Doncaster - Self Contained Flats Development Site
A permitted development conversion from a B1 office to 29 self-contained residential flats.
York House is a mixed use development compromising four floors.The property was acquired a JointVenture partnership after being sourced by Empire. Empire then arranged for the planning requirements under the permitted development rights & were then instructed to manage the build development.
The top 3 floors were previously an unused open space office block.This allowed a custom floor print to be designed, maximising design & build efficiency respectively. Given the aesthetics of York House, sympathetic windows were installed throughout & the original features of the building were maintained where possible. One original feature which was successfully modernised was an original lift.This was replaced with a custom lift by the Platform Lift Company Ltd.
- 9 month permitted development conversion
- 29 self-contained flats
- Each flat let at £125.00 per week rental
- 50% let within 6 weeks
- 12% Gross Yield*
- Purchase Price
- 29 studios, average cost per studio
£31,000 (£900,000 Total)
- Total cost (including interest)
- Rental value
- 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.