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£275,000 Guide Price
Whitegates in Crewe are pleased to introduce this incredible investment opportunity, that presents a former Rock and Metal club that has been granted planning permission for 13 apartments, one office space, and features five entrances for convenience. Additionally, there is a car park included at the rear of the building. The property boasts a large cellar that can be utilised as extra space, despite not having permission to build due to head height restrictions. It also includes 8 reception rooms, three wash rooms, two shower rooms, two kitchens, a bar, and various other amenities. With its unique history and vast potential, this building is an ideal opportunity for investors looking to capitalise on a versatile property with multiple potential uses. Dont miss out on this chance to turn this former club into a lucrative investment venture, and contact Whitegates today to arrange your viewing!
The rental income potential for this property is impressive, with the 13 one-bedroom flats estimated to generate approximately 675 per calendar month each, and the office space projected to bring in around 1,000 per calendar month. This equates to a substantial annual income of 117,300, which over a 10-year period amounts to an impressive 1,173,000. Additionally, the potential sale price for the 13 one-bedroom apartments ranges from 75,000 to 85,000 per flat, and the office space is estimated to sell for approximately 175,000 to 225,000, resulting in a minimum total sale price of 1,150,000.
In conclusion, this investment opportunity presents a chance to secure a substantial and consistent rental income, as well as the potential for significant returns through the sale of the developed apartments and office space. With the buildings prime location and the added benefit of the car park, this property is a promising prospect for investors seeking a high-yield opportunity in the real estate market.
The location offers the convenience of being close to Crewe town centre, schools, other essential amenities and easy access to transport links, including the train station and bus station.
Tenure - Freehold
Council Tax Band - N/A
Thinking about selling your property? For a FREE valuation from one of our local experts, please call or e-mail our Whitegates office, and we will be happy to assist you with an award-winning service.
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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