Type: Commercial to Residential Conversion
Location: Kilmarnock
Duration: 10 months
Value: £220,000
Converting a derelict council building into five newly refurbished flats and supporting the town centre’s economy.
Formerly office space for the council which had lain derelict for more than 12 years, Sweeney Group purchased the site for £45,700 with VAT. Over the course of 10 months, the site was converted into four two-bedroom flats and a single one-bedroom flat.
Development costs for the project, including legal fees, totalled around £120K. On re-evaluation, the 4 x 2 bed flats were valued at £46K each (£184K in total) and 1 x 1 bed flat was valued at £36K. This puts the total Gross Development Value at £220K.
As rentals, the former were valued at £450 PCM and the latter £375 PCM. This offered a total rent roll of £2175 PCM. Three of the five refurbished properties have since between secured by tenants.
East Ayrshire Council chief executive, Fiona Lees, commented: “Projects like this one by Sweeney Group highlight the need for cooperation between the public and private sectors to achieve our goals for restoring Kilmarnock as East Ayrshire’s key commercial and industrial centre.”