To review the different opportunities available for a collection of decaying, agricultural brick barns.
This was in order to create a positive asset from a dilapidated liability. New use breathed life back in to the buildings and now produces a positive income source.
Before & After
A phased conversion approach was agreed, taking specific buildings in hand one at a time, thereby creating a virtuous cycle. Targeted end-users are people who run their own business and who need space to accommodate 1 to 12 people.
Office design and sizes were decided upon to reflect to existing building layout, avoid Business Rates in the future and to have maximum appeal to the target audience.
After the initial business planning proposal was approved, ASKARI oversaw the entire conversion process. Eight phases of work were identified.
For each phase, timelines were defined, the appropriate building trades were managed, trade accounts were set up, expenditure was monitored and quality of build checked.
- Size – 10,200 ft2 of successfully converted office space, now responsible for the employment of 70+ people
- Budget – £600,000
- Timescale – Phased between 2011 and 2015
- Phase I of conversion project created 15 offices across 4,000 ft2
- Phase II and III created another 17 offices over 4,350 ft2
- Phase IV created a further 5 offices on 1,820 ft2
- Revenue Stream generated: £185,000 pa.
- Further phases planned and under review
- Return On Investment: 32%
- Payback period: 3.1 years