Can anyone share their experience of similar projects

by Readers Question

2 weeks ago

Can anyone share their experience of similar projects

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Can anyone share their experience of similar projects

Hi, I recently purchased (Aug ‘17) a property in Blackpool which has historically been converted into 5 self contained apartments.

The property is currently 80% Tenanted, however it is dated and would benefit from a complete refurbishment including some works to the roof.

The current intention is to remove the tenants, refurbish the whole building, sell the individual units with leaseholds and retain the freehold – Can anyone share their experience of similar projects, advise the best first steps and/or people to talk with to discuss the intention and ideally bring this intention to reality?

The project would also require funding, so any advice ref financing would also be appreciated.

Matt

Comments

Rob Crawford

2 weeks ago

My first thoughts are whether as freeholder, selling these apartments as leasehold would give you a better investment than renting? I would do all the numbers first and ensure the return on your investment can be achieved within the desired period. Taking into consideration the current anti-leasehold campaign that may result in legislation that will reduce your income.

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