Mill Lane, Bedminster, Bristol
Preview
Project
We bought this property in January, 2017. Located just on the corner of popular East Street with a wide range of shops and just one mile of the Bristol City Centre, Bedminster is becoming a very desirable location in Bristol. At the time we bought, it was a mid terraced mixed use Freehold property arranged as a ground floor retail unit with two self contained flats above. The property was in a middle of two adjoining buildings that were one level higher than the building we purchased. Our professional team has spotted a new opportunity here to add additional floor and convert it into two-bedroom apartment, while at the same time we put a new application in place for the change of use of a ground floor commercial unit into a one person one-bed apartment. At the end of the scheme, the project delivered four luxury apartments (three one-bedroom apartments and a two-bedroom apartment).
R2G Properties received planning application granted for erection of 2nd floor extension to accommodate a two bedroom self-contained flat on the 6th of June, 2017. Planing permission for change of use of ground floor retail unit to studio apartment was granted on the 12th of January, 2018. Building woks for the second floor extension started in December, 2017. The project has been fully completed in October 2018.
PROJECT HIGHLIGHTS
Our aim for this development was to transform the building from run down property into a modern design building with sustainable energy innovation.
- The project produced four luxury apartments in a well desired location.
- We have created new leases for each apartment.
- Two of the apartments were let out
- Another two apartments had a sale agreed within two weeks being on the market.
Financial Summary
| Purchase Price: | £200,000 |
| Purchase Costs: | £22,620 |
| Development Costs: | £285,000 |
| Finance Costs: | £60,730 |
| Total Project Costs: | £568,350 |
| End Value per Flat: | |
| GF 1 Bed Apartment | £180,000 |
| 1 Bed Maisonette Apartment | £200,000 |
| FF 1 Bed Apartment | £171,000 |
| SF 2 Bed Apartment | £240,000 |
| End GDV: | £791,000 |