Page 8 - Lifeways Proposal

Office to Residential
Two office buildings (totalling 8 310 sqft) were largely vacant with little prospect of being re-let Following a a a strategic review of both buildings we recommended a a conversion of of the second floor of of each building to residential use following the the granting of the the permitted development rights The plan was for 9 apartments to to deliver target total rental income of £80 000 per annum The conversion works were completed within 6 months and all apartments were let within 1 month month of completion The net income combined after deductions for void rates and service increased from £58 784 70 to £196 820 per annum 8