Working directly with vendors gives us more scope to come up with a creative way to finance the purchase, control the property AND most importantly create a workable solution for the vendor who may not have enough time to wait for a traditional sale. Working in an open and honest manner with the owner is at the core of our values and it is essential to us that we are able to come up with a true win/win scenario.
Key Street - Shop to Residential Conversion & Build Plot for 4 Houses
This was a very run down commercial building. We purchased this having noticed the tool hire shop had closed down and giving them a call to see if the building was for sale. It was, and so we bought it.
After consulting with a planning consultant we realised that there were two parts to the planning for this site.
The shop at the front could be converted to residential using Prior Approval, this is not a full planning application and there are only a few reasons that they can reject the application. The other bonus with this is that you do not have to comply with the minimum size standards, this meant that the shop could be split into two terrace houses rather than just one this significantly improved the GDV. The other great thing about doing this was that it established residential use for the site which helped with the full planning application to the rear.
The second part was the rear of the site which had some very dilapidated warehouse buildings. We decided with the help of our architect and planning consultant that replacing exactly the existing building with a new build would be the best path to approval, plus adding one small detached bungalow and it worked and planning was approved for 3 x 1 beds and 1 x 2 beds.
We decided that we would sell the rear of the site as we are not new build developers.
The front of the site (the shop) has now been converted into two 2 bed houses which are now tenanted.
Front: Shop to Residential Conversion
Rear: Warehouse Plot - Planning Permission for 4 New Houses
Conway Derelict Building
We were approached by the vendor to find a workable solution for the derelict site. The vendor had limited time and resources for the project, so we agreed to manage the project from start to finish including covering all costs involved in gaining planning permission. This involved liaising with Architects, Local Council, Neighbours and Planning Officers to find a workable solution.
The site was split into two plots:
Plot 1- The front plot gained planning permission for the demolition of the existing bungalow and erection of 2 semi-detached houses. This plot was successfully sold at the Clive Emson auction for £186,000.
Plot 2 - The rear plot is still available, we are currently deliberating the best option for this plot.
Client Testimonial:
"Some three years ago I was put in touch with Sarah by Swale Borough Council to help me deal with an empty property I owned on the Isle of Sheppey. It was a light construction building which stood on a quarter acre plot. My idea had been to get planning permission for the plot to be levelled and a new house erected.
Sarah had another idea; she realised there was a road that ended at the bottom of the garden that could provide access to another dwelling. The idea was to split the plot in two, and gain planning permission for both.
There were many hurdles to jump, including boundary issues and Sarah managed them all. She tracked down the owners of a part of the garden (it had been gifted to my property some twenty years previously, but the then owner had failed to sign the agreement) and negotiated a reasonable settlement. She took on the Parish Council who decided they owned part of the bottom of the garden and won that little skirmish too.
She then went on to employ an architect who came up with a plan for a pair of semi-detached houses on the front of the plot and pushed it through planning. She recommended a property solicitor who has split the plot into two parts.
On the 17th June the top half went to auction and realised £56K above its reserve. Sarah is now working on plans for the bottom plot.
Sarah has made this entire experience easy for me with her effortless professionalism and knowledge. I am extremely grateful for all her efforts and would not hesitate to work with her again or to recommend her services to others."
The vendor of these properties (a pair of Victorian semi-detached houses) had been marketing them for some time but had not managed to secure a sale. He received one of our leaflets and gave us a call. We agreed to purchase both houses unconditionally as we could see there was a very good chance of obtaining planning in the rear gardens. During the conveyancing we obtained a pre-app from the planning department to give us additional peace of mind that planning would be possible. This came back with a positive response.
Less than 6 months after purchase we successfully obtained planning for three, one bedroom new build flats.
The Numbers:
Purchase Price £485,000 (RICS Valuation £550,000)
Value of the site with planning in place £700,000
All Saints Road
This was a very run down 1970's townhouse which we were able to purchase for £130,000. Because the market was exceptionally strong at the time we sold this property with no refurbishment (other than clearance).
Purchase Price £130,000
Works £300
All Saints Road #2
This deal was an assisted sale. The property was being sold by a vendor who needed to move on quickly. We secured the property without purchasing it. We paid for the sellers first years rents in advance so he was able to move out of this property over a period of 2 weeks. This property was also sold with no refurbishment and was placed immediately on the market.
Agreed Price £130,000
Works £250 – Clearance only
Swanley House
This is another example of an assisted sale. In this case the vendor needed funds immediately. We were able to lend her enough money to see her through a difficult period. We could have purchased the property quickly from her at a lower price but we advised her this way she could achieve more for her flat.
Works £600 – Deep clean
Sale Price - £300,000