Purchase at Auction
LOT 46 - Haverhill 1-5, High Street, Haverhill, Suffolk, CB9 8AA
PART VACANT - Freehold Semi-Detached Building with Planning
£150,000+Reduced
Key Features
- Providing Two Retail Units on the Ground Floor and a former Night Club above
- The Upper Floors are Vacant and Conversion Works have commenced for Conversion to Residential
- Two Planning Consents have been Granted. The first for 'Fourteen Residential Units and associated Car Parking' and the second for 'Seven Residential Units and associated Parking'. We understand works have commenced, but not been completed
- Each Retail Unit is subject to (sold off on) a Long Lease
- The Building is arranged over Ground, First and Second Floors
Accommodation and Tenancy Schedule
| Unit | Floor | Accommodation | Terms of Tenancy | Current Rent (PA) |
|---|---|---|---|---|
A |
Ground |
Retail Premises |
Subject to a lease for a term of 999 years from 1st March 2022 at a ground rent of a £1 |
£1 p.a. |
B |
Ground |
Retail Premises |
Subject to a lease for a term of 999 years from 2022 at a ground rent of £1 |
£1 p.a. |
|
|
First & Second |
Former Night Club |
Vacant |
Acquisition Cost
| Purchase Price | £200,000 |
| Stamp Duty | £10,000 |
| Agent's Fee (1.5%+vat ) | £4,800 |
| Legal Fee | £3,600 |
| Misc |
£2,400 |
| Total Acquisition Cost | £220,800 |
Cash Investment Required
| Cash Purchase | £200,000 |
| Stamp Duty | £10,000 |
| Agent's Fee (1.5%+vat ) | £4,800 |
| Legal Fee | £3,600 |
| Consultant Fees (Approx) | £10,000 |
| Misc | £2,400 |
| Total | 230,800 |
Profit
| Profit (Estimated) | |
| GDV | £414,000 |
| Acquisition costs | £220,800 |
| Development Costs | £68,310 |
| Total Costs: | £289,110 |
| Profit | £124,890 |
Return on Investment
| ROI (Estimated) | |
| Cash Invested | £230,800 |
| Profit Earned | £124,890 |
| Total ROI | 56.6% |
| Profit for JV Partner (50% share) | £62,445 |
GDV Appraisal
| Units Type (Flats) | Units |
|
Ground Floor |
01 |
| Total Units | 01 |
GDV Appraisal continued
| Gross Development Value (Collective) | |||||
| Units | Level | Description | Proposed Residential NSA m2 | Value | |
| 01 | Ground |
One-Bedroom
|
69 | £414,000 | |
| Total: | Sale@ £6,000/m2 | 69 | £414,000 | ||
| Gross Rental Value (Collective) | ||||
| Units | Level | Description | Sqm | Value (Rent) |
| 1 | Ground | One-bedroom | 69 | £24,840 |
| Total: | @ 6.0% Yield |
69 | £24,840 | |
DEVELOPMENT Loan & Budget
| Item | Description | Amount £ |
| Legals | 5% of Construction Cost | £2,588 |
| Professionals / Architect | 2% of Construction Cost | £1,035 |
| Construction / Refurb | Collective Build cost | £51,750 |
| Insurances | For building & Construction | £1,553 |
| Section106 / CIL | Nil | £0 |
| Inteste rolled up costs |
15% | £8,539 |
| Contingency | 5% of Construction Cost | £2,846 |
| Total | £68,311 |
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.