We are delighted to present a rare and lucrative freehold investment opportunity in the vibrant town of Slough, Berkshire. Formerly an office building, this property underwent a successful change of use to residential, resulting in the creation of 153 self-contained units. The building, now leased to the local council on a full repairing and insuring (FRI) lease, generates an impressive annual income of £2,300,000.
The property's transformation from an office building to residential units has proven to be a strategic move, providing stable and substantial rental income through a secure lease agreement with the local council. The existing lease structure ensures a reliable cash flow, offering investors a steady return on their investment.
Future Development Potential:
Building upon the success of the initial conversion, the current owners have successfully obtained planning permission to further enhance the property by adding an additional 52 flats. This visionary development plan is poised to significantly increase the property's Gross Development Value (GDV) to an impressive £60,000,000 upon completion.
The proposed development comes with a well-planned financial strategy, with estimated development costs totaling £8,000,000. This includes expenses related to construction, permits, and other associated costs. The comprehensive cost analysis ensures that investors can expect an excellent return on their invested capital.
Return on Investment:
The combination of the existing lease generating £2,300,000 per annum and the upcoming development, set to substantially increase the property's value, positions this freehold investment as an attractive proposition for investors seeking a robust return on their capital. The strategic location in Slough, coupled with the rising demand for residential properties, further enhances the investment's potential for long-term growth.
This freehold investment opportunity in Slough, Berkshire, presents a unique chance for investors to capitalize on the successful conversion of an office building into a lucrative residential property. With a stable rental income from the local council and an approved development plan that promises to elevate the property's value significantly, this investment is poised to deliver an exceptional return on capital. Don't miss out on the chance to be part of this thriving venture in one of the UK's most promising real estate markets.
Council Tax Band: c