This opportunity was sent to us by a commercial agent who had worked with us previously. Although a sale was agreed, the buyer was delaying proceedings. Berkshire Corporate stepped in to buy the commercial office building unconditionally.
During the legal process, we simultaneously ran a prior approval application for the conversion to 12 x residential apartments. We successfully achieved approval as we were completing, moving swiftly onto site to begin the construction.
Additionally, we spotted an opportunity to add further value through planning uplift to increase the footprint of the building within the airspace applying for planning permission for 2 x 2bedroom apartments. The council approved these plans in 8 weeks with minimal issues.
Berkshire Corporate retained the asset for a couple of years benefiting from the annual rental income before agreeing a sale for the whole building in 2021