Manchester Conversion Project Warehouse to Residential Flats

We are hopefully getting our final bids for our Manchester Conversion Project Warehouse to Residential Flats by Monday.

You always have surprises though however!!!

One of the surprises we had during a site visit last week was even though the roof was sound & without leaks, there would be condensation issues if we did not reseal & do a partial replacement. This is typical of every refurbishment, you will always have surprises. We allow 20% of our budget for unexpected issues.

 

More so, another fun extra cost is that even though we have an existing second floor, we need to replace it. Our team includes a structural engineer, mechanical engineer as well as a Qualitative surveyor. The Structural engineer determined that the existing floor could not withstand the weight of adding the flats….This we knew and were aware of but ugh more money……

The good news is that we have already had one offer on the final project on the condition we tenant the property. We are hoping to sell this project at between 8% to 9% yield gross. The goal is to build our portfolio of projects to show potential JV partners & build their confidence in order to grow with us.

 

We have already been looking since last month for our next project. Most of the instances we have sold projects we have made between a low of a 40% return up to 65% in several months (4-6 months). This does not include the time for planning permission or permitted development. We will only purchase after planning permission is granted.

We are always looking for projects and investors who might be interested in working with us. Just let us know…

Best to all ..

I have attached this weeks viewings as well as our CAD drawings on the final conversion.

 

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Finished project renderings…

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