Done Deal

New Commerce House

Wakefield - Self contained apartments for the rental market

29 Self-contained apartments - now fully let to private clients

A Permitted Development Rights (PDR) conversion to 29 self-contained apartments using the permitted development right which allows conversion of b1 offices to c3 residential accommodation.

Wakefield is a city in West Yorkshire on the River Calder & the Eastern edge of the Pennines.

The local economy declined in the last quarter of the 20th century as the coal mines & traditional manufacturing industries closed. However, employment grew 12% between 1998 & 2003 as the economy recovered and the economic base of the district was diversified. Growth has been supported by inward investment from European & UK Government funding.

At the 2001 census, there were 33,521 people in employment who were residents within Wakefield.

The building is now fully let to private tenants.

Further information on Wakefield.

Property Details

  • 9 Month conversion
  • 29 self-contained studios
  • Studio apartments let at an average of £125.00 per week inclusive of all bills
  • 100% let within 9 weeks

Development Figures

Purchase Price
£370,000
Development Costs (29 x £32k)
£928,000
Total Cost
£1,298,000
Rental Income (29 x £125 x 52)
£188,500
Valuation based on 8% Yield
£2,356,000