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£2,000,000
Freehold development site for sale in close proximity to Mile End Station. Measuring almost 5000 square foot this former Chapel presents a fantastic opportunity for a residential or mixed-use development STP (subject to planning).
Freehold development site for sale in close proximity to Mile End Station. Measuring almost 5000 square foot this former Chapel which is currently used as a GP surgery and vacant offices represents a fantastic opportunity for a residential or mixed-use development STP (subject to planning).
The site is locally listed but not deemed a site of significance by English Heritage.
Based on our own research, if knocking the building down is permitted, there is an opportunity to build a new scheme over five floors. This could be commercial over ground and basement with nine apartments over the first, second, and third floor. If building without any commercial, the site supports massing for up to sixteen brand new apartments. If knocking the building down is not permitted, there is a relatively straightforward conversion within the existing structure that should generate eight to nine brand new residential apartments arranged over four floors, basement, ground, first, and loft space.
Merchant Street is in the heart of Mile End, which is a sought after district in East London, on the city fringe. The site benefits from excellent transport links, including Mile End Underground (Central, District, and Hammersmith & City) Bow Road (District and Hammersmith & City), and Bow Church DLR all within 5 minutes-walk.
Nearby new sites of comparable interest - Linden Homes have recently converted the former hospital at St Clements (200 meters from Merchant Street) with average prices exceeding 750 per square foot.
Map location is not available for this property.
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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