Goldmine Close, SE16
GOLDMINE CLOSE SE16
- We purchased this property for £730 000 in January 2015
- A terraced house in a gated development next to Canada Water Tube Station
- Identified the opportunity to convert the loft and garage
- Turned property into a 6-bedroom, 6-bathroom house
- 10-month project turnaround
- Property valued at £1 million after refurbishment
- Net 26% uplift in capital invested
GOLDMINE CLOSE IMAGES
PLANS
Here you take a look at the full scale plans of this house and interact with to grasp it’s full scale and design within the house and surrounding area.
INVESTMENT MODEL
| PURCHASE SUMMARY | RENTAL SUMMARY | ||
| Purchase price | £ 735 000.00 | Number of residents | 6 |
| Mortgage @ 70% Loan To Value | £ 514 500.00 | Price per person | £ 920.00 |
| Interest rate | 5% | Total rental income per month | £ 5 520.00 |
| Mortgage payment (Interest Only) | £ 2 143.75 | Minus bills and service charge | £ 600.00 |
| Management fee | £ 1 104.00 | ||
| INITIAL INVESTMENT | Mortgage payment | £ 2 143.73 | |
| Deposit | £ 220 500.00 | Rental surplus per month | £ 1 672.25 |
| Stamp duty | £ 26 750.00 | ||
| Legal fee | £ 2 000.00 | Gross squre footage at purchase | 1312.72 |
| Building and renovation | £ 110 000.00 | Price per square foot | £ 559.91 |
| Furniture | £ 7 500.00 | Gross square footage after loft and garage conversion | 1667.80 |
| Project fee | £ 19 000.00 | Price per square foot | £ 599.59 |
| Cash requirement | £ 385 750.00 | ||
| Cross yield | 7.84% | ||
| Nett yield on capital invested | 5.20% | ||
| POST INVESTMENT | |||
| Property value after refurbishment | £ 1 000 000.00 | ||
| Capital upside | £ 99 750.00 | ||
| Upside on capital invested | 25.86% |
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