This mixed use commercial property was acquired with a two phase development strategy in mind. Phase 1 being the refurbishment of the existing 2 bed apartment and conversion of part of the ground floor commercial premises into a 1 bed apartment utilising Class M of the Government Permitted Development rights. Phase 2 aimed at adding 3 additional apartments under a full planning application.
To initially fund the development, property point raised £100,000 of private investor finance at an agreed rate of 10% PA. All investors were repaid 3 months early, each taking a share of £27,500 in interest repayment.
Purchase Price: £285,000
Phase 1, Development Cost: £100,000
Phase 2, Development Cost: £175,000
Gross Development Value: £1,100,000
This three bedroom Victorian premises was in need of repair and restoration before Property Point converted it to a luxury four-bedroom home by way of a loft conversion and full high-end refurbishment throughout. The project, funded through our existing development fund, was completed on time and under budget.
Purchase Price: £355,000
Renovation Cost: £63,000
Sold Price: £500,000
This exiting project maximised the value of its underutilised plot through the addition of a new dwelling to the side. Planning permission was approved and construction complete within 9 months, 1 month short of the initial schedule and £12,000 under budget. Funding for the development was achieved through bridging finance.
Purchase Price: £255,000
Development Cost: £140,000
Gross Development Value: £600,000
This three-bedroom period property has been extended, reconfigured and refurbished into a boutique six-bedroom high-end professional house share. There is a strong demand for professional room lets in the area of Southend-On-Sea, and the standard of our refurbishments and ongoing management allows us to command market leading rents. All costs were fully funded by our joint venture partners and following refinance our investors are achieving an excellent return on investment of 42%.
Purchase Price: £230,000
Development Cost: £98,000
Gross Development Value: £400,000
Gross Rental Income PA: £46,000
Initial Capital Remaining in Deal: £51,000
This luxury serviced apartment is currently available for short term rentals on AirB&B and Booking.com. The property was formed through the sub division of one of our commercial premises under Class M permitted development rights. An additional investment of £2500 was required to bring the property up to the required standard in order to use as serviced accommodation.
Market rent PA: £7,200
Serviced Apartment Income PA @75% occupancy: £22,000
Serviced Apartment Income PA @90% occupancy: £27,000
Property Point were fortunate to be offered this property at £13,000 below market value. With a post purchase investment of £7000 we were able to renovate the property to the standard you see. Property Point entered into a joint venture agreement with a sophisticated investor to purchase the property and used capital from our fixed return investors to enable us to renovate. The property also benefits from a possible development to the side elevation, subject to obtaining the required planning permissions.
Purchase Price: £262,000
Development Cost: £7,000
Gross Development Value: £300,000
Property Point Investments, 1333 London Road, Leigh-on-Sea, Essex, SS9 2AD