Full renovation of 5 x 1 bed flats – Cliviger

Purchase & refurbishment costs

Purchase price£170,000
Refurbishment cost£76,396
Solicitor's fees & broker£2,100
Stamp duty£5,100
Bridging cost £9,803
TOTAL£263,399

Cashflow

Property valuation£300,000
Mortgage loan @80% LTV£225,000
Mortgage payment (interest only/PCM)£685
Rent (PCM)£2,675
Lettings management - 15% (PCM)£267
Operating expenses£267
CASHFLOW (PCM)£1,456

ROI & Yield

Money left in£38,399
Cashflow (PA) £17,472
Return on investment (PA)45.5%
Gross Yield10.7%

101-103 Burnley Road

Cliviger is a popular, quiet countryside village on the outskirts of Burnley, with house prices significantly higher than in central Burnley. As a result there are fewer rental properties in this area, and a much higher percentage of homeowners making for a desirable location and increased rental income. 

The building built in 1880 is one of many ex co-operative buildings dotted around east Lancashire, converted into flats between 1998-2002 by the previous owner. When we purchased them they required full renovation but no major structural changes. Set in a beautiful countryside area with fantastic views, the flats have private parking and a garden area with views over the hills and  river. This refurbishment was finished to a very high standard to attract our target market – working professionals who wish to live in a desirable village in the countryside, close to motorway links and Burnley town centre.

Call us today