Latest Valuation
£430,000
Yield
%
Selling Agent
Sourced Warrington

Conversion Opportunity with Planning for 14 Apartments

Ready to go Project in Halifax with 20% ROCE
Guide Price
£400,000

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Key Features

  • Ready to go Project
  • Full Planning Approval
  • Suit Developer or Investor
  • Town Centre Location
  • Close to all Amenities
  • Already Stripped out

The Property

This attractive commercial property in Halifax Town Centre can be converted into 14 self-contained apartments, as per the approved planning. Ideal buy and hold opportunity or potentially title split.

This large, 3 storey, stone building was previously used by the NHS. It has already been stripped out, ready for the conversion.

The property comprises two adjoining mid-terraced Victorian period properties, providing accommodation over three principle floor levels plus basement storage. Internally, the property comprises of a reception and waiting room, cellular clinic rooms/offices and open plan offices together with relevant WCs and kitchen facilities. At the rear is a link building, providing two storey annex consisting of separate reception entrance and clinic rooms. All mains services are connected to the property, with heating provided by way of a gas fired central heating system and there are also fire and intruder alarm systems connected.

Planning Information

Full planning permission was granted by Calderdale Council in October 2016, for the conversion to 14 apartments.

The vendor appointed a local building control company to serve notice and the property was stripped out in September 2019.

A variation was also granted on the 3/1/2020.

The Plan

Our suggested plan is to convert the current building into 14 apartments. On the approved plans, there are 3 x studios (average 335 sq ft), 6 x 1 beds (average 428 sq ft), 3 x 2 beds (average 630 sq ft) and 2 x 3 beds (average 824 sq ft). 2 apartments in the basement, 5 on the ground, 4 on the 1st floor and 3 on the 2nd floor.

Assumed costs:
Purchase Price: £400,000
Sourcing Fee: £10,000
Legals: £3,000
Stamp Duty: £9,500
Conversion: £600,000
End valuation: £1,300,000 (based on £50k for studios, £80k for 1 beds, £120k for 2 beds and £175k for 3 beds)
Mortgage at 70% = £910,000
Cash left in: £162,500
Gross Rents: £6975 pm / £83700 PA
Net rent: £2,765 pm / £33,180 pa (10% management, 4.5% interest only mortgage)
ROCE: 20%

The Location

The property is situated along Prescott Street, with secondary frontage and access to St Johns Lane within Halifax Town Centre.

Excellent main road communications exist with Junction 24 of the M62 Motorway located within 5 miles.

Surrounding occupiers include Lloyds Banking Group, Halifax County Court and other commercial and residential occupiers.

Average estimated value for a house in HX1

£93,750

- Overall, sold prices in HX1 over the last year were 2% up on the previous year

- Properties in HX1 had an overall average price of £104,697 over the last year

- Flats sold for an average of £117,976