Planning app: https://pa.watford.gov.uk/publicaccess/applicationDetails.do?activeTab=relatedCases&keyVal=RTATY9QWG7K00

Further information on the site - Watford Observer article. Full planning has been granted.

The financials:
▪ Purchase price: £450,000
▪ GDV: £1,350,000 (of the development of 4 x flats with £822,500 profit)
▪ Refurb costs: £500,000
▪ Purchase costs: £980,000
▪ ROCE: 12%
▪ Profit once sold: £370,000

▪ Buyer’s fee: £10,000 paid on the exchange of contracts
▪ CIL £47,500
▪ Solicitor’s fees £10,000
▪ SDLT £10,000

An email from RICS surveyor confirming the value of the development:
Thanks for your patience while I do more digging on this. I’ve had the opportunity to look at the plans now, they look a good design and I’m still surprised by how big they are, as they’re similar sizes to some of the bigger 2-bedroom flats we sell.

I notice there are terraces with them as well, which is a very nice touch. From what I could see, the measurements exclude the terraces, so I’ll assume that’s the case for my valuations, but let me know if I’m wrong in what I’m saying.

Obviously without having seen the exact spec and working solely off a drawing, it’s difficult to be completely accurate. It’s also difficult because there are limited comparables when it comes to 1-bedroom flats at this size. Given the size of them, they would most likely be competing in price with new build 2-bedroom apartments in the area, of which there are a good number.

Realistically, I would expect values in the region of:
▪ Flat Type A - £325,000
▪ Flat Type B - £350,000

Sourced endeavour to make our particulars accurate and reliable, however, they do not constitute or form part of an offer or any contract and are not to be relied as statements of representation or fact. The selling agent may or may not be the sole agent and will provide confirmation upon request. Any services, systems and appliances listed in this specification have not been tested by us and no guarantee as to their operating ability or efficiency given. All measurements have been taken as a guide and are not precise, please be aware some of the details may be waiting vendor approval. If you require confirmation or further information, please contact the selling agent. Fixtures and fittings are to be confirmed with the seller and not relied upon when listed. Sourced are not responsible for any loss of monies due to the purchase or purchase process with any property listed.