Key Facts
To be developed in partnership with Best Western Hotels
- Located immediately in front of the entrance to the Middlebrough railway station, 10 minutes’ walk from the University and in the heart of the city centre.
- Opportunity to convert to accommodation for students or utilise as serviced accommodation for contractors (discussion commenced with Best Western Group).
- Current owner has already applied for planning to convert to residential – this will need re-applying as the scheme is not workable.
- £170,000 awarded by Homes England to restore frontage.
- Timeframe 12m. Subject to planning.
- Purchase price – £949,500
- Development cost – £1,395,000
- Total development cost - £2,344,500
- GDV – £3,260,000
- Development profit £915,500
- Margin on GDV – 28%
- Margin on GDC – 39%