This is a substantially sized Public house set in a large plot of land that has huge potential to split and convert into three lovely family homes. The purchase also includes an existing detached three bedroom cottage that needs some refurbishment and also offers potential to increase its value to be sold on.
The property is in a very good condition and does not show any signs of structural issues or damp. There is a huge front and side car park with a large bear garden.
The property currently has four large dining areas three bars, kitchen facilities, barrel and wine storage room, utility room, storage rooms, one bedroom flat, toilets, huge beer garden, office room, and much more.
Discussion in principle with the local planning department indicates that they would not have any objection to the property being converted into three or more residential units.
Proposals
Agreed Purchase Price £925,000.00
Apply for full planning to convert the property into three four bedroom family homes and refurbish the cottage into a four bedroom home as well, each will have a large front and rear garden with off street parking.
Development Costs estimated at being £480,000.00 which includes the sub division and refurbishment of each property and the construction of a rear extension to each property to increase it foot print and value.
GDV would be approx. £2 million to £2.2 million with a Profit of between £500k and £700k
Development Costs
- Purchase Price
£925,000.00 - Planning, design and consultation fees
£18,000.00 - Refurbishment / Development Costs
£480,000.00 - Total Costs (A)
£1,423,000.00
Potential Profit
- Sell existing refurbished cottage for
£479,000.00 or £499,000.00 - Sell three new cottages each for £499,000.00
£1,497,000.00 or £1,650,000.00 - Total Sales (B)
£1,976,000.00 or £2,149,000.00
Potential Profit A – B
£553,000.00 or £726,000.00
