9 bedroom property for saleRM6 4BE
Sold by Us £1,200,000
- Freehold Development/Investment opportunity
- Planning for 2 A1 shops & 7 Apartments
- Providing the highest yields and capital growth prospects in the outer London Boroughs
- Crossrail services launching in 2019 with Havering and Barking Stations on the new Elizabeth line
- Within minutes walking distance of Chadwell Heath British Rail Station .
Full description"The only way is Essex!" for developers and Investors with the news that the highest yields are currently being achieved in the outer London boroughs of Havering and Barking.
Data shows that Chadwell Heath in London Borough of Barking & Dagenham - where Crossrail services launch in 2019- offer a 7.6% yield against 2-4% in prime central London. Havering and Barking will also have stations on the new Elizabeth line - making the entire area a key investment hotspot for Landlords by achieving extremely impressive yields.
A very attractive and rare Development/Investment opportunity.
The Freehold is for sale to the existing property and site that is ripe for development comprising two ground floor commercial shop units and 1x1 and 1x2 1st floor residential units that will be offered with full vacant possession upon completion.
The existing Commercial space is 170 sqm and the Residential accommodation is currently113 sqm approximately.
Planning Permission has been granted for a total redevelopment of the site to provide two ground floor Commercial A1 shop units and seven new good sized apartments that comprise a Ground Floor 1x1 bedroom and 1x2 bedroom apartment with outside space. The First Floor will have 2x1bedroom apartments and 1x2 bedroom apartments and Second Floor 1x1bedroom and 1x2bedroom. The upper floor flats will be serviced by a new automatic passenger lift.
Once the proposed development has been completed the Commercial element will be approximately 83 sqm and the Residential element will amount to 419 sqm approximately.
Our Clients have provided us with a quotation to the redevelopment building works that amount to £378,000.
Re-sales to the Residential proportion of the site once the development has taken place are estimated as follows:-
4 x 1 bedroom: £225,000 - £247,500 and 3 x 2 bedroom: £237,500 - £261,250 approximately Subject to Contract. A total of between £1,600,000 & £1,800,000 approximately plus between £560,000 & £580,000 for the Commercial element which will provide the developer/investor with a total estimated resale value to the development of £2,300,000 STC.
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