The figures are in for our recently completed development, Montefiore Road in Hove. This mixed use property was sourced, designed and developed by Target Five for our longstanding investor. Planning was granted to convert the premises into a residential C3 dwelling.
We have recently converted the building into 3 separate apartments:⠀⠀⠀
– 2 bed apartment on the ground floor with a garden⠀⠀⠀⠀
– 1 bed apartment, first floor to the rear⠀⠀⠀⠀
– 3 bed HMO occupying part of the first and second floors
The recent valuation came in and surpassed our £900,000 prediction
Purchase Price £520,000
Purchase Costs £15,500
Approx Refurb £220,000
Revaluation Figure £1,050,000
Rental Return £55,800
Yield Return 7.4%
We have a very happy investor and even happier residents, who move in this week!