15-29 The Broadway
The acquisition and transformation of a vacant office complex into residential units and ground floor commercial space.
Details:
A new mixed use development providing 78 one-bed, two-bed and studio flats above ground floor commercial space of 7,755 sq ft. Commercial space available with planning consent for A1, A2 and A3 use. Completion Winter 2020.
This new development comprises of three ground floor retail units with a substantial frontage to the Broardway, close to the junction with Queen’s Square, where occupiers include the renound Starbucks, Savers, Poundland, New Look, Metrobank & a 20000 sq ft flagship Decathlon. Surface car parks were proposed to the rear and opposite.
Permitted Development
Total Units
Unit Sale £psf
Avg Price of 1 Bed flat
Avg Price of 2 Bed flat
GDV
Gross Costs
Gross Profit
Gross Margin
Duration
Equity Investment
Initial
57 + 3 Commercial
£401
£213,809
£266,000
£15,136,750
£15,965,529
£2,653,517
21.26%
25 months
£1,250,000
Actual
78 + 3 Commercial
£395
£231,506
£291,506
£21,520,820
£16,900,000
£4,620,820
27%
27 months
£1,250,000
