Latest Valuation
£927,500
ROCE
%
Selling Agent
Sourced Uxbridge

7.13% Net Yield – Freehold Block Conversion & Commercial Space

10.52% BMV
Guide Price
£832,000

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Key Features

  • 7%+ Net Yield
  • £19,366 Stamp Duty Saving
  • £77,500 Freehold Title Included in Price
  • 10.52% BMV
  • 30 minute drive from Manchester city centre & Peak District
  • Mixed Use - Commercial & Residential

The Property

Under Construction

Can not be sold individually

Property Type: Mixed-Use

Subtypes: Block, Residential, Commercial

Three private parking spaces

No of Units: 9
No of Levels: 5

Purchase Price: £823,000
10.52% discount from valuation
7.13% net yield
£19,366 stamp duty saving
£77,500 freehold title included in price

Freehold Block Conversion - 8 Residential Units & Commercial Space
Mason Place, also known as 'Freemasons', is a conversion of a traditional public house into a mix of commercial and residential units. The block will consist of six one-bedroom units, two studio apartments and a 95 sq/m commercial unit on the ground floor.

The block sits in the centre of Heywood town centre providing much-needed accommodation in close proximity to amenities and transport links.

Mixed-Use - Commercial & Residential

The construction/ payment linked dates:
1st Fix Currently Underway on Trades on site – Estimated First Completion 28th July 2020.
The current estimate for completion and handover to lettings is 20th October 2020.
Happy to set First Fix payment for 30 days after Exchange and Completion on the purchase if this works/falls beyond 28th July.

This development will showcase the transformation of a characterful former public house into a selection of modern living apartments. Comprising of six one-bedroom apartments & two studio apartments with commercial space at street level.

We will be breathing life back into this abandoned commercial building. Restoring the architectural quality of the external facade, using appropriate local materials, textures and colours. This creating an attractive frontage for commercial and residential residents.

The buildings interiors will offer contemporary & considered spaces for living, encompassing warm and neutral tones. Transforming the local landmark into a social hub with great retail opportunity.

Transforming a characterful former public house into six one-bedroom apartments and two studio apartments with commercial space on the lower ground floor.
These well-proportioned apartments will create attractive, modern, affordable homes to rent, much needed in the town centre. The apartments will benefit from high specification finishes and architect-designed kitchens and bathrooms.

Kitchens
All of the apartments at Mason Place will be fitted with high specification kitchens, all with integrated fridge and freezer, oven and induction hob. Neutral cupboard colours will be chosen from a muted palette, paired with hard-wearing, stylish work surfaces. All switches are chrome as standard.

Bathrooms
Bathrooms throughout the scheme will be tiled in a stylish, textured matt grey tile to compliment the grey vanity unit, fitted with handy drawers or cupboards. Dependant on apartment size, a double
shower or bath with shower will be fitted with high-quality chrome fixtures and fittings.

Doors
All the doors are made offsite by master joiners and are delivered to site already in the casings and on their hinges. This unique method allows fitting doors quickly whilst maintaining the quality of fitting. All internal door hardware is of high quality brushed chrome.

Flooring
The flooring in the bathroom and kitchen areas will be a hard-wearing, waterproof wood effect vinyl in grey. Easy to clean and difficult to damage, this modern floor covering has stood the test of time in all of our
developments to date. Living areas and bedrooms will be subject to a more luxurious flooring treatment, with a sumptuous, high pile grey carpet.

WHAT IS A STAGED PURCHASE PROCESS?

A staged purchase process is usually a payment option that is only open to cash buyers who are purchasing a property off-plan. Payments contributing to the purchase of the property are broken up, corresponding with build stages. These build stages are signed off by a third party, regulated building control body.

This payment process gives security to buyers, ensuring they are paying money as work progresses, rather than large amounts of money before works begin, leaving them vulnerable if works don't progress as planned.

WHAT ARE THE MAIN BUILD STAGES?

Stage 1: Pre - Commencement Sign Off
Pre Works-commencement is payable within five working days of us notifying the buyer's solicitor that site investigation is complete, and works are ready to commence.
Stage 2: First Fix (Pre-Plaster) Sign Off
1st Fix is payable within five working days of us notifying the buyer's solicitor that Building Control has signed off 1st Fix and we provide them with the certificate confirming the same.
Stage 3: Final Sign Off – Practical Completion of Development
Final payment is payable within five working days of us notifying the buyer's solicitor that the development is practically complete and enclosing the Final Certificate from Building
Control and the CML compliant Structural Warranty.

STAGE 1: PRE COMMENCEMENT SIGN OFF

Structure
General Arrangement Drawings
External Wall Setting Out
Internal Wall Setting Out
Roof
Internal Openings
Stairs
Ceiling
Fire Strategy
Finishes
Kitchens
Sanitary
Mechanical & Engineering

STAGE 2: FIRST FIX (PRE PLASTER) SIGN OFF

Foundation & Excavation investigation reports Structural Calculations & designs (SE Information & Pile Foundation)
Damp-proof membrane information
Drainage - Above ground plumbing tests & Below ground foul water drain tests & reports
Construction of all internal walls & partitions
Roofing & Gutters
Windows – Installed but not sealed
First Fix Electrical
First Fix Fire wiring
First Fix Plumbing – Drains, Utility Services, Pipework & Heating pipework

STAGE 3: FINAL SIGN OFF, DEVELOPMENT COMPLETION

To obtain the Final Sign Off Certificate, all the below must be approved by the CML compliant Structural Warranty provider.

Fire safety
As-built Plans showing all relevant passive and active fire precautions
Written confirmation that the above information has been provided to the responsible person.
Commissioning Certificates for: -
Fire detection & alarm system
Emergency lighting
Fire suppression system
Fire damper tests
Smoke damper tests
Smoke vent & control system
Structure / external cladding fire protection finishes
Dry riser static pressure test
Wet riser flow and pressure test
Sound insulation
Sound insulation test report(s)
Separating walls and Separating floors, or
Ventilation
Test and commissioning certificates for whole building mechanical ventilation
systems.
Flow rate test results for mechanical extract fans
Drainage
Above ground plumbing tests
Below ground foul water drain tests
Chlorination Certificate
Heat producing appliances
Test and commissioning certificates for space heating and hot water storage systems
Hot water temperature limiting device
Hearth, fireplaces, flues and chimneys checklist.
Gas-Safe / HETAS / OFTEC certificates for relevant appliances
CO detector
Energy information
Test and commissioning certificates for space heating and hot water storage systems
As-built stage energy assessment(s) (SAP 2012)
Airtightness test results
Energy performance certificate(s) EPC’s
Other information required
Regulation 36 Water efficiency calculation
Access strategy
Basement waterproof tanking certification
Single-ply flat roof membrane certification
Specialist rendering certification
Part P domestic electrical safety certificate
Part Q Security, doors and windows certification

Planning Information

N/A

The Plan

Unit No
Apartment 1
1 Bed (roof terrace 17.5m2) 42.02sqm
Valuation: £90,000
Discount: 8% / £7,200
Sales Price: £82,800
Estimated Rental pcm £475 / pa £5,700
Management Fee: £342 / 6%
Net Rent: £5,358
Net Yield: 6.47%

Apartment 2
1 Bed 52.96sqm
Valuation: £95,000
Discount: 8% / £7,600
Sales Price: £87,400
Estimated Rental pcm: £495 / pa £5,940
Management Fee: £356.40 / 6%
Net Rent: £5,583.60
Net Yield: 6.39%

Apartment 3
1 Bed 42.12sqm
Valuation: £85,000
Discount: 8% / £6,800
Sales Price: £78,200
Estimated Rental pcm: £495 / pa £5,940
Management Fee: £356.40 / 6%
Net Rent: £5,583.60
Net Yield: 7.14%

Apartment 4
1 Bed 55.59sqm
Valuation: £97,500
Discount: 8% / £7,800
Sales Price: £89,700
Estimated Rental pcm: £525 / pa £6,300
Management Fee: £378 / 6%
Net Rent: £5,922
Net Yield: 6.6%

Apartment 5
1 Bed 44.48sqm
Valuation: £90,000
Discount: 8% / £7,200
Sales Price: £82,800
Estimated Rental pcm: £495 / pa £5,940
Management Fee: £356.40 / 6%
Net Rent: £5,583.60
Net Yield: 6.74%

Apartment 6
1 Bed 5.77sqm
Valuation: £97,500
Discount: 8% / £7,800
Sales Price: £89,700
Estimated Rental pcm: £525 / pa £6,300
Management Fee: £378 / 6%
Net Rent £5,922
Net Yield: 6.6%

Apartment 7
1 Bed 32.15sqm
Valuation: £70,000
Discount: 8% / £5,600
Sales Price: £64,400
Estimated Rental pcm: £450 / pa £5,400
Management Fee: £324 / 6%
Net Rent: £5,076
Net Yield: 7.88%

Apartment 8
1 Bed 35.67sqm
Valuation: £75,000
Discount: 8% / £6,000
Sales Price: £69,000
Estimated Rental pcm: £450 / pa £5,400
Management Fee: £324 / 6%
Net Rent: £5,076
Net Yield: 7.36%

Shop Front Retail Unit
Retail unit 95.65sqm
Valuation: £150,000
Discount: 8% / £12,000
Sales Price: £138,000
Estimated Rental pcm: £1,250 / pa £15,000
Net Rent: £15,000
Net Yield: 10.87%

lower ground Storage 169.06sqm

Freehold Block Purchase
Valuation: £77,500
Discount: 35.48% / £27,500
Sales Price: £50,000

Valuation: £927,500
Purchase Price: £832,000
Discount: £95,500 10.3%
Net Yield: 7.1%

Stamp Duty Saving
Purchase Price: 50% / £416,000
1st Fix completion: 25% / £208,000
2nd fix completion: 25% / £208,000
Total: 100% / £832,000
SDLT @ 60% 2.13% / £8,866
SDLT @ 100% 3.39% / £28,232
SDLT Saving £19,366

Overall Project Saving: £114,866

The Location

Heywood is a 30 minute drive from Manchester City Centre and 30 minutes from the Peak District National Park, offering residents the best of both worlds.

The town is home to around 30,000 residents.

Average estimated value for a house in OL10

£

Heywood is a traditional Mill Town in the North West of England. The historic town is named after Peter Heywood, famed for preventing the Gunpowder Plot and arresting Guy Fawkes in 1605.

The town has received a recent boost with the "South Heywood Masterplan" getting the green light in 2018. This is a long term plan which includes a 2.2km link road providing a direct link to
employment areas, unlocking 105m sqft of commercial space. The plan will also create 1,000 new homes, a new primary school, a new village retail centre, public transport provisions and an extensive open public space. The plan is forecast to bring an additional 2,400 jobs into the area.

The current employment in the area is centred around manufacturing and logistics, and the masterplan will remove any barriers to the expansion of these industries in the town, positively promoting
growth.