Commercial to Residential Conversion LET GO - Mistakes To Avoid
I review a commercial to residential conversion that I had under contract, with a potential £80k profit and why I pulled out of this deal.
Disover why I did this in this video and the potential issues to look for if you’re interested in commercial to residential conversions.
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I exaplin what was for sale, what the profit angle was, showing you a break down of all the numbers and my exit strategy. This way you fully understand how I put this deal together.
The property was a fully commercial freehold property over 4 floors with rear yard for advertised for £400,000. It had been used as a betting office with usage class of Sui Generis and was 1,342 sq ft.
Importantly it had 3 floors above the shop floor that were ancillary to the ground floor.
Ancillary access is important as you can then do Class G permitted development rights which allows for 2 flats above a shop if the access is ancillary to the commercial property.
Class G is also not restricted in any location, so can be done in conservation areas, national parks and with listed buildings.
The profit angle was to convert the uppers to residential using permitted development rights under Class G.
This will generate 1 x 1 bed flat and 1 x 2 bed flat.
There was also potential to convert the ground floor rear to a studio/1 bed flat with rear yard and keep a small commercial at front using Class M pd rights at the time.
00:00 Intro
00:36 What Was For sale
04:50 Profit Angle
05:06 Exit Strategy
05:32 All The Numbers
10:39 Who To Engage To Cost Up
11:54 Reasons Why I Pulled Out
14:38 Key Learnings
#commercialtoresidential #propertyinvestment #propertyinvestor
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