Empire - Done Deal Britannia House

DONE DEAL

BRITANNIA HOUSE DONCASTER - SELF-CONTAINED FLATS DEVELOPMENT SITE

FEBRUARY 2016

BRITANNIA HOUSE, DONCASTER

DESCRIPTION

Britannia House is a conversion from a disused pub to a luxury HMO. It comprises three floors in the main building and a one storey building at the rear of the property. There is also an eco-friendly state of the art bio-mass heating system which provides the central heating and hot water supply to the whole of the property.

The property was acquired and developed by Empire. It was a challenging development as the shape of the property meant that the internal layout had to be carefully considered and reconfigured in order to achieve the best possible living spaces for prospective tenants.

Britannia House is now an attractive building that is prominent from one of the main arterial roads into Doncaster city centre.

PROPERTY DETAILS • 10 month conversion • 25 studios, communal kitchen and laundry room • Studios let at an average of £110.00 per week • 100% let within 10 weeks •

10% Gross Yield*

DEVELOPMENT FIGURES Purchase price

- £160,000

25 studios, average cost per studio

- £30,000 (£750,000 Total)

Total cost (including interest)

- £1,100,000

Rental value

- £162,500 per annum

Investment value

- £1,625,000

DONE DEAL

BEFORE

AFTER

NOTES In relation to costs there will be ongoing management charges to a lettings management agent at circa 10% of the income. The utilities and council will be covered by the tenants themselves as these flats are fully self-contained and will have their own services.

Also a provision will have to be made for small void periods. In total we estimate it will cost 15% of the income, inclusive of the management costs, voids and utilities, to cover all outgoings. This figure does not take into account savings from the proposed biomass boiler

TEL: 01302 639 444 EMAIL: info@empirepropertyholdings.co.uk WEB: www.empirepropertyholdings.co.uk

DONE DEAL

TEL: 01302 564 263 FAX: 01302 564263 EMAIL: info@empirepropertyconcepts.co.uk

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EmpireProperty Concepts