Sunset Court

Property Stats

Purchase Price (inc fees): £800,000

GDV: £2,550,000

Status: Part SOLD

Permitted Development and Full Planning

Office Conversion

4x flats

2x New-build Houses

EV car charging

Background

We missed out on this purchase first time around, but like most projects we bid on, Jack is on the phone to the agent very regularly checking in on the progress with the sale. The legals were slow and the other buyer wasn’t progressing as fast as the vendor would hope. XP offered to step in and take the contract through to completion quickly and managed to secure the deal.

The site came with planning approval for the 2x new-build houses, and also the office conversion to 4x 2-bed flats which meant that XP could move forward quickly with the build process.

Like all of the sites XP work on we will always find added value, and we knew there was the possibility to change the 1-bed new-build houses to 2-bed houses very simply. The other enhancements included the utilisation of the derelict roof space within the office building which became a further two bedrooms and unlocking circa. £250,000 in additional value.

This added value coupled with a circa. £50,000 reduction in build cost by changing the approved internal layout gave XP an enhanced profit margin.

Buckinghamshire Council didn’t make the planning process easy and caused significant delays during delivery, but it did mean the scheme was pushed to it’s full potential.

The other notable challenge was Thames Water taking 13 months to install the new water connections which led to huge delays and abortive costs.

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