Armed with our training in commercial property and practical experience of successfully completing 6 residential conversions (1-2, 2-3 bedrooms) we were ready to move on to the next level – commercial conversion! This is where a commercial property e.g. an office, storage, lock up, industrial site or pub, is purchased and transformed into a residential dwelling, and normally involves applying for planning permission for change of use and building warrant from the local council. 

After several unsuccessful attempts in search of the right commercial conversion project over a 3 year period, we were able to secure an old, derelict commercial property, a storage/office unit which had been lying empty for over 10years, in a prime location in the capital city  and one of the most quirky places in Edinburgh! The property had been part of a larger development completed in 2009 but the developer abandoned their original plans to use the unit as an office space. Ten years later, they obtained permissions to convert it into a residential dwelling – two  bed terraced house and sold the property to us, along with the plans in September 2022 following several negotiations.

The project was triple the size of any we’d ever done before in terms of price, scope of work and cost of development, but we considered it a viable challenge to embrace. After a miraculous funding provision to complete the purchase, we set to work on the construction which included full plumbing works, electrical installation, construction of super structures, creation of new rooms and an ensuite (which we arranged after purchase, as it was not part of the original approved plans) installation of a new staircase, new floorings and externally, a demolition and rebuild of the frontal facade of the property. And since we were managing the project end to end, we also had to be fully involved in material selection and procurement, delivery and logistics management, crisis management, interior design amongst others! Thankfully, we had a lot of encouragement and support throughout the period.  

Our estimation was that the build would be completed within 3 months but this was way off as we experienced several challenges on the project, from lack of tradesmen (joiners) for the build out works, unreliable contractors (we had to fire one of the contractors after a couple of disappointments, that was pushing out other milestones downstream) and delays to materials in certain cases.  The steep learning curve in self managing such a significant undertaking, meant a few more grey hairs and a near obsession with the project (usually in our waking thoughts and last conversation before retiring at night). But, we completed it, in spite of all the challenges and super pleased with the outcome.

Whilst our original intent for the property, located in a tourist attraction within the city didn’t quite work out, we successfully refinanced it and let it out at a very decent rate. Retaining a property in such a location in Edinburgh also offers a huge potential for future capital appreciation.