5 The Boulevard

Crawley

The Opportunity

14,500 sqft office in Crawley town centre with prior approval for change of use to residential.

Strategy

Obtain planning permission for enhanced façade, develop and sell within 18 months.

Implementation

Planning permission achieved. Development programme delayed by contractor falling into administration. Cost and time delays minimised by stepping in as developer-contractor. Project delivered behind schedule but profit on cost exceeded.

Results

Profit on cost: 42%
IRR: 29%
Purchase: November 2013
Time in planning process: 2 months
Last sale: February 2016

A colour image of the marble floor and staircase at 5 The Boulevard - an office to residential development by Westhill Real Estate Investors