PURCHASE AT AUCTION
Flat 1 Park House, Park Terrace, Spofforth, Harrogate, HG3 1BW
A long leasehold large ground floor two bedroom flat in need of updating, benefitting from outdoor space and a garage-en-bloc, well located for the shopping and recreational amenities of Spofforth
Vacant
Guide price£115,000
Key features
- To be offered on Thursday 6 November
- Two bedroom
- Large ground floor flat approximately 1,140 sq feet
- In need of updating
- Benefitting from outdoor space and a garage-en-bloc
- Long leasehold
- Conveniently located for the amenities of Spofforth Read More
Acquisition Cost (Cash)
| Purchase Price | £180,000 |
| Stamp Duty | £10,100 |
| Agent's Fee (1.5%+vat ) | £4,440 |
| Legal & Misc (1% of PP) | £3,150 |
| Total Acquisition Cost | £182,500 |
Profit
| Profit (Estimated) | ||
| GDV (Sale Price) | £424,000 | |
| Sales Agent + Legal (2%) | £6,000 | |
| Acquisition costs | £182,500 | |
| Development Costs | £110,700 | |
| Total Costs: | £299,000 | |
| Profit | £125,000 | |
Return on Investment
| ROI (Estimated) | |
| Cash Invested | £182,500 |
| Profit Earned | £125,000 |
| Total ROI | 68% |
| Profit for JV Partner (50% share) | £65,000 |
| ROI for JV Partner | 34% |
GDV Appraisal
| Units Type - 2Bedrooms GFF | Beds |
| Ground Floor Flat - No of Bedrooms | 2 |
| Total Units | 1 |
GDV Appraisal continued
| Gross Development Value (Collective) | |||||
| Units | Level | Description | GIA m2 | NIA m2 | Value |
| 1 | Ground | Receptions, kitchen & 2 Beds | 106 | 106 | £424,000 |
| Total: | Sale@£4,000/m2 | 106 | 106 | £424,000 | |
| Gross Rental Value (Collective) | ||||
| Units | Level | Description | Sqm | Value (Rent) |
| 1 | Ground | 2 Bedrooms, Receptions, kitchen, shower etc | 106 | £15,600 |
| Total: | @ 4.0% Yield |
106 | £15,600 | |
DEVELOPMENT Costs (Estimates)
| Item | Description | Amount £ |
| Legals | £4,000 | |
| Professionals | 3% of Construction Cost | £2,500 |
| Construction / Refurb | 106 sqm @ £800 | £90,000 |
| Insurances | For building & Construction | £2,000 |
| Finance Cost | 15% @ for £90k for 12m | 113,500 |
| Section106 / CIL | Nil | £0 |
| Contingency | 5% of Construction Cost | £5,000 |
| Total | £110,700 |
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.