2022 so far for Agile Property Partners
2022 so far for Agile Property Partners has certainly been enough to blow away any cobwebs that may have collected over the distant festive break.
With completion of works due on 3 of our projects very soon we have been busy putting them to the market and already have buyers for 4 of the 5 properties that make up the projects. Here’s the latest update of what we’ve been doing on each plus details of other potential projects we hope to start this year.
We have secured a buyer for this commercial conversion project in Lowestoft that saw us turn a tatty former office unit into 3 apartments and a good sized modern office unit for a profit of £140K.
After months of false starts and hard work we have finally managed to get the upgraded power supply into our multi-let property! This project has seen us turn a very poorly maintained 5 bedroom HMO into a 6 bedroom multi- let unit (all ensuite) and a separate 1 bedroom apartment. With sales agreed on both for a profit of £150K we will now be chasing the final building regulation sign off and hope to complete on the sales of both by the end of next month.
Gordon Rd Project
This new build of 2 x 3 bed semis in Thorpe St Andrew has progressed well and we’re on track to have build work completed and signed off by building control by the end of this month. With a sale already agreed on both properties we weren’t surprised at the high demand for viewings. We are looking forward to securing a profit of at least £120K. We used timber frame construction for the first time on this project and will certainly consider this for future projects for both its speed and the extra flexibility it allows throughout the build process.
Having successfully completed this commercial conversion we now have 6 x 1 bedroom apartments situated overlooking the harbour in Lowestoft. With rental demand high we are looking forward to getting these tenanted by the end of the month!
New Projects for 2022
We are very close now to completing the purchase of our next project; a new build again in Thorpe St Andrew of 4 townhouses and a block of 4 apartments! We are excited by the prospect of this project which again will see us using timber frame construction and with property in the area being so sought after we are hoping that demand will be high for the finished units! If all goes well we are expecting profits to be in excess of 350k.
We also have another exciting project that we are working on for 5 new build houses in a much sought after area just to the south of Norwich. With total estimated profits likely to exceed £850,000 we are hopeful that we can bring this online by the Summer!