KEY POINTS
- 4350sq ft of commercial space
- 9 x 1 bedroom flats
- village centre location
- great commuter links
- farnborough train station direct to london (35 mins)
- green technology – hwhp and solar panels installed
OVERVIEW
Our first commercial-to-residential conversion project presented us with a challenge to create nine flats within an existing building that has the essence of purpose-built apartments rather than a converted shop. We successfully completed the building program in under 12 months.
The outcome surpassed our expectations as all nine units were rented above asking price with a mere three weeks of hitting the market. This resounding success not only showcases our ability to deliver high-quality conversions but also highlights the strong demand for these thoughtfully designed and meticulously executed residential spaces.
gross development value:
£1,575,000
purchase price:
£400,000
build costs:
£750,000
professional fees:
£75,000
total project cost:
£1,225,000
rent roll:
£126,000 PA
profit on gdv:
£350,000
project duration:
12 months
DEVELOPMENT
Amalie Place marked our first commercial-to-residential development. The project encompassed comprehensive internal wall insulation for all external walls, incorporating cutting-edge hot water heat pumps, and equipping each individual flat with three solar panels. Our attention to detail garnered high praise from the local authority building control inspector, affiliated with Rushmoor Borough Council, who commended our work as the finest conversion he had encountered throughout his impressive 30+ year career. Receiving such a complimentary remark from an esteemed professional was truly heartwarming and affirming.