Today we are writing to share with you the latest updated photographs from Empire Property Holdings. With several developments, nearing completion we thought it would be a good opportunity to share the latest photographs, here on our blog.
The New Commerce House refinance has just completed and Empire Property Holdings have immediately acquired Newspaper House in Blackburn with plans in place to develop 66 flats.
The development is almost complete and already partially let even before completion. The remaining work is the lift refurbishment, which is due to be completed within the next month.
The entrance has been modernised with updated paintwork and signage, Empire Property Holdings have also rendered and painted the public walkway to the right, for the benefit of residents and members of the public.
This development is set up for a refinance at the end of May which will then allow Empire to proceed with Thornhill Street.
King Charles House
New Commerce House
The development is now complete and fully let.
New Commerce House
The brand-new boiler room equipment has been ordered and is due to be delivered in the next two weeks with an anticipated 3 weeks allocated to fully install it.
Floor preparation has been completed on floors 4 and 5 ready for carpet and floors 2 and 3 are now being prepared.
Empire Property Holdings are currently reviewing quotes for both refurbishment and replacement of the existing lifts.
Newspaper House, Blackburn
Empire Property Holdings have completed the purchase of Newspaper House and an application has been submitted to build 66 flats with car parking. The feedback received so far has been extremely positive and this will be the first apartment block in Blackburn.
£850,000 – Purchase price
£2,640,000 – Development £40,000 x 66)
£3,490,000 – Total
£429,000 – Income (66 x £125 x 52)
The rear warehouse has been leased back to the Lancashire Telegraph for one year. This does not impact on the development itself.
CGIs have been ordered and will be available for the next update.
Thornhill Street, Wakefield
Empire will be ready to acquire this property as soon as we refinance King Charles House. The property comes with full planning consent to change the current use to C3 apartments.
Below are the internal CGIs & we will have an external CGI ready for the next update.
£850,000 – Purchase price
£480,000 – Development cost (16 x £30,000)
£1,330,000 – Total
£112,320 – Income (16 x £135 x 52)
£50,000 – Commercial Income
£162,320 – Total income
Finally, Empire Property Concepts has just completed another significant project close to its Head Office. Princegate House is situated in a prominent location in the heart of Doncaster town centre.
- 8 month conversion
- 90 self-contained studio and one bedroom apartments
- Studios let at an average of £155.00 per week inclusive of all bills apart from council tax
The raise has been extremely positive and we currently stand at over £6.5m for the 2nd property bond. As a result, Empire Property Holdings expect to acquire a prime site in Halifax next week. Once contracts have exchanged, we will provide you with full details along with the specific computer generated images (CGIs).
Empire Property Holdings completed the purchase of Globe Works in Bolton on 3rd May 2017.
The key consultants have been appointed to get the site ready for works to commence and the structural engineer has completed the site visit.
Initial comments from the fire consultant are being reviewed with the architect so that the plans can be updated accordingly. Quotes are currently being obtained for the scaffolding for the whole building ready for sand blasting and new windows.
As you can see from the CGIs, Empire are looking to create a Manhattan loft style finish by making use of the large windows and exposed brickwork.
2 Year Income
Year 1: Interest at 10% p.a. payable every 6 months.
Year 2: Interest at 12% p.a. payable every 6 months
Total Interest and premium returned OVER 2 years: 22%
2 Year Growth
Year 1: Interest calculated at 10% p.a.
Year 2 (compounded) Interest calculated at 12% p.a.
Total Interest and premium returned AFTER 2 years = 27.2%
4 Year Growth
Year 1-4: Interest calculated at 60% simple interest in year 4.
This is equivalent to an APR of 12.5% for the 4 years.
Total Interest and premium returned AFTER 4 years = 60%
To learn more about this opportunity, click here to find out more and download a brochure.