Summary
Acquired unconditionally following a competitive bidding process, the property was purchased with vacant possession.
An intrinsic element of the value was the opportunity to separate the upper parts from the retail unit and refurbish to provide 2 apartments.
Through its retail agency contact, BHP was aware of both Cafe Nero and Fat Face having active requirements. Fat Face was chosen over Cafe Nero to reduce planning risk.
The Fat Face letting was completed and alongside this, planning consent was obtained for the conversion of the upper parts to residential. BHP refurbished the apartments.
The retail unit was sold at auction whilst the apartments were sold by private treaty.
Business Case
STRENGTHS
- Very pretty period building
- Car parking on site was a rare commodity in Lewes town centre
OPPORTUNITIES
- To refurbish the upper parts for residential
- To provide an apartment with period features to ensure it had USPs
WEAKNESSES
- The residential layouts were compromised due to the period nature of the property
- Whilst car parking was at the rear of the property, the residential access was from the High Street
THREATS
- Planning risk
- The heated residential market was increasingly looking fragile