Summary
Purchased as an office building for an office to residential conversion using permitted development rights. The building also had a large basement with the potential to let as an ancillary or alternative use.
The build contract was placed as a result of a negotiated tender process with a known contractor and 26 residential units were delivered within 9 months. All but one of the units were sold within 3 months.
Business Case
Strengths
- Town centre location, within walking distance of train station but with excellent parking provision
- Flat layouts worked well across the existing floor plates
- Existing retail income
Weaknesses
- Ground floor flats overlooking a busy thoroughfare
- Extent of works required to separate the basement services for a letting
Opportunities
- Lease basement to a gym operator to create rental income
- Ability to agree a sale of building in the car park to an owner occupier
- Agents were confident in the market for smaller format flats and studio apartments
Threats
- Softening housing market
- Political uncertainty