Commercial to Residential Conversion — Croydon
Tour of a commercial to residential conversion in Croydon – in progress. Conversion of an office into apartments. Scroll down to see the anticipated financials.
Here are the figures:
| Costs £ | |||
| Plot | 450k | ||
| Development cost | 550k | ||
| Total costs | 1 million | ||
| Sale prices | Apartments | Value | GDV £ |
| Studio | 2 | 220k | 440k |
| 1-bed | 2 | 250k | 500k |
| 2-bed | 2 | 340k | 680k |
| Total | 6 | 1.620 million | |
| Rental Income per month | Apartments | Rent pm | Total |
| Studio | 2 | 650 | 1,300 |
| 1-bed | 2 | 1,200 | 2,400 |
| 2-bed | 2 | 1,500 | 3,000 |
| Total | 6 | 6,700 | |
| Rent Per Annum | 80,400 | ||
This week we update on one of the pensions we are transferring into our SSAS.
Sarah talks about what you need to consider when remortgaging a BTL.
It is also our 1 year anniversary of starting this vlog – Yay!
What exit do you think Tony should take? What would you do if it was your development?
- Sell the whole development of 6 finished flats
- Sell the apartments individually to private buyers
- Keep the development and rent out as Buy-to-Let
We’d love to know your thoughts. Leave a Comment below.
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Best wishes, Sarah Choy & George Choy
Creators of the Stealth Millionaire Programme
By George Choy & Sarah Choy | 31 January 2020