This mixed use property, consists of a commercial unit on the ground floor, which was recently used as a cafe with a 2 bed maisonette above.⠀⠀⠀⠀
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We have converted the maisonette from a 2 bed, 1.5 bathroom, to a 3 bed with 2.5 bathrooms. By repurposing the kitchen to a bedroom with a separate open plan kitchen/living space.⠀⠀
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Things have been so busy we forgot to share the furnished and professional photos! with thanks to @pro.pro.photography⠀
Hosted by , Mark S Barrett from The Property Brokerage, this month it gives me the absolute pleasure to welcome Target Five’s Andy Babbayan who will share insight and inspiration on all things property conversion.
In this podcast we review Andy’s award-winning commercial conversion where he shares how he sourced, stacked, built and refinanced out a commercial mixed-use site leaving none of his own money in and cash flowing over £35,000 per annum.
If you want to understand how to get your award-winning commercial conversion this is one Podcast you do not want to miss. ??????? 055 – ?????? ???, ???? ???? ?????? ??? ??? ??? ?????.. https://buff.ly/3qLk2AO (COPY AND PASTE LINK INTO YOUR BROWSER).
We are delighted to announce that Target Five have won Build Magazines Real Estate & Property Award 2021 for ‘BEST PROPERTY INVESTMENT & DEVELOPMENT COMPANY BRIGHTON & HOVE’⠀
We are very proud of the hard work that team T5 put in everyday. Here’s to the future and fingers crossed for more to come!⠀
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This award goes to show hard work and tenacity pays off, We couldn’t have done it without the effort and support from @brightonrenovations@ccrdryliningltd@focus_brighton
As we reach the end of another busy week, we are excited that another property in our pipeline has exchanged!⠀ ⠀
Queen Street a mid-terrace building in Littlehampton, West Sussex.⠀The property has previously been leased to a local housing charity providing accommodation across the six bedrooms. With special thanks to Richard and the fantastic team @starpropertyuk always a pleasure to work with you all. ⠀
We have received some exciting news, we have reached the finalist stage of the Property Investors Awards 2021 for the following categories;
– Co-Living Deal of the Year
– Commercial Property Conversion of the Year
– HMO Property Investor of the Year
– Property Deal of the Year
Becoming a finalist is a great achievement, especially after the past couple of years with the challenges of Covid and how this impacted the industry and business. We are lucky enough to continue to thrive, which is down to the fantastic team we have and all their hard work.
Fingers crossed for the winners announcement coming soon!
Some further good news we have received today, as we round off a very bsuy week, we have completed on our new mixed use development property, Tarring Road, Worthing.⠀
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Currently a ground floor shop with a 3 bed flat above.⠀
Our Plan:⠀
To convert the uppers to a coliving 5 bedroom HMO and retain the shop. There is also potential for future development to the rear STNC.⠀
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We will keep you up to date as this property is developed.⠀
It is quite a momentous day for Target Five, as our team are onsite at our project in Newland Street, Worthing, as our CLT construction (Cross Laminated Timber carbon sustainable development) has arrived from Austria.
25 tonnes of materials, shipped over on the back of an artic lorry via the fabulous team at Stora Enso. There are 14 packs which are positioned sequentially for the build progress, very much like Meccano but on a mammoth scale! not that we are daunted or anything. This is a first for T5 re: modular building and we are very much learning enormously as we go along with our trusted team and guides at Olive Modular with our PM Tim overseeing.
To the plan then, the main construction will take circa 2 weeks! starting at the rear back gable and working towards the front pavement.
By using a Cross Laminated Timber (CLT), Modular Construction designs and building methods we will be delivering low carbon results with high quality standards compared to traditional methods of constructing developments re: the use of cement and how this impacts CO2.⠀Creating Energy efficient, Environmentally beneficial buildings.
We will keep you updated of course with progress, it’ll be coming thick and fast now!
Our latest Littlehampton project is underway. This mixed use property, consists of a commercial unit on the ground floor, which was recently used as a cafe with a 2 bed maisonette above.⠀
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Target Five’s plan is to convert the ground floor commercial into a one bed apartment (plans currently being drawn up by our Architect. The maisonette above will be developed from a 2 bed, 1.5 bathroom, to a 3 bed with 2.5 bathrooms. By repurposing the kitchen to a bedroom with a separate open plan kitchen/living space.⠀
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Our builders are onsite and have started the rip out, which is casuing a bit of a headache already as they have identified condensation spores, as there are no damp proof membranes, in fact we have daylight through the slate roof tiles! so a re-roof is in order.⠀
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We will keep you up to date as this development progresses.
In the third of Sven’s video series on The Stages of Development, he is looking at the key points when undertaking Due Diligence:
The 4 Key Points To Follow:
– Legal due diligence; looking at searches, land registry, titles. Are there any easements or covenants?
– Physical site due diligence; boundaries, topographical survey, soil samples, percolation tests. Some of these tests can only be done at certain times of the year, so you will need to factor this in, especially if you’re offering option agreements/subject to contract agreements.
– Planning due diligence; MOST IMPORTANT. We recommend using a planning consultant! This is where the value is most definitely added!
– Construction & onsite due diligence; is it feasible? What are the constraints, especially for airspace developments, mixed use conversions or mews developments.
Yesterday we exchanged on Broadwater Road, Worthing, a property we sourced and secured for our returning investor client. This property came with plenty of challenges throughout the conveyancing period, one of which was Japanese Knotweed!! but with the Target Five team on hand this was another issue we were able to overcome, along with the perseverance of our associates @starpropertyuk the sellers, we were both able to get the property over the line.
The property is a freehold mixed use property, comprising of a vacant ground floor commercial premises with a large flat above, with an extensive rear garden accessed via a road to the rear offering development potential (STPC).
With the Japanese Knotweed treatment plan in action and our planning application in here’s our brief for the property:
– Retain and refurbish the commercial unit
– To the rear we hope to extend and create a separate 1/2 bed garden apartment STPC
– Upstairs we will be creating a 4 bed coliving HMO
We will of course keep you up to date with how we progress with this project.
