Key Facts
Introducing 52-62 Borough Road, The project is a redevelopment of a prominent office building in central Middlesbrough into 25 self-contained student accommodation units.
- The property comprises a three-storey building that has been extended to the rear and attic space to provide office accommodation and staff amenities across all floors.
- The property has been occupied by a local Solicitor’s firm, Freer Askew Bunting, for a number of years and benefits from off street parking to the front and rear.
- The project has an excellent location being so close to Teesside University and has the demand for additional high quality Student accommodation in this area.
- Timeframe: 18 months
- Purchase price – £611,500
- Development cost – £1,005,540
- Total development cost - £1,617,040
- GDV – £3.921m
- Development profit - £549,627
- Margin on GDV (before Corp Tax)- 34%
- Margin on GDC (before Corp Tax)- 25%