Latest Valuation
£144,995
ROCE
%
Location

Stylish Conversion in Southend on Sea – Hands-Free

Investment Opportunity with a Payment Plan
Guide Price
£144,995

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Key Features

  • Off-Plan, New-Build
  • No Sourcing Fee
  • Hands-Free
  • 4 Units Remainig
  • Regeneration Area
  • Town Centre

The Property

A hands-free investment opportunity, consisting of new build apartments, available with a payment plan.

This stylish conversion comprises 108 x studio, one and two bed apartments in Southend’s town centre.

Set within the 25,000 sq ft mixed-use Victoria Shopping Centre, Chartwell Plaza is perfectly positioned to enjoy the vast range of amenities and transport links on the doorstep.

The payment structure is 5% reservation deposit of purchase price and then 30% deposit paid over 3 - 4 months with the 65% balance due on completion via mortgage or cash.

When Chartwell Plaza was launched, the plan was to finish the development to the same specification as The Pinnacle, which was another Southend development that, completed around 18 months ago. The Pinnacle was a smaller development with just 60 units. When The Pinnacle reached the Southend rental market, they rented within 2 weeks.

Since then, Southend has proposed millions of pounds of investment for (to name a few) further infrastructure improvements, shopping centre redevelopment, airport expansion, University expansion, roadwork improvements and planned improvements for all rail stations. Although expected earlier, these proposals are only now beginning to play a large roll in what Southend will become.

Taking the above into account, the area has seen a huge rise in population and is becoming more popular for commuters, working professionals, small business and multi-national business alike.

It has now been decided that Chartwell Plaza warrants a better finish, this has mainly been brought on by the huge regeneration to the shopping centre and the plans for the area around the development. It is the best-located property development in Southend and due to this will create a high demand.

Q3 2020 BUILD COMPLETION
Floors: 12
Apartment Sizes: 34m2 - 84m2
Lifts: 2
Parking: 83 spaces
Service Charge: £900 per annum
Ground Rent: £250 per annum
Lease Terms: 125 years
Warranty cover included

Current availability:

No of beds, parking spaces, anual rental income, investor purchase price
1 bed - 1 - £9,000 - £159,995
2 bed - 1 - £10,200 - £184,995
1 bed - 0 - £8,800 - £144,995
2 bed - 1 - £10,200 - £177,995

Planning Information

N/A

The Plan

Current availability:

No of beds, parking spaces, anual rental income, investor purchase price
1 bed - 1 - £9,000 - £159,995
2 bed - 1 - £10,200 - £184,995
1 bed - 0 - £8,800 - £144,995
2 bed - 1 - £10,200 - £177,995

Mortgage plan:
Summary - 1-bed apartment
Purchase price: £144,995
Legal fees: £850
Total amount due: £145,845

Reservation stage:
Reservation deposit: £7,249.75
Legal fees: £850
Total due: £8,099,75

Deposit outstanding £43,498.50 payable before development built

Completion Stage
65% Balance payment - by way of mortgage or cash £94,246.75
Stamp duty (estimated): £4,749.75
Amount due at completion stage: £98,996.50

Income:
Estimated Gross Rental Income Per month £550.00 / Per annum £6,600.00

Expenses
Service Charge (estimated): £1,000
Ground Rent (estimated): £250
Tenant Management Fees @ 12% + vat: £950.40
Total Expenses* Per month £183.37 / Per annum: £2,200.40

Estimated Income net of expenses per month £366.63 / per annum £4,399.60
+ Letting & Setup Fees

The Location

Innovative, forward-thinking and fast-growing.

Southend’s economy is founded on sterner stuff than sand. HMRC are major employers in the area, the central VAT offices are located here and it’s a hub for card services.
As well as a thriving tourist industry, Southend is seeing massive growth in aviation and medical technology. A three-way local partnership including Anglia Ruskin University is developing new employment space adjacent to the airport to support the medical technology sector. The wider site has the potential to provide for over 7,000 jobs. This builds upon the longstanding presence of Olympus KeyMed and Southend University Hospital.
Advanced engineering within the aviation maintenance repair and overhaul area is growing due to recent airport investment.

Retail is buoyant in Southend-on-Sea. There are two major shopping centres as well as high street stores. The Victoria Shopping Centre underwent a £24 million refurbishment in 2014. There’s a newly introduced weekly market, and the town boasts one of the largest Waitrose branches in the UK. Southend has over 80 parks and 14 conservation areas as well as its seafront attractions which include a Ferris wheel.

Average estimated value for a house in SS99

£

ECONOMY
Southend has a rapidly expanding economy with over £130 million invested in the airport alone in the last three years by its owner.

REGENERATION
As part of the better Southend Initiative, the seafront has seen a £25 million facelift welcoming, a more cosmopolitan look and feel to the esplanade, extensive beachfront upgrades as well as
pavement and road extensions.

EDUCATION
Top ranking
With a University of Essex campus based in Southend, educational facilities are excellent. These include a host of primary and secondary schools as well as two top-performing grammar schools in the UK.

CONNECTIVITY
The area is easily accessible via two major roads the A127 and A13 - which link Southend to the M25, London and a host of other major UK cities. For those needing to commute via train, Southend has two train lines providing an efficient 40-minute journey into the city. London Southend Airport is a six-minute train ride from the town centre.