Any ideas?

erewyn

Hi,

any ideas what can be done with the following!!

Mid-terrace, 3 storey building, set back from busy road in Belfast, Northern Ireland.
Ground floor has been used as take away business - needs refurb, new shop front, new floors as current tiles uneven/cracked..etc..
Other 2 floors are accommodation - no kitchen, new bathroom, central heating + double glazing needed, living room + 3 bedrooms over the 2 floors.

Currently, upstairs share the same front door as ground floor.

Now,... is it a good idea to do the whole place up, to rent the upstairs seperately to the ground (give upstairs their own entrance)?

Would noone want to rent above a shop? So do it up and sell/rent out as one unit...?

Or, don't do anything to it and just get rid!!

We do have funds to do some work to it.. just don't know if its worthwhile.

Thank you for reading,
S

PasturesNew

Most people don't want to live over a shop. Especially a smelly one. And takeaways tend to stay open late.

Presumably to change it from food to some other shop it would require permission.

Difficult to sell flats over shops too. Many lenders aren't interested. Especially if they're above shops more likely to catch fire (e.g. chippy/takeaway).

Most people won't want to live over their own shop either I suspect.

I've no idea really ... as you can tell.

However, what you could do is speak to local estate agents and get their views. Ask them what people are looking for and not looking for.

They know what's going on most likely.

Doozergirl

It's all about yields and values.

What it's worth now. How much it costs to renovate, how much it's worth at the end will make the decision on whether to renovate or sell.

If it stacks up that way, then how much rent it would fetch and how this stacks up as a % of the finished value as to whether your rent or sell.

People will rent above shops, but they don't pay as much, obviously.

born_again_saver

Could you convert the upstairs flat into office space instead, given the stated problems with selling a residential flat above a shop or takeaway? You'll need to do work to the place either way, but I can think of plenty of offices which use the space above shops. I've no idea what the planning situation would be for this, though.

EdInvestor

Gest some (free) professional advice from an estate agent/surveyor (or two)They will tell you a lot of useful stuff if you call them around with a view to valuation before putting the place on the market.

IWasWondering...

If someone is looking to buy a business they could be more interested in your property if it does have living accommodation especially if they are relocating. I know I would be and I have looked at a few businesses over the last year or so.
Your best bet would be a business agent try www.Daltons.co.uk

erewyn

thanks for the ideas, we have had a surveyors report, and a few valuations already, I think the office idea is great, though looking at the poll over 50% of people would sell as is, and considering other factors I would think its the best option too..

I just wanted to check, as you see all the development programmes, buying something to do up to get a large profit, and in this case we already own the place.. anyways thanks for ur input
s