Commercial to Residential Development Tour 202
I visited a massive commercial building that was recently bought in a busy beautiful street in Black pool by two of my success academy student members and good friends of mine.
Darren and Ella from Dela estates bought the building for two hundred thousand pounds and need two hundred thousand pounds to convert it into a residential building and break it up into apartments whereby the gross development value is going to be between 600,000 and 650,000 pounds.
There’s a lot of profit to be made and I see I’d potentially like to get in and invest on this project too.
The Shops Will Get Resized
What we’re going to do with the shop is to bore off the walls and turn it into a very spacious apartment as we’re going to knock down the wall.
There’s a big shop which is going to become two slightly smaller shops and one big apartment.
At the moment commercial properties sometimes are cheaper than residential properties and so we want to get as much residential space in the building as possible. In total, there’s going to be six large nice apartments.
The second shop is going to be part of the downstairs apartment and all the walls are going to be knocked down which sounds like a big job but to be honest, if I punched the walls hard enough it would actually break.
The rent for these shops used to range around 650 pounds and for the apartments, you might get around four to five hundred pounds each depending on the space but we’re going to do them really nice.
I’m honestly so excited about this project as the builders say it should be done in about three or four months and so I could literally by the end of the year, beginning of next year, this could be all done which is just incredible.
Apartments Will Be Extremely Nice
At the moment, there’s just a whole bunch of horrible office spaces as the walls aren’t insulated properly.
It is absolutely terrible and so what we’re going to do is knock all the walls down and start from scratch, gut it completely and put in five more apartments at the top that are going to be really nice.
We’re going to put nice balconies outside the front as all the planning permissions have been approved and it’s all done as it’s all ready to go.
I mentioned that we’re going to knock down all these walls some of them are brick walls, some of them are stud walls, but you can just tell they’re not insulated so they are all going to be knocked down as there’s a lot of space.
I didn’t buy the building as it was bought by a couple of my students, Darren and Ella from Delaware estates, fabulous people as they’ve got so much going on and this is how busy they are, they’ve got so many property projects going on hence they couldn’t even be here and also they’ve got systems as it’s very hands-off but I was in the area and I’m trying to get in a joint venture with Darren and Ella as I really want a piece of the project.
I’m trying to persuade them at the moment as I love seeing the project and the figures are juicy.
We’re going to build a whole new stair that runs through the whole building and which is going to cost a little bit of money but it’s all in with the refurb and I can’t wait to see it done.
In property development, you need to be able to see something before it’s done as you got to see it first and then when you see it and visualize it, draw it out.
I’ve got all the plans here with me which Darren sent me as you’ve got to have a good vision to draw these plans and then once you’ve seen it, you write it down and once it’s clear in your head, you then go make it happen and that’s just the same in in real life and so far we’ve got two shops downstairs while everything else is going to be residential.
At the moment, everything’s commercial and the only thing that’s going to stay commercial is the two shops, ground floor apartment, three apartments on the first floor and on the top floor, a lot of work to be done.
Contact Darren and Ella from Della Estates: https://www.dellaestates.com
Builders: Jordan Mossman Developments Share this video: https://youtu.be/8A1kVUoO5zA
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