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.
- 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
- Purchase Price
- Development Costs (29 x £32k)
- Total Cost
- Rental Income (29 x £125 x 52)
- Valuation based on 8% Yield