York House is a mixed-use development compromising four floors. The property was acquired through a Joint Venture partnership after being sourced by Empire. Empire then arranged for the planning requirements under the permitted development rights & were then instructed to manage the build development.
A permitted development conversion from a B1 office to 29 self-contained residential flats.
The top 3 floors were previously an unused open space office block. This allowed a custom floor print to be designed, maximising design & build efficiency respectively. Given the aesthetics of York House, sympathetic windows were installed throughout & the original features of the building were maintained where possible. One original feature which was successfully modernised was an original lift. This was replaced with a custom lift by the Platform Lift Company Ltd.
In relation to costs there will be ongoing management charges to a lettings management agent at circa 10% of the income. The utilities and council will be covered by the tenants themselves as these flats are fully self-contained and will have their own services. Also a provision will have to be made for small void periods. In total we estimate it will cost 15% of the income, inclusive of the management costs, voids and utilities, to cover all outgoings.
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