| SDLT & Legals – £4,110.00 |
| Mortgage @ 75% LTV – £97,500.00 |
| Cash left in – £8,210.00 |
| Equity @ 21 Nov – £28,400.00 |
| Gross yield on purchase price – 10.00% |
| Mortgage payment – £236.00 |
| Net monthly cash flow – £489.00 |
| Net annual cash – £5,868.00 |
| ROCE – 71.47% |
3 bedroom terrace property, purchased from a couple who had recently divorced and needed to sell and split assets quickly. Barrett Properties acquired this property in December 2020, the property was on the open market via a local estate agent.
This property was bought with cash as there was significant opportunity to add value through development and later re-finance using a traditional buy to let mortgage product, this means Barrett Properties were able to release some newly created equity upon re-finance from the development work we completed.
Location: 1 mile from Wisbech town centre
This property was bought with cash as there was significant opportunity to add value through development and later re-finance using a traditional buy to let mortgage product, this means Barrett Properties were able to release some newly created equity upon re-finance from the development work we completed.
Location: 1 mile from Wisbech town centre
The property has undergone a full refurbishment to bring up to safe, modern, compliant standards. Including:
Installation of gas central heating system (previously the properties only form of heat was two open fires!)
- Replaced rotten joists
- New kitchen with integrated oven, hob and extractor fan
- New bathroom
- Full re-wire and new consumer unit
- Plastering and decorated throughout
- New flooring
- Landscaping of garden and removal of large conifer
- Replaced fence in garden
- Repairs to exterior including new roof on extension
- 3 new windows and two external doors
Please visit the gallery below to view before and after content relating to the development of this property.
About us
As an innovative and professional property development business, Barrett Properties have earned a reputation for delivering high-quality projects. Calling on the experience and dedication of a close-knit team of specialists, we’re able to channel our expertise into projects we believe in, creating places we’re proud of.
We acquire and develop dilapidated properties in Wisbech, Peterborough and surrounding areas. Upon build completion we either chose to add the asset to our diverse rental portfolio of high quality, well maintained and high yielding, aspirational rental homes or we place the property on the sales market, typically marketing and selling to investors or first time buyers.