Conversion of Office to Residential Property Projects
There has been all these different strategies of rent to rent….serviced accommodations as well as conversions of office to residential property projects. We have done 3 of them, however on each you learn just a little more. In order to grow we want to do much more than Professional HMOs and Social HMOs.
My colleagues have presented several potential projects. We have met with 2 QS companies in order to get a better grasp on real and actual costs. However, I want to say it is a HUGE learning curve. We are looking at one building. This building needs to be demolished. We called 10 companies to get quotes. Only 1 actually showed up. Then the issue of Asbestos came up. An Asbestos survey is needed. The fun just continues. In order to take the building down, we need a party wall survey ( the adjoining buildings). Oh, Btw..what if they were not too happy about having a building next to them knocked down. Bottom line…TIME…and some money.
My colleagues came up with various other alternatives. One is a nice solid building…or at least looks that way. We are viewing it on Monday. Yes, we learned about the check for Asbestos….clearly the roof as it is a flat roof needs to be checked but a new lesson in our property journey. We need to have a report to make sure something with the steel does not have condensation. If it does, the integrity of the building can be in question. We are learning the gambit of issues. This is property, it is not easy. It surely can not be outsourced and done remotely. Hands on ….Full attention….low leverage if at all. Property Commercial projects is not just going through Permitted development and having a good building team.
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