Purchase at Auction
Brixham: 33 Fore Street, Brixham, Devon, TQ5 8AA
Freehold Vacant Shop: Estimated Guide Price - £200,000 Commercial
Key Features
- Comprises total accommodation of 344.08 sq m (3,704 sq ft)
- Town centre location
- Potential development site on land at the rear of the property adjacent to Mount Pleasant Road, subject to consents
- Lapsed planning for the conversion of the upper floors to 3 flats
- VAT is not applicable
- Six-Week Completion Available
Accommodation and Tenancy Schedule
| Accommodation | Occupation | ||
|---|---|---|---|
Ground Floor
|
147.00 sq m
|
1,582 sq ft
|
Vacant
|
First Floor
|
150.50 sq m
|
1,620 sq ft
|
|
Second Floor
|
46.58 sq m
|
501 sq ft
|
|
Total
|
344.08 sq m
|
3,704 sq ft
|
|
Acquisition Cost
| Purchase Price | £210,000 |
| Stamp Duty | £3,000 |
| Agent's Fee (1.5%+vat ) | £3,935 |
| Legal & Misc | £5,000 |
| Total Acquisition Cost | £222,000 |
Cash Investment Required
| Acuqisition Cost at Purchase | £222,000 |
| Professionals / B.R / Structural / QS / MS, etc. (Estimated) | £10,000 |
| Total | £232,000 |
Profit
| Profit (Estimated) | ||
| GDV (Sale Price) | £810,000 | |
| Sales Agent + Legal (2%) | £15,000 | |
| Acquisition costs | £222,000 | |
| Development Costs | £345,000 | |
| Total Costs: | £582,000 | |
| Profit | £228,000 | |
Return on Investment
| ROI (Estimated) | |
| Cash Invested | £232,000 |
| Profit Earned | £228,000 |
| Total ROI | 98% |
| Profit for JV Partner (50% share) | £114,000 |
| ROI for JV Partner | 49% |
GDV Appraisal
| Units Type (Flats) | Units |
| Retail Unit (Shop) - Ground Floor | 1 |
| First Floor - Two Bed Flats | 2 |
| Second Floor - One Bed Flat | 1 |
| Total Units | 4 |
| Gross Development Value (Collective) | |||||
| Units | Level | Description | GIA m2 | NIA m2 | Value |
| 1 | Ground |
Retail Unit (£2,000/sqm) |
147 | 147 | £295,000 |
| 1 | First |
2x2 BF (£3,000/sqm) |
150 | 125 | £375,000 |
| 1 | Second |
1x1 BF (£3,000/sqm) |
47 | 47 | £140,000 |
| Total: | Sale@£2,000-£3,000/m2 | 344 | 320 | £810,000 | |
| Gross Rental Value (Collective) | ||||
| Units | Level | Description | Sqm | Value (Rent) |
| 1 | Ground |
Retail Unit (8% yield) |
147 | £30,000 |
| 3 | First | 2 x 2 Bed Flats | 125 | £21,600 |
| 1 | Second | 1 x 1 Bed Flat | 47 | £9,000 |
| Total: | @ 7.48% Yield |
320 | £60,000 | |
DEVELOPMENT Loan & Budget
| Item | Description | Amount £ |
| Legals | £5,000 | |
| Professionals / Architect | 3% of Construction Cost | £10,000 |
| Construction / Refurb | Ground + First + Second | £270,000 |
| Insurances | For building & Construction | £3,000 |
| Finance Cost | 15% @ for £270k for 12m | £40,000 |
| Section106 / CIL | Nil | £0 |
| Contingency | 5% of Construction Cost | 15,000 |
| Total | £345,000 |
SURVEYS & REPORTS
floor plans & elevations
planning conditions
|
1. |
The development hereby permitted shall be carried out in complete accordance with the approved plans listed below: |
3. | Prior to the use of the ground floor retail unit as approved, the shop frontage shall be installed and thereafter retained in perpetuity, in accordance with the plans as submitted. |
| 2. | Prior to the first occupation of the residential unit as approved, refuse storage shall be installed and retained in perpetuity, in accordance with the plans as submitted. | 4. | Prior to the occupation of the development hereby permitted, details of the colour proposed for the powder coating to the aluminium elements of the shop front shall be submitted to, and approved in writing by, the Local Planning Authority. |
| 5. | Prior to the first use of the building the mitigation measures outlined within the submitted and approved Flood Risk Assessment (Received 03.05.2019) for each respective use (the retained retail use and the upper floor residential use), shall be implemented in full. The respective Flood Risk measures shall be maintained in full at all times thereafter unless otherwise submitted to and approved in writing by the Local Planning Authority. | ||
LEGAL PACK
Disclaimer
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