Another of our most recent projects has delivered the numbers for our investors.
West Buildings, is a late Victorian mixed-use property in the centre of Worthing, adjacent to the seafront. this building was doing nothing for the local community or economy! Our design was based on an urban/industrial theme, creating a 6 bed HMO, all with en-suite shower rooms, with an open plan kitchen/living/working space, all designed with our residents wellbeing and home working in mind . As works progressed we were blessed with finding some amazing original features that we were able to keep such as the original flint stone wall. Along with unmasking some fabulous bare brick chimneys, all adding to our design theme. We have also renovated the commercial unit, which stood empty and unkempt for some time but is now available to rent.
Purchase Price – £245,000
Build Costs – £137,944
Refinance – £575,000
Rental Income – £60,340
ROI – 48.5%
Gross Yield – 15.5%
Valuation Day: ⠀
Preparing for the valuation survey itself is paramount, as part of Target Five’s service to our VIP Investors, we put together a comprehensive valuation report for the surveyor on the day, documenting the details around the project, the current rental income, detailed explanation of current comparable properties for both the rental and sales market, the renovation specification, planning documents and certificates/licences acquired. Meeting the surveyor in person is vital, especially if the property is tenanted, you need to be on hand to answer all questions.
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