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Worthing Development

Project Details

Investment Opportunity: Buy To Sell Conversion of 5 Bed Detached Property to 4 High Quality Self Contained Apartments

Location: Winchester Road, Worthing, West Sussex

Bedrooms: 4

Background

This property is a substantial detached five-bedroom home, situated in the seaside town centre of Worthing, in West Sussex. It is within easy walking distance of a comprehensive range of national department stores, coffee shops, eateries and independent stores. 

The seafront and promenade are close by, where the historic pier and the iconic Dome Cinema can be found and there are a number of public parks available. Trains regularly depart from the nearby Worthing railway station to London and take less than 90 minutes or to Brighton the journey is around 20 minutes.

Find out more

Our Buy To Sell (BTS) strategy was to purchase the property through a combination of private investors and a bridging loan, convert into four high quality one and two bedroom apartments and then sell off plan or immediately upon completion for a profit.

The development required obtaining planning permission to convert the existing detached 5-bedroom house into 4 separate, self-contained apartments all with parking, roof terrace and communal outside space. The development was scheduled to take 12-16 months.

The development was completed to a high specification and the apartments were valued and marketed for sale at just over £1m in total. Once sold the whole development project will yield a total net profit of £143,179.

Financial Overview

Purchase Price

£560,000

Purchase Costs

£73,600

Cost of Development

£145,000

Total capital outlay

£778,600

 

 

New Valuation

£1,000,000

Selling & Exit Costs

£78,221

Total net profit

£143,179

 

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Team MODUS

Get in touch

Modus Property Limited

Modus House, 100a Wakefield Road, Lepton, Huddersfield, West Yorkshire, United Kingdom, HD8 0DL

Phone: +44 (0)1484 971065

Email: hello@modus-property.com

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