Wakefield - Self Contained Flats Development Site
Exchange House is a mixed use development comprising four floors.
The property was acquired by Empire and developed in accordance with the permitted development right to convert it from offices to residential.
The ground floor comprises of two retail units which are let to a high profile sports retailer and a well-known food retailer. The upper three floors have been converted into 30 self-contained studios.
The windows have been replaced in the Empire brand, totally transforming what was once an ugly office block into a vibrant modern looking building.
Wakefield has seen considerable investment in the city centre in the last few years and there is on-going regeneration of the more historical parts of the city centre together with the new state of the art Wakefield Westgate Railway Station.
Exchange House is a 5 minute walk from Wakefield Westgate Railway Station and a 5 minute walk from the new Trinity Walk Shopping Centre.
- 6 Month conversion
- 30 Self-contained studios
- Studios let at an average of £125.00 per week
- 50% Pre let
- 16% Gross Yield*
- Purchase price
- 30 Self-contained studios, average cost per studio
£30,000 (£900,000 Total)
- Total cost (including interest)
- Rental value
£195,000 per annum
- Investment value
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.