KEY POINTS
- 28 X 1 bedroom flats and 9 x 2 bedroom units
- prime commercial office / shop in the heart of the town centre
- close to farnborough international airport
- great commuter links
- 5 minute walk to farnborough train station direct to london (35 mins)
- green technology – hwhp and solar panels installed
OVERVIEW
Having secured this site in early 2023, we successfully negotiated a 12-month delayed completion with the vendor to allow ample time for planning permission and development program discussions with the council.
During this period, we have taken possession of the keys and have already initiated the strip-out process to prepare the building for the upcoming structural works. This proactive approach ensures that we are well-prepared to commence construction as soon as planning permission is granted, maximising efficiency and minimising potential delays. By diligently managing the project timeline and taking decisive action, we are positioning ourselves for a smooth and timely execution of the development.
gross development value:
£8,600,000
purchase price:
£1,175,000
build costs:
£5,900,000
professional fees:
£200,000
total project cost:
£6,100,000
rent roll:
TBC
profit on gdv:
£2,500,000
project duration:
TBC
DEVELOPMENT
Old Bank was acquired as a low-risk investment with the intention of converting the current structure into an 18-unit accommodation while maintaining the ground floor office space for our company. However, we have recently taken the initiative to engage with the council through a pre-application process. Our objective is to explore the feasibility of expanding the project by adding several floors, potentially allowing us to maximise the scheme and create around 37+ units. If approved, this expansion would mark out most significant development venture to date.