10:41 AM, 18th June 2015, About 6 years ago 5
We have a commercial building which we retail from and after 2.5 years we have finally received full planning to build 6 new flats and convert 2 above our commercial building. It’s basically an extension on the current commercial building with parking at the rear.
Retail is a business we no longer want to be in. We have a complete build cost of 250k which includes all finishing and fittings. These are all 1 beds and our 2 small will achieve 500pcm and the rest 550pcm, commercial building 20k pa.We have an existing mortgage of 93k.
Do we continue to develop (financing is not a problem) or do we sell everything and then re-invest obviously as a cash buyer. My friend is snapping up 80k properties 25% deposit and achieving £550/645 pcm rent. The gross rental is 71,600 pa we would need to achieve somewhere north of 600k to sell, which would give a yield of over 8% to a investor.
What would you do?
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleMajority of UK tenants are satisfied with their landlords
Next ArticleAdditional Unauthorised Occupants
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|