Mark Wright, of Strictly Come Dancing, I’m A Celebrity and The Only Way Is Essex fame is hoping to make £5m from his property development in Chigwell, Essex, it is reported.
A Daily Star report says that
Wright bought a seven bedroomed property in Chigwell four years ago and
borrowed £1.5m from his actress wife Michelle Keegan to redevelop it into four
three bedroomed properties.
The report adds, however, that while one has been sold to his sister another is being rented out, and that the two other properties remain unsold although they have been on the market for £1.5m plus since January and August last year. In the meantime accounts show that the value of Wright’s development company, Chigwell Property Limited, has dropped from £2.65m to £2m.
The newspaper says, however, that when the properties eventually sell Wright could make what appears to be a very impressive return for a relatively small project. It summarises: “If Mark manages to sell all the properties for the asking prices it would net him a cool £5m – nearly five times the amount he paid for the house before converting it.”