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£1,350,000
The site currently comprises of two blocks of two storey buildings with retail units to ground floor with residential flats above overlooking a central square with car parking and views over the adjacent playing fields.
Planning Consent:
Planning Consent has been granted by Braintree District Council Planning No: 19/00014/FUL to demolish the existing buildings and provide 1-5 shop units with 21 Flats above subject to planning conditions and S106 Agreement.
Please contact Sorrell for additional information including Design & Access Statement, Proposed Package, Title Plan, S106 agreement and Planning Decision Notice.
This development site is located in Witham, a mid Essex Town with a population of c 30,000 falling under the control of Braintree District Council.
Witham lies approximately 8 miles north of Chelmsford and approximately 13 miles south of Colchester and is linked by the A12 which joins the M25 to the south and Colchester, Ipswich and Norwich to the north.
Witham has a main line railway station joining London Liverpool Street Station, Ipswich and Braintree with direct rail time to London c 47 minutes.
The Rickstones Neighbourhood Centre site is situated at the junction of Dorothy Sayers Drive and Laburnum Way which lies approximately 0.5 miles north of the town centre. Witham railway station lies approximately 0.25 miles to the south.
1,350,000 for the freehold interest.
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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