Goddington Lane, Orpington was a three bedroom detached bungalow. There were not many bungalows left in this street and the precedence was to change the bungalows into large executive houses. So our goal for this project was to demolish the existing bungalow and build a large executive house on the land.
We purchased this property in 2012 and we made a planning permission application to the local council which was granted in 2013. We started the demolition work soon after the granting of planning permission and our fine contracting team had demolished the existing property and built the new executive home by early 2014.
Initially we rented out this property for a few years and after the tenant moved out we decided to sell it. The new executive home looked so fine inside and out that we had a lot of enquiries and it sold pretty quickly.
There was a lot of hard work involved in the Goddington Lane project and the building costs were pretty high. We had a number of obstacles to overcome which we did, and in the end the profit on this project made it all worthwhile.
Here are the project financials
Costs Summary
Purchase Price: £325,000
Build Costs: £279,000
Finance and Professional Fees: £157,250
Total Costs: £761,250
Gross Development Value
Sold Price: £1,000,000
Investment Returns
Project Profit: £238,750
Profit on Cost: 31%