Commercial, SA & BTL deal
Hello everyone, We have been out looking at a deal today and think it could be a great opportunity. We were not even meant to be looking at it, this came about due to a discussion with an agent who offered us the opportunity to see it. The property comprises of: A shop with basement storage Large 4 bed property above 1 bed maisonette at the rear. Purchase price is £240-260k in negotiation Our idea: Tidy up the shop and look to rent Refurb large 4 bed property into serviced accom Tidy up maisonette and either rent or SA this space. The agent isn't aware but the shop and property above is grade ii listed. Cost of works: We think costs to modernise the shop and both properties would be around £60k Rentals: Shop = £1000pcm 4 Bed SA = 60% Occupancy based at £150pn £30,000 1 bed either = £700pcm or SA 60% Occupancy at £60pcn £13000 Total = £56,000 Re value - Not really sure how to value it but would think at least £400K Currently there is no title split so this could be explored. Just wondering if this deal looks as good to you as it does to us. If so how you would go about financing this deal, how you could offer returns (I am thinking on re finance) feedback and questions welcome. Thanks Simon & Amy