The purchase
Client leveraged his residential property to purchase grade 2 listed commercial property, consisting of 4 retail units and 2 floors of office above.
Purchase price £720k
Loan amount £650k at 0.75%
The works
Client converted the office uppers to four residential flats.
Spent £150k
Added 480k of value
The result
GDV - £1.2m
Commercial annual rent - £45k
Residential annual rent - £30k
Remortgage at 75% LTV onto semi-commercial mortgage – release 900k to repay finance & costs.
£179K left to invest in next project.
Abbie Dickson-Davies
