064 - Commercial to Residential Conversion

"No Money Left In and £150,000 Cash Out"

In this BRAND NEW Podcast Series, we will be going Behind the Scenes on some of the UK's most Creative, Lucrative and Award-Winning Deals 🤩

Hosted by me, Mark S Barrett from The Property Brokerage, this month it gives me the absolute pleasure to welcome Max Scott, fellow Property Entrepreneur Board, member who will share his insights on all things property conversion.

In this podcast, we review Max's commercial to residential conversion at Knighton Chambers, Bognor Regis. The property was 80% vacant when purchased and after successfully getting Permitted Development planning permission under Class O, they carried out the conversion to 15 studios.

The property was refinanced as it was being kept within their portfolio and a long term internal repairing lease was negotiated with a student let company.

Purchase price: £350,000

Refurb cost: £505,000

Costs: £38,000

Total costs: £893,000

New valuation: £1.4m

New mortgage: £1,050,000

Exit: retained as an asset for own portfolio with no money left in and £150,000 cash out

If you want to understand how to make commercial to residential conversions work for you this is one Podcast you do not want to miss.

Our March episode of Deals Deals Deals is now live, tune in straight away to avoid missing the boat.

Success and Failure are both very predictable.

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