The Wheatsheaf Hotel, Upper Benefield, Northamptonshire
The property was purchased in September 2017 with planning permission to convert the hotel into 6 apartments and 2 new build houses in the garden / carpark. Upon purchasing the property we put in for an amendment to convert the hotel into 6 houses which was approved with a further application to increase to 4 new build houses in the garden / car park. After consultation with the local parish & planners we withdrew this application and in January 2019 we re-submitted a completely new scheme to convert the existing buildings into 3 houses & 2 new builds. This was approved in April 2019 and work commenced in August 2019.
The headline figures are as follows:
PP - £725,000
Planned Development Cost - £1.2million
GDV - £2.5million
Estimated profit before tax £575,000
Planned Development Cost - £1.5million
GDV - £2.9million
Estimated profit before tax £675,000
Timescale 24 - 30 months.
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