Case study: city centre office conversion
Dan Taylor and Alex Impey have teamed up together on a mission to create 10,000 homes in the UK. Specialising in multi-million pound deals through Taylor Capital, some may find their development projects quite daunting. However, in the October issue of YPN, they illustrate that there isn’t as much difference between smaller and larger deals as you might think.
The case study covered within the article is not yet finished, however Dan and Alex share their plans and vision for the development — a mixed-use building where the ground floor retail element will be retained, and the upper floors will be converted into flats to sell. The YPN team are looking forward to following and sharing updates about the progression of this commercial conversion.
The building is a dated concrete structure built in the 60s/70s. The ground floor consists of two retail units, while on the upper floors there offices and an old studio. They plan to retain the downstairs retail units, as this will provide cashflow from day one, and the upstairs will be converted into flats.
It is important to Dan and Alex that they are able to offer housing to a wide range of people through their development projects. While there is a strong focus on affordability, this building is in the South East where house prices are significantly higher than other parts of the country. All apartments, apart from the two penthouses, will be within the Help to Buy scheme.
The development will also incorporate a co-living aspect, to give people who may not yet be able to afford their own home a chance to live there. Some units will be held for private rental, and others will be set aside specifically for social housing. Finally, a handful of homes will have a discount in perpetuity.
Within the development, there will be spaces to support the community, such as the co-living space, but they also plan to have an onsite co-working space and a rooftop garden.
At the time of interview (July 2021), the purchase hadn’t yet completed, but they had exchanged and are unconditionally committed to the property. They are due to complete in November, having opted to exchange with delayed completion to give them time to add some value to the property in the interim.
YPN are looking forward to following this development project, and we will be providing updates every few months. To read more about the project, and to see the estimated figures, you can find the full article in the October issue of YPN.