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£550,000
This previously well established restaurant premises provides an excellent opportunity occupying a fantastic position on Stourbridge High Street and is situated across ground and first floors. The ground floor has an entirely glass frontage and consists of restaurant floor, kitchen and prep room as well as male, female and disabled W/Cs. There is further restaurant space on the first floor along with two freezer rooms, managers office and storage/changing facilities for staff.
Ground Floor: Restaurant - 44.01 x 22.06 = 996 Sq Ft Kitchen - 11.08 x 10.11 = 129 Sq Ft Prep Room - 44 Sq Ft Male, Female and Disabled W/Cs First Floor: Restaurant - 29.02 x 17.11 = 525 Sq Ft plus additional 140 Sq Ft Two freezer rooms Managers Office 35 Sq Ft Store/changing room
The premises is situated prominently on the High Street in Stourbridge within the Ring Road. There is substantial free car parking in close proximity and easy access is gained to neighbouring towns and villages such as Oldswinford (1 mile), Wollaston (1 mile), Wordsley (2.5 miles) and Hagley (4 miles).
Freehold
Rateable Value - 29,000 Rates Payable - 14,471 (approx.) Information provided from the VOA
Price on application.
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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