Quote:
Originally Posted by GEaston
The planning permission of 2007 was approved for 24 one and two bedroom flats, so yes the building is huge.
The price on the face of it looks like a gift, but it's pointless buying without also having the cash to refurbish it. That's gotta be 24 x 20k minimum which is a further half a million pounds.
So whoever buys it will be all in for minimum 500k, and sure they'll then have a property that generates 10k a month in rent, worth maybe 1m but you have to have 500k to begin with and even if you did it's a risk. The risk is you end up in a situation like the owner of Accrington Conservative Club - a building that is a true liability not an asset. Whoever the current owner is found that out to his cost also. They got permission in 07 but presumably didn't have the money to do it (2007 being the start of the recession so presume banks pulled out of funding the project) and they reapplied in 2010 but pulled the application presumably as they didn't have the money. The sale via a liquidator would bear that out. Banks wont lend on commercial these days (or anything it seems).
One other point, dont forget landlords of empty buildings have to pay rates which are calculated based on floorspace. This one is massive so will come with big bills for whomever carries it as an empty unproductive space.
I'm just trying to get a sense of what it's like inside - is it a pigeon coup like Accy Conservative Club or is it structurally sound? Guess I won't know without taking a look. If it's been empty since 07 it might not be too bad.
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The guy to ask is probably Neil G, its two years since I was near enough to look at the old place but it was still in tact then, never heard any reports of any major vandalism and I'm sure its nowhere as near like Accy Con