Brickdale House

Stevenage

The Opportunity

20,500 sq ft office acquired with vacant possession; office to residential conversion opportunity.

Strategy

Obtain prior approval for conversion under new permitted development rights. Use change of use to leverage planning permission for enhanced façade and 2 additional storeys. Develop and sell within 18 months or sell with benefit of permitted development.

Implementation

Sold with benefit of permitted development of 36 apartments and planning permission for additional 17 apartments within 7 months of acquisition.

Results

Profit on cost: 158%
IRR: 484%
Purchase: December 2013
Time in planning process: 2 months (permitted development)
Sale: July 2014