29 Memorial Road was a closed down bicycle store with fire damage. It was owned by a gent in London. It had been sitting vacant for quite some time. We purchased the property and even though we had a structural engineer we had additional issues we did not take into account. We had to reinforce the second floor flats, had to bring in electricity to a cost of almost 3,000 GBP as well as had to deal with insufficient water supply for all the flats.
This is what conversions are. They are not easy. They entail not giving up. We leased the property to our local council with guaranteed rent, no voids and no management, however we are responsible for maintenance.
Worsley is a nice area of Manchester and through our commercial conversion to residential flats we have made more than 40% return on our investment. The key is to buy below market…have a great building team…a great architect…and never give up…
Pictures..
Recent Comments