Exterior

70m house surronded by 90m plot

Interior

4 bedroom, 2 bathroom and a garden

Location

Home is located close to all main ammenities

Project KENNEDY CROFT

This document relates to Onyx Estate Group Ltd,  (“Onyx“) proposed development of the PROJECT: KENNEDY CROFT in SHELDON, BIRMINGHAM B26 2NE.

Project Description

The property is situated in a quiet cul-de-sac in a popular and sought after area of Sheldon. This traditionally styled semi-detached house is in need of complete modernisation and improvement.

This home is set back from the road behind a small foregarden, the property includes a good size rear garden and side vehicular access.
A new central heating/boiler with need to be fitted and the kitchen area will be extended onto the living room with fully fitted kitchen appliances creating an open-floor plan. We will replace the flat roof above the lobby room and the damage roof slats including guttering cleaning and repairs. Driveway/front garden and rear garden to be clean, tidy and neaten up. .

Market Overview (CURRENTLY)

23 Kennedy Croft, Birmingham B26 2NE has an estimated current value of £201,491. Kennedy Croft has 26 properties on it with an average current value between £181,341 to £221,641.
There have been 3 property sales on Kennedy Croft, B26 over the last 5 years with an average house price paid of £187,333.

There are currently 169 properties to buy in B26 with an average asking price of £196,723 and 46 houses and flats to rent in B26 with an average asking rent of £750 pcm.

Project PRoposal

Full renovation works will be required on the property including double tier extension with extra bedroom. Modernisation of all the rooms with new uPVC windows and doors where necessary and new central heating/boiler. Kitchen area to be extended onto the Lobby with fully fitted kitchen appliances. Replace flat roof above the Lobby room and damage roof slats including guttering cleaning and repairs. Driveway/front garden and rear garden to be clean, tidy and neaten up.

Kennedy Croft floor plan

Floor Plan proposal

Ground Floor extension to make an open plan kitchen and new downstairs toilet and utility room. Add in an additional bedroom (total of 4 bedrooms) and on the First Floor a new Bathroom to be added to the side of the house.

Custom Interior

Fully customized interior design

Market Overview

The size of the property market in B26 is 13533 homes. When growth averages 16% over a 5 year period, as in this postcode district, there are a number of possible explanations, for example that this is a dynamic local economy and housing market.

CAGR***: Compound Annual Growth Rate is the year-over-year growth rate of house prices over a specified period of time (in this case five years). This figure gives an indication of the returns that have been seen historically. It can also be seen as a “smoothed” rate of return.

Property price growth in this area has significantly exceeded growth in earnings and the national average house price growth, and so the likelihood of it continuing will be dependent upon price earnings ratio, as well as investment by developers and local authorities in continually upgrading local infrastructure, schools, in addition to the continued strength of the local and national economies and any other economies upon which the area depends.

Over half of the properties in the area are Semi- Detached Houses, at 64.9% of the total housing stock. The least common type of property in this area is Detached Houses (6.4% of the total housing stock).This is an area with a high proportion of property suitable for families with children.Socially rented accommodation represents 15% of the total rented accommodation in the area. The majority of property in this area is owner occupied.

Demographics

Neighbourhood anayalsis

Who lives here:Total population in this area is 31729.The average age in this area is 38.This area has a high percentage of married people at 28.6%.Average working hours in this area for men are 41 and for women are 31.This is one of the most densely populated places in the country, with 46.6 people per square kilometre.The largest source of work in this area is Health & Social Work (20% of workers), followed by Wholesale & Retail (15.7%).

Locality

Touch of perfection

Nearest Stations + _

Lea Hall Station                            1.2 miles

Marston Green Station                1.3 miles

Acocks Green Station                  1.6 miles

School + _

Stanville Primary School            0.3 miles             

Lyndon Green Infant School     0.4 miles         

Lyndon Green Junior School    0.4 miles              

Brays School                               0.4 miles               

Shopping Mall + _

Swan Shopping Centre                    1.3 miles

Coventry Road Shopping Area       1.2 miles

Chelmsley Wood Shopping             3.3 miles

St Andrew's Shopping Park            3.7 miles

Bullring & Grand Central           5.4 miles   

Hospital + _

Sheldon Medical Centre               0.6 miles

Downsfield Medical Centre           1.0 miles

Harvey Road Health Centre        0.8 miles

Birmingham Heartlands Hospital  2.5 miles

Market overview with Proposal

General Market Conditions and Potential output

Birmingham continues to outperform all other locations throughout the United Kingdom on all real estate metrics. Experts unanimously agree thatBirmingham will continue to enjoy excellent growth prospects until at least 2030 – while millenials and small families continue to favour urban and city-centre residences over suburban residences.

Onyx Estate Group will be proud to market the property with the works completion at

230,000-250,000 £

Rental Rates

This is an area with a high proportion of property suitable for families with children. Rental rates in the markets for residential and commercial properties in Birmingham B26 have been growing at 16% per annum for the past 5 years.

Rental price range:

800-1100 £

Schedule

Construction and renovation are expected to commence in February 2021 and to be completed by June 2021. Property to fully renovated exterior/interior and on the market by June 2021. The project will be broken down into phases with the following tentative deadlines.

 

Description 

Timing Plan

Phase 1

Architectural Design & Drawing of the new plan (including structural design)

1st March 2021 – 

8th March 2021

Phase 2

Planning Permission to be submitted 

12th March 2021

Phase 3

Strip out Interior 

  • Wallpaper
  • Skirting boards/Doors/Walls
  • Mud/Lobby Room
  • Kitchen
  • Bathroom
  • Central Heating/Boiler
  • Debris and miscellaneous 

1st March 2021 – 

29th March 2021

Phase 4

Landscape Rear & Front Garden 

  • Fencing

1st March 2021 – 

29th March 2021

Phase 5

Once Planning Approve start Extension 

1st April 2021 – 

31st May 2021

Phase 6

Rewiring the Whole House – Electrician 

3rd May 2021 –

24th May 2021

Phase 7

New Central Heating and Combination Boiler

3rd May 2021 –

24th May 2021

Phase 8

Kitchen Appliances and Fittings

  • Order Appliances
  • Cupboards/Worktops
  • Island Counter/Breakfast Bar
  • Interior furnitures & chairs
  • Walls & Floors Tiling
  • Plumbing
  • Utility Room 
  • Door Stairs Toilet

3rd May 2021 –

31st May 2021

Phase 9

Bathroom Fittings

  • Plumbing
  • Bath/Shower/Sink/Toilet etc.
  • Bathroom Tiling
  • Bathroom Accessories  

3rd May 2021 –

31st May 2021

Phase 10

New Windows and Sliding/French Door

10th May 2021 –

24th May 2021

Phase 11

New Interior Doors

10th May 2021 –

24th May 2021

Phase 12

Carpet & Flooring

24th May 2021 –

31st May 2021

Phase 13

Modify Exterior

10th May 2021 –

24th May 2021

Phase 14

New Driveway

17th May 2021 –

31st May 2021

Phase 15

Building Regulations 

Gas & Electric Certificates

31st May 2021

Phase 16

Finalise Interiors Furnitures for all the Rooms  

31st May 2021

Phase 17

List Property on the Market

1st June 2021

Financial Analysis

Property will be gaining an additional bedroom (total of 4), with modernised bathroom and new open plan kitchen area with living space. Excellent desirable interior and exterior upgrade ready for a family to move in.

Project Cost & Labour

Item Description 

Material Cost

Labour Cost

Total Cost

Architectural Drawing & Structural Survey

 

£1,000

£1,000

Strip Out (Skips/Labour)

£500

£500

£1,000

Landscape Labour

 

£500

£500

Rear Garden Fencing 

£400

£100

£500

Extension (Double tier)

£15,000

£25,000

£40,000

Kitchen: 

Appliance

Counters

Cupboards

Tiling Floor/Walls

£7,000

£2,000

£9,000

Utility Room/Downstairs Toilet

£5,00

£500

£1,000

Bathroom:

Bath

Shower

Sink

Toilet

Tiling Floor/Walls

£4,000

£2,000

£6,000

Electrician Rewiring 

 

£3,000

£3,000

Central Heating & Boiler 

 

£2,000

£2,000

Flooring & Carpets

£2,000

£1,000

£3,000

Exterior Modernisation 

 

£1,000

£1,000

Driveway 

 

£2,000

£2,000

Windows & Doors (Internal & External)

 

£5,000

£5,000

Furnitures & Accessories 

£3,000

 

£3,000

Documentations & Miscellaneous Fees

£2,000

 

£2,000

   

£80,000

Investment fees

Description 

Item

Unit 

Price

Assuming an initial investment of £180,000

   

Kennedy Croft Property

£100,000

1

£100,000

Construction/Renovation

£80,000

1

£80,000

10% of actual return on investment

£18,000

1

£18,000

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