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Key Properties UK

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Life Size Property

Hi Karan,

Welcome to your page on our website!

82 Mansel Street


85 Mansel Street is indeed 4 flats (my mistake) and they are rented as follows:

2 bed £900pcm (which I think is pushing it a bit too high).
1 bed £600pcm
1 bed £600pcm
Studio £450pcm

The valuation of number 82 is based on the value of the flats individually at £85k per flat so that isn't affected.  I would recommend splitting the titles at purchase so you can sell 1, 2 or even all 3 off as leaseholds and charge ground rent in the future (or sell the whole freehold), that way you allow maximum exit possibilities.

The £1,800 rental return is based on the value of 3 x 1 beds, in fact the rear flat is worth more and the front conversion a touch less.  There is some damp in the rear flat which is why I have set the refurbishment costs quite high so there may be something to be clawed back from there too but I like to work with worst case scenarios.

To access the plans from the council site you need to login, I can download these for you as I have a login already.

312 Llangyfelach Road

The property you found listed is with Purple Bricks who are let's say "wild" with their pricing so we can't give too much credence to them, the price.  You will find values fluctuate based on a number of factors but looking again:

294 Llangyfelach Road was registered as "The Commercial Inn" so would have been cheaper.
295 was not in very good condition and seems to have been in the hands of sold twice in recent years so there may have been an owner issue leading to a quick sale.
297 Has a currently estimated value of £117k:  https://www.zoopla.co.uk/property/297-llangyfelach-road/brynhyfryd/swansea/sa5-9lg/20604063/

I own 2 properties a stone's throw from there, 261 Llangyfelach Road and 125 Eaton Road:

https://www.zoopla.co.uk/for-sale/details/56918357

https://www.zoopla.co.uk/for-sale/details/57599429

I have also sold 45 Clare Street a couple of years back which is nearby, it's an area I know very well.

I will need to go back and get more pictures as I cannot find the video I have on file for it.

It is a different landlord, it just happens to be that they're next door to the other plot.

The garden is a courtyard and the shops are no longer there.

The boiler and windows are good, the electrics are fine too.

Flats and Plot Llangyfelach Road

Yes the £1,500pcm is for renting out all 3 individually.

The door number is 314.

The pub isn't connected so won't have a full bearing on the outcome but we must take it into consideration as something that could have a small detrimental effect on the end value.

If the planning consent cannot be provided by the vendor then we have a compelling case for lowering the purchase price, I cannot find it.  However, sometimes these are stored incorrectly in the filing system and the vendor can provide a planning number which I am hoping he will.

67 Bryn Street

Yes I raised concerns about the mortgageability due to the location of the kitchen, it is fine, I normally raise a lit of issues in private and cover them off before presenting any properties to an investor because due diligence is a part of my role.

Again you will find a range of comparables, the last sale on the street was the 3 bed for £135k (no. 65) which is now valued at £147k by Zoopla and last sold in excellent, refurbished condition:
https://www.zoopla.co.uk/property/65-bryn-street/brynhyfryd/swansea/sa5-9hr/20603473/

Nunmber 40 sold for £135k in December 2019 and the capital appreciation has been so high since then that Zoopla now values it at £154k:
https://www.zoopla.co.uk/property/40-bryn-street/brynhyfryd/swansea/sa5-9hr/20603448/

Number 43 is currently valued higher too at £107k and was last sold in not the best condition.
https://www.zoopla.co.uk/property/43-bryn-street/brynhyfryd/swansea/sa5-9hr/20603451/

There are some further opportunities below, the Bryn Road one is the most pressing as discussed.

Kind regards,

Martin

  • 5 new Road

  • Sterry Road

  • Bryn Road

  • Blackpill

House and land Neath Abbey

This is a direct to vendor house that has enough land to the side to provide another dwelling.  Mostly in good condition with a need for a modernised kitchen and bathroom plus a freshen up of paint and carpets it's a spacious property that has 3.5 bedrooms, the 4th has been built in the roof space but has ceilings that are too low.  I'm not the tallest person and I've taken some pictures showing the ceiling height compared to me.

There are many options for this, four of which are:

1.  The houses to the right as you look at it are taller so you could raise the roof and add a third floor properly so the space can be utilised.

2.  Some of the properties to the left are purpose built blocks of flats so you could extend up and across to create a block of 6 flats.

3.  Split the title and get planning for a second house on the left.

4. Combine options 1 and 3.

5. Lightly refurbish and rent the property as it stands.

6. Combine options 3 and 5.

The property is available for £100k and as it stands is worth £113,000 according to the home track report which won't take into consideration the refurbishments done since 2012 when it last changed hands.

Valuation

£140k

R.O.CE.

24%

Flip

13%

Equity

£20k

Money Left In

£15k

Months To 100% Return

49.3

Sale Comparables

Here is a range of comparables, values vary significantly based on specific location and the type of property.

Rental Values

We will be able to rent this for £650 / month as a single let property.


Refurb Timeline

Our refurbs are organised as follows:

20% Up Front

Extra payments as and when each stage is completed.  

Photo and video evidence will be provided at each stage and you can also visit whenever you like.

This will take approximately 6 months to complete.

  • 3 fLATS AND LAND
  • 36 mORFYDD stREET
  • 82 Mansel Street
  • 382 & 384 Clydach
  • 312 LLANGYFELACH

3 Flats and land - Swansea

This is a combination of 2 titles under the same deal, 3 flats and the land to the side.

The 3 flats are direct to vendor and will value at £70k each all done.  However, they just need a tidy up and 2 of them will rent almost immediately.  Individually valued at £65k - £75k each they will deliver a bare minimum ROCE of 32% as they stand.

However, the land next to them is spacious enough to put a new detached dwelling on, a 3 bed new build with a driveway at the rear would command north of £150k.  There's also the possibility of changing the entire plot into a block of flats 2 or possibly 3 storeys high.

What I recommend is purchasing the unit and splitting the land off at the same time so that both options can be exercised if chosen.

In regards to the new build, obtaining planning and selling the development opportunity would deliver over £50k in extra profit (likely far more).

The calculations sheet below is only for the flats as they stand without any consideration for the new build plot.

Valuation

£210k

R.O.CE.

32%

Flip

7%

Sale Comparables

We have valued this at £65 - £70k per flat based on the size and location, this is a bare minimum valuation as the comparables for flats vary significantly based on exactly where they are, I have included a range in the report below from poorly kept flats in low end areas to higher end ones to show the variance.  The variance is the reason that I have kept the projections low, realistically we should be looking at £80k - £85k per flat in this area.

Refurb Timeline

Our refurbs are organised as follows:

20% Up Front

Extra payments as and when each stage is completed.  

Photo and video evidence will be provided at each stage and you can also visit whenever you like.

This will take approximately 6 months to complete.

Apologies for the racism in the video below, all one can do in such situations is laugh it off and carry on.

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