On behalf of our client, we are seeking investment to fund the acquisition of a 26,000 sq. ft. office building to convert in to 54 apartments using Permitted Development Rights.
- Located in Bristol city centre.
- Exit is to sell the units and the freehold with an estimated GDV of £8.5m.
- There is also scope to add additional floors to the building, which would increase the GDV and profit of the scheme significantly, subject to planning.
- A JV partnership with a 50/50 split on the profits is preferred, with the investor receiving a priority return. • Investment required: – Initial purchase equity of £2.2m. – Equity requirement reduces to £1.2m after 3 months – once development debt in place.
Full details available on request