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

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