“Conversion in Middlesbrough”

At the end of November this property will go to auction. But we are offering it pre-auction to prospective develpers. This mixed commercial and residential property is located in the heart of Middlesbrough. It is metres away from the University. This large property currently comprises 2 large shops and 5 flats above. Planning has now been granted for 8 Studios and 2 commercial units. A build team is ready to do the necessary works if required to be completed for a student in-take in September 2025. Located in the main high street just 2 minutes walk to Teesside University.

The financials:
▪ Purchase price: £450,000
▪ GDV: £850,000
▪ Refurb costs: £200,000
▪ Profit once sold: £106,000
▪ Purchase costs: £10,500

For rent:
▪ Annual rent: £76,800
▪ Monthly rent: £6400
▪ Annual profit: £32,340
▪ Monthly profit: £2695
▪ ROCE: 30%
▪ GDV: £850,000

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.