Over the past 8 years, Provectus have delivered multiple BTR regeneration schemes in town centres either directly acquiring or working in partnership with owners of commercial buildings. These depreciating assets have been hugely affected due to the changes brought about by online/out of town retail, flexible office working practices and the after effects of Covid 19.
Provectus recently delivered a 13 unit BTR scheme in Maidstone, Kent. The building was a redundant 2,500 sq ft office building. As part of a full application to reposition the building to a high yielding residential scheme, we added an air space extension to provide further apartments.
Some key facts:
The existing use rental value was £25,000 p.a. for commercial use, with a projected rental value of £120,000 p.a as residential.
The existing use value was £300,00. The completed scheme has a projected valuation when fully let of £1,600,000, based on previous Red Book bank valuations of comparable projects in this location.
Total development cost – £470,000.
Demand for this type of rental product far outstrips supply.
We are currently acquiring and working with numerous building owners to achieve the same results. If you are a commercial building owner or have clients with redundant or poor performing commercial assets, then contact Provectus for further information. info@provectusdevelopments.co.uk 