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Buy-to-sell

Howgate House, Dewsbury

6 month Buy to Sell

£44,000 Raised
£44,000 Total
1 Investors
14.9 Projected Growth
23.3 Below Market Value
 

Overview

One bedroom apartment situated in Howgate House located in Dewsbury town centre.
This property has many attractive features including large windows, a separate fully fitted kitchen and a bathroom.
The property also has electric wall heaters.

Entrance hall

With entry phone system.

Lounge

17' 10" x 8' 10" (5.46m x 2.7m)
Double Glazed Window, TV Point, Electric Wall Heater.

Kitchen

5' 1" x 9' 10" (1.55m x 3m)
Fitted with a range of base and eye level units with matching worktops and tiled splashbacks, stainless steel sink with mixer tap over, built in single oven, 4 ring electric hob, extractor hood, integrated fridge and washer dryer, two double glazed windows, laminate floor.  Storage cupboard housing the boiler.

Bedroom

7' 8" x 9' 1" (2.36m x 2.77m)
Double Glazed Window, Electric Wall Heater.

Bathroom

Fitted with a three piece white suite comprising of panelled bath with shower over, low level WC, pedestal wash hand basin, tiled floor, part tiled walls, towel rail.  

Other Details

The property benefits from proximity to many local amenities including schools, shops, supermarkets and has good transport links. Dewsbury train station is 100 metres away and Leeds city centre is only 15 minutes by train.  

The property is in need of a new bathroom and some minor redecoration in order to maximise the potential re-sale value. The estimated timescale for the work is 4 weeks, with a good finish in preparation for sale.  

The property was previously sold for £55,000 in April 2012 and is being purchased at below market value.  We are expecting to achieve a sale price of £55,000 after renovation works are completed and the property is furnished with IKEA furniture.  

Dewsbury is situated between Leeds and Bradford 8 miles (13 km) to the north, Huddersfield a similar distance to the south west, and Wakefield 6 mi (10 km) east. Its proximity to these major urban centres, the M1 and M62 motorways and its position on the Huddersfield Line, served by the TransPennine Express, have contributed to its popularity as a commuter town. Dewsbury is part of the West Yorkshire Urban Area, although its natural boundaries are not well defined, with built up areas of the town running into Batley, Heckmondwike and Ossett. The town is dominated by hills, notably Earlsheaton, Dewsbury Moor, Staincliffe and Thornhill. The town centre is between 130 and 180 feet (40 and 55 metres) above sea level, rising to 360 ft (110 m) at Earlsheaton and Batley Carr, and 755 ft (230 m) at Grange Moor. The approach from Earlsheaton through the Wakefield Road cutting, constructed in 1830, is dramatic with the view of the town centre in the Calder Valley opening up. (ref: Wiki)

Purchase Costs

Purchase price £33,000
Acquisition costs £9,000
PTC listing fee £2,000
Total fundraise £44,000

Acquisition Costs

Stamp duty £0
Legal incl disbursements & VAT £1,460
Photography £150
Surveyors £300
SPV set-up £150
Gr rent/Service charges (6 months) £940
Renovation* £4,500
Contingency fund £1,500
Total acquisition costs £9,000

Projected Sale Proceeds

Sale price** £55,000
Cost of purchase (£44,000)
Insurance (contents) (£115)
Agent’s commission (1.5%+VAT) (£990)
Accountancy fee (£400)
Corporation tax*** (£1,804)
Projected net gain on sale £7,691
PTC exit fee (at 15%) (£1,154)
Net profit to shareholders £6,537
Targeted net ROI (6 months) 14.9%

* Renovation: new bathroom, painting woodwork, new curtains/blinds, new lighting, new furniture - bed, sofa, wardrobe, coffee table, decorative items

** Sale price: based on surveyors report

*** Corporation tax estimated at current rate of 19%

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