- Prime Location
- Commercial Conversion
- Projected Net Cashflow: £20,625 pa
- Guaranteed 5 yr FRI Lease
- BMV Conversion Opportunity
- Nearly all money out
Currently empty shops with storage units above all under one freehold title and whole block classed as A1.
Planning permission (lapsed in 2014) to convert to 5 X 2 Bedroom Apartments and a large commercial unit of 200m2. Each flat will be 48m2.
Prime location in Blackpool ideal to be used as serviced accommodation.
Serviced accommodation operators in place ready to pay you guaranteed rent of £500 pcm for each apartment. They will offer a Fully Repairing and Insuring lease for 5 years, making the investment completely hands off. All maintenance will be carried out by the operator and with no management fee, no voids and no repairs, this investment is truly hands-off passive income.
Alternatively, sell in the open market for instant profit.
PRIME LOCATION COMMERCIAL CONVERSION
Freehold block on 1 Title
Existing use class A1 to be converted to A1 + C3
Planning lapsed in 2014
MARKET VALUATION: £570,000 (AFTER REFURBISHMENT)
PURCHASE PRICE: £185,000
PROJECT MANAGEMENT £16,800
STAMP DUTY £700
SOURCING FEE £5,000
TOTAL COSTS £409,000
DEPOSIT TO RESERVE: £5,000 (DEDUCTIBLE FROM PURCHASE)
FRI FLAT LEASE GROSS INCOME: £30,000
COMMERCIAL GROSS INCOME £12,000
TOTAL INCOME £42,000 YIELD: 7.37%
PROJECTED NET CASHFLOW £20,625 PA | £1,719 PCM
NEARLY ALL MONEY OUT
Planning for 5 X 2 Bedroom Apartments and one large shop lapsed in 2014
Resubmit mirror plans to Blackpool planning department which should be granted within 8 weeks