PURCHASE AT AUCTION
LOT 153 - Flats 1, 2, 4 & 5, 9-67 (Odd Nos.) Fitz-George Avenue, West Kensington, London, W14 0SZ
VACANT - Leasehold Basement Areas with Planning Guide Price: £475,000 Residential
Key Features
- Comprising Four Unconverted Units
- Leasehold with approximately 989 years unexpired
- Each Unit benefits from Planning Permission for Conversion into a Residential Dwelling
- Proposed scheme to provide Three x 1 Bedroom Flats and One x 2 Bedroom Flat
- West Kensington (District Line) and Barons Court (District & Piccadilly Lines) stations are both nearby
- Vacant Possession
- Leasehold. Held on a lease for 999 years from 01/01/2015 at a peppercorn ground rent.
Proposed Accommodation (Consented scheme)
| Flat | Floor | Accommodation | Planning reference |
|---|---|---|---|
1
|
Lower Ground
|
One Bedroom Accommodation
|
2024/01917/FUL
|
2
|
Lower Ground
|
One Bedroom Accommodation
|
2024/01918/FUL
|
4
|
Lower Ground
|
One Bedroom Accommodation
|
2024/01919/FUL
|
5
|
Lower Ground
|
Two Bedroom Accommodation
|
2024/01923/FUL
|
Acquisition Cost
| Purchase Price | £900,000 |
| Stamp Duty | £80,000 |
| Agent's Fee (1.5%+vat ) | £16,200 |
| Legal & Misc | £5,000 |
| Total Acquisition Cost | £1,001,200 |
Cash Investment Required
| 35% Deposit at Purchase | £315,000 |
| Stamp Duty | £80,000 |
| Interest for 12months @ 15% for £585k | £87,750 |
| Agent & Legal | £16,200 |
| Professionals / B.R / Structural / QS / MS, etc. | £25,000 |
| Mobalization Fund | £100,000 |
| Misc | £20,000 |
| Total | £623,950 |
Profit
| Profit (Estimated) | ||
| GDV (Sale Price) | £2,517,500 | |
| Interest on Purchase | £87,750 | |
| Sales Agent + Legal (2%) | £20,000 | |
| Acquisition costs | £1,001,200 | |
| Development Costs | £510,000 | |
| Total Costs: | £1,619,000 | |
| Profit | £900,000 | |
Return on Investment
| ROI (Estimated) | |
| Cash Invested | £625,000 |
| Profit Earned | £900,000 |
| Total ROI | 144% |
| Profit for JV Partner (50% share) | £450,000 |
| ROI for JV Partner | 72% |
GDV Appraisal
| Units Type (Flats) | Units |
| Retail Unit - Ground Floor | 1 |
| First Floor - One Bed Flats | 3 |
| Second Floor - One Bed Flats | 1 |
| Total Units | 5 |
GDV Appraisal continued
| Gross Development Value (Collective) | |||||
| Units | Level | Description | GIA m2 | NIA m2 | Value |
| 1 | Ground |
Retail Unit (£4,000/sqm) |
289.02 | 289.02 | £1,155,000 |
| 1 | First |
Offices (£6,500/sqm) |
176.98 | 176.98 | £1,150,000 |
| 1 | Second |
Ancillary (£6,500/sqm) |
42.45 | 42.45 | £212,500 |
| Total: | Sale@£4,000-£6,500/m2 | 508.45 | 508.45 | £2,517,500 | |
| Gross Rental Value (Collective) | ||||
| Units | Level | Description | Sqm | Value (Rent) |
| 1 | Ground |
Retail Unit (8% yield) |
289.02 | £92,000 |
| 3 | First | One Bed Flats | 176.98 | £59,400 |
| 1 | Second | One Bed Flat | 42.45 | £1,8000 |
| Total: | @ 6.73% Yield |
508.45 | £169,400 | |
DEVELOPMENT Costs (Estimates)
| Item | Description | Amount £ |
| Legals | £10,000 | |
| Professionals / Architect | 3% of Construction Cost | £12,000 |
| Construction / Refurb | Ground + First + Second | £385,000 |
| Insurances | For building & Construction | £5,000 |
| Finance Cost | 15% @ for £100k for 12m | £58,000 |
| Section106 / CIL | Nil | £20,000 |
| Contingency | 5% of Construction Cost | 20,000 |
| Total | £510,000 |
Disclaimer
Valuations & Appraisals by Sleek are strictly estimates only and you should use them on that basis. The valuation Model analyses prices for equivalent properties sold or sold in the area. These properties may differ in ways that we do not or cannot consider. Valuations are subjective and based on market forces, which may change. Valuations must not be used for property sale, purchase, mortgage or related purposes. You should seek a professional valuation from a qualified surveyor before deciding whether to buy or sell a property. We shall not be liable for any losses you or anyone else suffer due to relying on the valuations. This includes not being liable for any loss of property, loss of bargain, loss of capital through over-payment or under-sale or for any indirect, special or consequential loss.