Watergate Street, Chester
A conversion of a beautiful four storey Georgian townhouse, to 8 luxury apartments.
Moments from Chester Racecourse and a short walk into the city centre, with its vast array of businesses and vibrant hospitality sector, this represents a tremendous opportunity for redevelopment.
Our primary strategy is to rent out the finished apartments, or use them as serviced accommodation – something that given the location would be extremely successful.
Although in need of refurbishment, Watergate Street is already laid out in such a way that conversion into these apartments is easy to visualise and bring to fruition, with movement of stud walls and some cosmetic enhancements.
* Warning: Capital at risk. The value of your investments can go down as well as up, so you could get back less than you invested. Suitable for sophisticated investors. *
Existing floorplan
Current condition
Target finish
The investment…
Purchase price £450,000
Fees incl. SDLT £86,980
Cost of refurbishment £450,000
incl 10% contingency
Total costs £1,164,636
incl returns
GDV/DUV lower estimate £1,615,000 ( 75% remortgage at £1,211,250 gives us our entire investment back, plus £46,614 gross profit, and an income-producing asset for life )
Income going forward…
Residential income £8,597.50 PCM ( £103,170 PA incl. 5% void rate )
less: Interest only remortgage & Running costs £5,517.49 PCM ( £66,209.85 PA )
Total net income £3,080.01 PCM / c. £36,960.15 PA
If you’re interested in becoming involved with this opportunity, with the ability to earn excellent fixed returns, please contact us.