Irene Road, Orpington was a 4 bedroom detached bungalow. Our goal with this project was to demolish the existing property and build two new large executive homes. The property was purchased in 2014 and we applied for planning permission soon after buying the bungalow. This was initially rejected, but we appealed and obtained the necessary planning permission in 2015.
Soon after planning permission was granted we got to work on the demolition. At the end of 2016 we had demolished the existing property and built two new executive homes. You can see from the before and after photographs that this was a mammoth project. This was yet another triumph for us and our expert team of contractors.
Both of these new properties sold pretty quickly after building. They were extremely well built and no expense was spared to make these very attractive executive homes. The build costs were significant but it was worth it to realise the profit that we did.
Here are the project financials
Costs Summary
Purchase Price: £600,000
Build Costs: £851,000
Professional Fees and Financing: £276,750
Total Costs: £1,727,750
Gross Development Value
Sold Price: £2,100,000
Investment Returns
Project Profit: £372,250
Profit on Cost: 21.5%