34 Coombe Lane, London SW20
New-build, six luxury apartments
Projected GDV with 75% sold: £3,373,000
Purchase price: £1,500,000
Purchase & professional costs: £247,000
Development costs: £672,000
Added value: £954,000
Gross margin: 39%
34 Coombe Lane is a new build development on a large car park building behind a parade of shops. The development is split into two phases; six new build apartments in phase one and the redevelopment of the shop and its uppers that were purchased with the land in phase two along with an additional flat to the new build element.
The land was purchased with benefit of an extant planning permission though various applications have been made since to improve the scheme. All units for phase one were sold off-plan at their guide price and there is significant interest in both the commercial and residential elements of phase two and we expect to sell these immediately off-plan once planning for the proposed changes is granted.