Done Deal

Empire House

Doncaster

Empire House is a mixed use development comprising three floors.

The building was previously called Weston House and, up until it was acquired by Empire, it was an empty office block that was the former HMRC tax office. The property has been developed in accordance with the now permanent permitted development right to convert offices to residential.

The building has been renamed Empire House. There are four commercial units on the ground floor, one of which is Empire Property Concepts’ headquarters. The upper two floors consist of 24 spacious serviced studio apartments. The windows have been replaced in the Empire brand and the side and back elevations have been rendered grey making Empire House a striking town centre building.

Empire House is situated in a prominent position on the exit of one of the main roundabouts into the town centre. It is a 5-minute walk from the Frenchgate Centre, Doncaster train station which is situated on the East Coast Main Line and Doncaster’s new Cast theatre. It is also only a ten-minute drive from both the A1 north/south, the M18 and the Great Yorkshire Way which is the new £56m road to Robin Hood Airport.

Property Details

  • 9 Month conversion
  • 24 self-contained studio
  • Studios let at an average of £125.00 per week inclusive of all bills
  • 50% let within 6 weeks
  • 10% Gross Yield*

Development Figures

Purchase Price
£455,000
24 Studios, average cost per studio
£30,000 (£720,000 Total)
Total cost (including interest)
£1,250,000
Rental rental value
£156,000 per annum
Commercial rental value
£40,000 per annum
Investment value
£1,960,000

Notes

In relation to costs there will be ongoing management charges to a lettings management agent at circa 10% of the income. The utilities and council will be covered by the tenants themselves as these flats are fully self-contained and will have their own services. Also a provision will have to be made for small void periods. In total we estimate it will cost 15% of the income, inclusive of the management costs, voids and utilities, to cover all outgoings.This figure does not take into account savings from the proposed biomass boiler.