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  • FIRST POST
    • supa34
    • By supa34 4th Oct 18, 11:02 PM
    • 11Posts
    • 4Thanks
    supa34
    Cost of converting pub to flats
    • #1
    • 4th Oct 18, 11:02 PM
    Cost of converting pub to flats 4th Oct 18 at 11:02 PM
    Hi.

    I have seen a pub for sale and about to agree the price with the the agent for it. It has planning permission for 5 two bedroomed flats of around 70m2 each.

    Before I accept his offer, I thought I would ask on here if anyone knew the rough cost from experience or family friends etc to convert a pub to flat.

    A quick Google said 25k per flat but that seemed an awful lot of money per flat.

    I know there is issues of partitions, sound insulation, has and electric meter, heating, kitchen etc but I was thinking around 10k per flat max.

    I am gonna get in touch with the architect who did the drawings to see if they can give me a quote for doing all the work.
Page 2
    • Comms69
    • By Comms69 5th Oct 18, 11:59 AM
    • 4,929 Posts
    • 4,942 Thanks
    Comms69
    Wow ALOT of negativity on here.

    I have done up 2 houses last year and sold them with a profit so I do have a rough idea. Again no renovation costs were taken, did one viewing, made an offer and did the work. Who house skimmed, painted, new bathroom and tiling, and kitchen. All done using local tradesmen and shops i have good relationship with and all under 7.5k. But they were just renovation and not conversations, which have alot more regs to meet etc.

    I can sit on fence and try to calculate all the risks and do it that way and get no where or you take a risk on a property and get somewhere. Even at a loss you learn something and carry on.

    In my profession anyone can ask me a question and I can give them a ball park figure and examples. You don't need to see the property to get a ball park figure. - Yes you do

    My question was to those who have actually done it, have the experience and can give a rough breakdown like ACG and Brummie85 have helpfully given. For those who haven't done anything or plan on doing anything you just keep typing away all your negativity!! - People have said things I don't late; "The're just well-jel h8ers!"

    I managed to get in touch with the architect and he has given me a breakdown. It's coming up around 15k a flat and his willing to project manage it at a fee which I am considering. - Think that's optimistic. It's a pub, you will have to take out a lot before you start putting in a single thing. It's not a house.


    The pub is still running with landlord staying above so there isn't alot of unexpected work.

    Need to do the partitions and sound insulation.
    Boilers and electrics for each flat.
    Kitchens
    Bathroom and tiling.
    Carpeting
    Plumbing, heating
    Communal area
    Buzzer system
    Presumably CCTV
    Windows
    Usually a show flat
    Create leases
    - that's just top of my head


    Alot of the building materials I will be getting at cost through my work and I have set up a building company to reclaim back any vat.

    I won't be taking a mortgage as buying in cash. Plus I have got vat knocked off the building as it's a conversion. Once I have tenants in I should be getting over 10% ROI that's including 50k unexpected cost.
    Originally posted by supa34
    And now I see you plan on being a landlord too. So gas safety, epc, right to rent checks, deposit protection, white goods, voids, ongoing management etc.
    • theartfullodger
    • By theartfullodger 5th Oct 18, 12:05 PM
    • 9,829 Posts
    • 13,337 Thanks
    theartfullodger
    47,439:27. Plus VaT.

    From MSE estimating tool.
    • ACG
    • By ACG 5th Oct 18, 12:29 PM
    • 17,655 Posts
    • 9,448 Thanks
    ACG
    The tenant living above the pub means nothing.
    We lived in a pub, we also had 2 buckets in the living room for when it rained and the brewery would not come and fix the roof.

    In the properties I have done up (admittedly only 2) there were unforseen problems in both. One of the walls I stripped back had a hole I could fit a football through for no reason what so ever. It had been filled with newspaper and then tiled over. That is not too bad, a breeze block and some cement and it is fixed (non load baring wall) but it just goes to show you have absolutely no idea what to expect so there needs to be contingency money.

    Also, a big one - is there any asbestos? As it is a commercial building and not your home you will need an asbestos survey. That can easily escalate.
    Last edited by ACG; 05-10-2018 at 12:32 PM.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • parkrunner
    • By parkrunner 5th Oct 18, 2:16 PM
    • 1,453 Posts
    • 2,350 Thanks
    parkrunner
    You can of course have two identically sized flats in the same area with one costing tens of thousands more simply due to the build quality. Another reason the internet can't help you.
    • Smodlet
    • By Smodlet 5th Oct 18, 2:42 PM
    • 4,180 Posts
    • 7,485 Thanks
    Smodlet
    Heaven help your tenants, assuming you ever have any.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • AnotherJoe
    • By AnotherJoe 5th Oct 18, 3:23 PM
    • 10,971 Posts
    • 12,659 Thanks
    AnotherJoe
    I cant help you myself but here's something you help to do your estimate, I presume its part of your standard toolkit anyway, but just in case. To use just flip it over to the back.


    Last edited by AnotherJoe; 05-10-2018 at 3:57 PM.
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • supa34
    • By supa34 12th Oct 18, 6:40 PM
    • 11 Posts
    • 4 Thanks
    supa34
    Your right. That's with me supplying flooring and bathroom items and all decorating items etc.

    It was around 30k per flat.

    I didn't go ahead with it but now the agents come back saying client is willing to drop the asking price.

    Architect is willing to take it on and project manage it for 10% so that's another 12.5k.
    • troffasky
    • By troffasky 14th Oct 18, 11:03 AM
    • 101 Posts
    • 59 Thanks
    troffasky
    The pub is still running with landlord staying above so there isn't alot of unexpected work.
    Originally posted by supa34

    I am puzzled by this statement; to me, it implies you have access to a time machine!
    • martindow
    • By martindow 14th Oct 18, 1:13 PM
    • 7,798 Posts
    • 4,472 Thanks
    martindow

    Architect is willing to take it on and project manage it for 10% so that's another 12.5k.
    Originally posted by supa34
    Are you basing the costs on the architect's estimate? I recently had some work done and the architect priced it according the the number of square metres involved. When prices came in from builders they were more than double what I'd been led to expect.
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