PURCHASE AT AUCTION
LOT 95 - 131 High Street, Staines-upon-thames, Middlesex, TW18 4PD
Vacant Freehold former Showroom & Development Opportunity
Key Features
-
Comprises a ground floor retail unit with offices and ancillary accommodation on two upper floors
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Total accommodation of approx. 508.45 sqm (5,473 sq ft)
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Within walking distance to the pedestrianised town centre location
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Extensive High Street frontage overlooking a local Co-Op supermarket, close to Premier Inn, Admiral, Sports Direct & H&M and within a short walk of Staines station
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Opposite the new Millmead apartment and retail redevelopments
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Potential alternative uses and redevelopment under the Class MA prior approval process(subject to all consents)
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VAT is not applicable
Accommodation and Tenancy Schedule
| Present Lessee | Accommodation | ||
|---|---|---|---|
All
|
Ground Floor
|
289.02 sq m
|
3,111 sq ft
|
First Floor
|
176.98 sq m
|
1,905 sq ft
|
|
Second Floor
|
42.45 sq m
|
457 sq ft
|
|
Subtotal
|
508.45 sq m
|
5,473 sq ft
|
|
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 |
| 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 |
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.