PURCHASE AT AUCTION
LOT 159 - London - Romford Road, Forest Gate, London, E7 8AP
VACANT - Leasehold Self Contained First Floor Flat - Guide Price: £150,000+
Key Features
- Reception Room, Two Bedrooms, Kitchen, Wet Room
- New 125 Year Lease
- GIA approximately 70 sq m (753 sq ft)
- Woodgrange Park Overground Station is approximately 0.3 miles to the east
- Shops and amenities located along Woodgrange Road to the west
- Virtual Tour available below
Accommodation Schedule
| Floor | Accommodation | Approx GIA | EPC | Council Tax Band | |
|---|---|---|---|---|---|
First
|
Reception Room, Two Bedrooms, Kitchen, Wet Room
|
70 sq m
|
753 sq ft
|
D
|
B
|
Acquisition Cost
| Purchase Price | £200,000 |
| Stamp Duty | £11,500 |
| Agent's Fee (1.5%+vat ) | £3,000 |
| Legal & Misc | £5,000 |
| Total Acquisition Cost | £219,500 |
Cash Investment Required
| 35% Deposit at Purchase | £70,000 |
| Stamp Duty | £11,500 |
| Interest for 12months @ 15% for £130k | £20,000 |
| Agent & Legal | £8,000 |
| Professionals / B.R / Structural / QS / MS, etc. | £0 |
| Mobalization Fund | £20,000 |
| Misc | £10,000 |
| Total | £140,000 |
Profit
| Profit (Estimated) | ||
| GDV (Sale Price) | £420,000 | |
| Interest on Pur/Dev | £30,000 | |
| Sales Agent + Legal (2%) | £8,000 | |
| Acquisition costs | £220,000 | |
| Development Costs | £50,000 | |
| Total Costs: | £310,000 | |
| Profit | £110,000 | |
Return on Investment
| ROI (Estimated) | |
| Cash Invested | £120,000 |
| Profit Earned | £110,000 |
| Total ROI | 92% |
| Profit for JV Partner (50% share) | £55,000 |
| ROI for JV Partner | 46% |
GDV Appraisal
| Units Type (Flats) | Units |
| 2 Bed Flat- First Floor | 1 |
| Total Units | 1 |
| Gross Development Value (Collective) | |||||
| Units | Level | Description | GIA m2 | NIA m2 | Value |
| 1 | First |
2 bed flat (£6,000/sqm) |
70 | 70 | £420,000 |
| Total: | Sale@£6,000-£6,500/m2 | 70 | 70 | £420,000 | |
| Gross Rental Value (Collective) | ||||
| Units | Level | Description | Sqm | Value (Rent) |
| 1 | First |
2 Bed Flat (7.38% Yield) |
70 | £31,000 |
| Total: | @ 7.38% Yield |
70 | £31,000 | |
DEVELOPMENT Costs (Estimates)
| Item | Description | Amount £ |
| Legals | £5,000 | |
| Professionals / Architect | 3% of Construction Cost | £0 |
| Construction / Refurb | FFF | £40,000 |
| Insurances | For building & Construction | £3,000 |
| Finance Cost | 15% @ for £40k for 12m | £10,000 |
| Section106 / CIL | Nil | £0 |
| Contingency | 5% of Construction Cost | 5,000 |
| Total | £63,000 |
SURVEYS & REPORTS
LEGAL PACK
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.