portfolio
Take a look at some of our other completed projects.
