PURCHASE AT AUCTION
Lot 11 - 176 Pinewood Green, Iver, Buckinghamshire, SL0 0QJ
A two bedroom ground floor flat, sold on a short leasehold title with approximately 35 years unexpired, benefiting from a garage en bloc, front garden and private section of rear garden, in need of modernisation, in a pleasant village location, convenient for links to the M25, M40 and Elizabeth Line connections.
Vacant - Guide price£55,000
Key Features:
- To be offered on Wednesday 5 November
- Two bedroom ground floor flat
- Garage eb bloc
- Front garden
- Section of rear garden
- In need of modernisation
- Leasehold. 99 years from 24 June 1961
Vacant
Accommodation schedule
Ground Floor - Entrance Hallway, Two Bedrooms, Reception Room, Kitchen, Bathroom/WC.
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.