The property was refurbished as serviced offices in 2017, spread across three floors the property is divided by stud walls creating individual office units for rent and lending itself to a conversion with minimal structural works required.
The property has a number of features that will be retained and is situated in the heart of Wigan town centre. The property is freehold and registered with the land registry under title number MAN336459.
Wigan is conveniently located between the major cities of Manchester and Liverpool
The Observer building is located in the town centre
Local amenities and a train stations are a 2 minute walk away. Direct services to London with a travel time of 2 hours and Manchester and Liverpool can be reached in 30 minutes.
Local businesses including NHS and Wigan council offices are a short walk away.
Wigan college is a 6 minute walk away from the property
The Royal Albert Edward Infirmary is just a 20 minute walk – a large employer in the area.
At the heart of the regional motorway network it affords quick and easy access to the rest of the UK via an extensive road network which covers north to south and east to west.
Wigan is also well located to both Manchester Airport and Liverpool John Lennon Airport.
The borrowers have exchanged contracts on the purchase of this unique office block in the heart of Wigan town centre. The property will be purchased with planning permission in place for the conversion to eighteen self contained apartments. The investment opportunity was identified by the borrower a property developer and experienced builder who has completed multiple projects in the area.
The borrowers are raising £792,000 for the purchase and conversion of this office block built in 1913 to house the printing of the “Observer” newspaper. The planned exit is to sell the properties within an 18 month period, generating an estimate profit margin of 21% on sale of the converted property.
Investors funds shall be utilised as £338,000 towards the purchase price of £686,500. The remaining balance covering conversion costs and professional fees drawn down upon submission of a monitoring surveyor report confirming works have been completed.
The property gained planning permission to be converted into a eighteen self contained apartments, all one bedroom apartments.
The planning was gained through Wigan Borough Council (reference A/19/87661/PDO) and a copy of the planning consent and drawings can be found on our platform under the project www.sourcedcapital.co/projects
Given the demand for smaller properties being popular in this location we intend on developing the property to fit the gap in the market taking advantage of this to gain a high level of return.
The build works will be carried out and the borrower will prepare for an open market sale
Interest will be repaid with the capital at the end of the term
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Bonus: £50 when you lend your first £500.
Type: Bonus paid on drawdown of the loan by the Borrower.
Terms: To claim this offer, you will need to invest a minimum of £500 into the loan opportunity. You will then have your account credited with £50 on drawdown of the loan. This offer only applies to your first £500 investment. Lender Terms and Conditions apply.
Cash-back Reward: 2% when you lend £20,000 or more.
Type: 2% Interest added on drawdown of the loan by the Borrower.
Terms: To claim this offer, you will need to invest a minimum of £20,000 into the loan opportunity. You will then have your account credited with 2% of the final amount you have invested on completion of the loan. Lender Terms and Conditions apply.