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£730,000 Guide Price
The Approval:
Planning permission approved for the demolition of the existing building and create a residential block configured over three and four storeys comprising twenty-two apartments with ground and roof-top amenity/ garden space, car and cycle parking, and landscaping.
S106 and affordable housing stipulation of two dwellings. 1 x 1 bedroom apartment and 1 x two bedroom apartment.
Existing Site:
Currently, industrial premises comprising a substantial three-storey, brick-built building. The site is internally configured with workshop areas to the ground with a side yard loading area. The remaining floors are split between workshop and inspection rooms on the first floor and office accommodation on the second floor
The site is currently tenanted however will be vacant upon completion
Size: Total GIA Circa 1301 SQM
Tenure:
Our client advises us that the property is freehold. Should you proceed with the purchase of this property this must be verified by your solicitor.
Location:
The site is situated fronting Nursery Road in the Hockley area of Birmingham, approximately 1 mile north of Birmingham City Centre
The location is Close to the Jewellery quarters and Birmingham City Centre with good public transport & links, shops & schools nearby
The site is a short distance from Hockley Circus, which allows direct access to the Birmingham ring road. The site also provides excellent access to the A34 and A38 Motorways on route to the National Motorway Network at Junction 6, M6 approximately 2 miles distance.
Nearest Stations:
Jewellery Quarter (0.5mi.)
Jewellery Quarter (Midland Metro Stop) (0.5mi.)
Soho Benson Road (Midland Metro Stop) (0.8mi.)
Documents Available Upon Request:
Brochure
Design And Access Statement
Planning Layouts
S106 Document ( Affordable Requirement)
Title Confirmation
Viewings:
Roadside or strictly by appointment via Allen Heritage
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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