An office building in Normanton, formerly owned and occupied by a Derby charity which supports the homeless, has been sold for conversion to residential use.
25 Charnwood Street was the administrative base for Derby City Mission until it moved to new premises on Normanton Road. Before putting the property up for sale, planning permission was obtained for its transition to a HMO (house in multiple occupation).
William Speed of Salloway Property Consultants, who handled the sale for Derby City Mission, planned a 'Best and Final Bids' sale process in anticipation of strong demand.
Speed commented "The market for HMO's is incredibly strong, particularly for properties in this location and of this nature which are relatively easy to convert. Planning permission for a 6-bed HMO had already been obtained so it was an 'oven-ready' investor opportunity.
"The level of interest was exceptional but once the best offer was accepted, it took just 24 days for the sale to exchange and complete. The process was quick and delivered the best result for our client in timely fashion."
The successful buyer was Kalra Property Ltd. Director, Umesh Kalra, said "It was refreshing to deal with an agent who was so pragmatic and familiar with a process such as Best and Final Bids, the whole process from start to finish was incredibly smooth. From a landlord's perspective, this property provides the perfect opportunity to add value to a development which is located in an area of Derby which is ever increasing in popularity."
Julio Abraham, Chief Executive Officer at Derby City Mission was delighted with the outcome. "We are thrilled to work with Stephen Salloway and his team from Salloway Property Consultants, they are very professional and friendly and always deliver beyond expectation."
For further information of this letting, or to find out how Salloway can assist with your commercial property matters, please contact Salloway Property Consultants on 01332 298000 or email email@example.com