| Projected Costs |
|
| Capital Expenditure |
|
| Purchase of Land (now paid for) |
£21,500 |
|
First stage plans and outline sketches from architect, research into surrounding areas and viability studies.
|
Free from Architect |
|
Complete and final architectural plans and drawings, planning applications and all legal requirements in place.
|
£28,000 |
|
To build two main buildings with outside covered stairwells providing 30 flats of 1/2/3/4 bedrooms, five retail units with car parking, service area, recreation area and all landscaping
|
£1,250,000 |
| |
|
| Projected Annual Income |
|
| Rent from flats |
£20,000 |
| Rent from retail units |
£12,000 |
| |
£32,000 |
| Projected Annual Expenditure |
|
| Salaries |
£10,000 |
| Maintenance |
£10,000 |
| Services |
£5,000 |
| |
£25,000
|
| Rent - although initially this may have to be subsidised it is anticipated that the 28 flats will produce rental income of £1680 per month. Subsidies may be provided where families cannot afford to pay full rent, such subsidies coming through the family sponsorship programmes run by Hope for Latvia and other support agencies . |
| Salaries - it is anticipated that two full time workers will be required. Salaries in Latvia are much lower than Western countries. |
| |
|