Conversion of a 2-storey full commercial building into 3 retail units on the ground floor + 4 one-bed flats for private tenants
Project: Grosvenor
Numbers:
Purchase
Development cost
Other costs
All in
Revaluation
£190,000​
£300,000
£100,000
£590,000
£750,000
Annual rental ​
Expenses incl mortgage
Annual cashflow
Gross yield
Return on cash left in
£59,100
£45,420
£13,692
10%
20%
This property used to be a full commercial building, with the upper floor boarded up and ground floor being used as a shop. We have to go through the planning process to split the units and change the use of the property.
We have found this property off market and negotiated with the owner directly for a sale. We managed to negotiate the purchase price 10% down due to the condition of the property.
The ground floor shop, over three addresses will be split back into 3 separate retail units with a planning application for a change of front elevation. The upper floor will be converted into 4 one-bed flats with an additional planning application under permitted development rights.
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This property sits on right in town centre street that is close major supermarkets and amenities. This town is also well-connected to Manchester city centre 15 mins by train.
Current condition:
Works carried out:
​
Split utilities for shops
New stud walls between units
Three new shop fronts
New windows and doors
New kitchens
Full electrical rewire
New utilities for flats
Full interlinked fire alarm system
Full electric heating system
Plaster throughout
New bathrooms
Decoration
