Harringay, Haringey - So Good they Spelt it Twice!
Anyone know what this sale of 4 large Hostels is about ??
Anyone know what this sale of 4 large Hostels is about ??
https://web.allsop.co.uk/39/1234/december-2018/preliminary-announce...
Replies to This Discussion
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Permalink Reply by John McMullan on
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Someone calling the top of the market?
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Permalink Reply by kotkas on
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It’s about the inevitable decline of the uncanny concentration of small hotels in the vicinity of Finsbury Park. The Shelton on Wightman is also for sale as is another hotel just next to what’s to be a Travelodge next to Manor House. Good riddance I say.
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Permalink Reply by Con on
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Its seems the owner is selling them with the contracts from Westminster, City of London and Camden councils' homelessness teams. As they can be considered supported housing they may be exempt from the benefit cap and each room can generate anything from £250. or more per week.
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Does that mean it's likely they stay hostels or are they likely to be redeveloped into residential properties/flats?
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Money and greed
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Based upon the yearly revenue of £649,800 I estimate that they'll go for upwards of £13,000,000. Just consider the amount of space at the locations that they occupy and think about your own house. It's time to redevelop the ladder.
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I don't disagree but that is how rentable properties get valued if there are no bids to look at. I also should have said that you'd probably need to employ a couple of people to run the business and have a solicitor to hand.
If renting out a room in a four bed house in Harringay you can get up to £750pcm for it, these rooms are more like £1000pcm because they're short term. So let's take 25% of the income out and say that the properties should go for £9,750,000. Better? It still implies that a ladder house occupies at least two million pounds worth of land, more if you're within 5 minutes walk of the tube.
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The houses on the ladder devalue the land that they sit upon so looking at house sales is not a good indication. Imagine how much a building that occupies half of the total plot of a ladder house would be worth if it contained a modern 3 bed garden flat and two 2 bed flats above? So from £900,000 to £600,000 + 2 x £525,000 = £1,650,000. I'm not taking into account building costs but I'm also being conservative about the values of the flats, for instance the 3 bed I have used does not have a garden or share of freehold.
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The council are under huge pressure from the GLA to BUILD MOAR! That's why they went completely against their Wood Green plan and permitted the large development at Hornsey Station. I don't think permission would be an issue.
I agree that land value is linked to the permitted use of the land but the houses on the ladder are on land that is permitted for housing already.
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