Weekly Review #9 - Build Plots and Commercial Conversions
Updated: Oct 12, 2020
ELLIOT JAMES PROPERTY - WEEKLY REVIEW #9 - Find out what deals we are working on
This week we have been working on:
- Build plot for a single dwelling in Macclesfield
- Former takeaway for conversion into 2 x apartments in Stockport
Two very different but equally interesting opportunities. The build plot has been good to work on as these garden 'sites' are everywhere, but making them stack in terms of vendors' expectations of the sites value is often (in our experience anyway) the sticking point. This often opens up more creative options which not only reduce costs for the developer but also leaves more money on the table for the vendor. The second was another interesting project. Held back by planning delays due to COVID-19 this building had been stripped out, external works complete to a very good standard and ready for internal fit out. We hope to bring the owners of this building an acceptable offer.
In other news a project we have been working on for almost 3 years has finally been granted planning subject to S106 at planning committee. This project was also wrapped up in COVID delays as well as having a number of objections to deal with. Fortunately guided by our Architect and Planning Consultant we managed to deal with nearly all the objections through design and planning policy gaining the case officers' approval. The committee process while currently virtual was still a nerve-racking experience (especially for Martin who had the honour of speaking in favour) and we are intending to create a video on everything we learned from the committee process in the hope someone may find it useful.
Sites/Buildings we are looking for:
- Development sites/conversions for between 4 and 12 units with or without planning
- Residential refurbishment opportunities
We have clients looking for:
- Multi-tenanted office buildings
- Larger Development sites 100+ units
- Apartment schemes / commercial conversions
- Apartment Blocks (Greater Manchester + other areas, vacant or tenants)
- Industrial buildings
- Buy to lets (Greater Manchester, 6.5%+ Gross Yield)
The particular requirement we are focusing on at the moment is the apartment blocks, these are for overseas investors and they are looking in Greater Manchester and surrounding areas (including Liverpool, Warrington, Preston, Leeds). Ideally looking for 6.5%+ yield, little or no refurb and tenanted or vacant. Sourcing fees paid of course.
Our new investors sign up page is live and working well seemingly. All our investors are receiving a Friday update with all the deals we have available this week. Our Facebook advertising campaign has started. Hopefully, some of you reading this have arrived from the depths of Facebook.
Hope everyone has had a good week!