Period Office Building 1,280m² (13,784 sq ft) with vacant upper floors
Our client a local developer / investor are active in the student market. We identified a property which was being sold at auction which could be suitable for student use to the upper floors. The ground floor rental income was secured by a letting to Natwest Bank.
Following acquisition at Auction for £1.33m we identified a potential demand for a hostel style hotel in this location.
We carried out some desk top research and identified similar hostels in cities such as Liverpool and Manchester. Together with the client we visited these hostels and researched the market. Following this the client obtained planning consent for conversion of the property to a backpackers hostel with 182 bed spaces. The clients successfully converted the property to this use and the property is currently running at over 80% occupancy.
This is an example of our ability to get into the clients mindset and possibly persuade them to take a path, which they would not otherwise have taken if it had not been for our advice
Contact David Johnson.