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  • Property-a-holics

    Forget BTR, here is CTR

    Whilst trawling Rightmove looking at an area, I saw a smallish ex-block of offices that is now 39 studio flats! Talk about a quick boost to an area (and a kick up the can for the local competition) as most of the groundwork is already in place with the office building already having utilities, parking etc.

    Has anyone else gone down the route of office conversions or had some turn up on their patch, and how did it go?
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    Commercial conversion.
    Glenn Delve specialises in this and I've been to one of his presentations which was really interesting.
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    Most of the good office building has now been converted and councils has found ways to limit this, so the market is not as good anymore.
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    Hi Adam, I looked at 81 projects nationwide last year. All but 9 were massively overpriced as project costs (purchase, build, SDLT, Professional fees etc) were more than 50% of an already optimistic GDV. I think we'll see more than a few smaller developers go to the wall this year and next, as they massively overpaid for stock to convert. I'm also expecting a price correction late this or early next year. If you're going to do it, stay clear of the 25m+ sites as these attract the interest of the funds and the larger builders, with whom you'll never compete

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    It seems a lot of these conversations are shoddy.
    Developers are leasing them to council's as TA. Probably making a lot of money in the process.
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    I am selling a flat in Reading. On the same strretch of toad 4 office buildings have been converted. Rents and pricees have dropped.

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