Joseph Locke House – Empire Property Concepts
Empire Property Concepts have just completed on an excellent property which is one for the future. The company has paid £1.85 million for Joseph Locke House which is currently used as commercial office space. The building was government use and has been purchased by Empire Property Concepts and will undergo a conversion from offices to residential use in early 2017.
The property itself is solid, no issues in terms of structure. It is a very well built property over five levels with more than 45,000 square feet of workable space. The building will continue to provide commercial usage until the expiry of leases to existing tenants.
This purchase is yet another example of the delivery of commercial properties being converted to apartments, providing residential housing all across the north of England.
This particular property was built in 1991 as a five floor property plus a basement as well as two car parks with enough spaces for 130 cars. The property has been used as a Jobcentre and benefits office and the two top floors are currently occupied by the Department for Work and Pensions.
Joseph Locke House is a big, solid building and would have cost a lot more than £1.85 million to build it. With the council already approving a scheme to convert the building into 170 residential units this makes way for a great investment opportunity in the future.
For now the focus is on the current tenants, with the remaining leases expiring in early 2018, the company is focussing on securing some short term commercial tenants prior to the task of converting the building to residential.
Empire Property Concepts is converting on average 200 units per year, the approach taken will be in keeping with the methods employed over the last 11 years.
Empire Property Investment
In summary, the full £6 million has been raised & the bond has now been closed to new investors.
63 Bradshawgate & New Commerce House are nearing completion as per the update below.
Empire Property are now in the process of formally purchasing King Charles House & should be able to transfer all contractors to the site in an effort to speed up development works.
The next three potential development properties & these are being lined up along with first stage refinance. Further details about this process will be provided over the next few updates.
New Commerce House
Construction works are progressing quickly on all floors. Services have been isolated on all floors & temporary electrical distribution boards have been installed.
The loft is now 1st fixed electrically. Insulation & plasterboard to the walls are complete & skimming is nearing completion.
1st floor works are progressing well and 2nd fix electrics have commenced. Plaster-boarding & skimming is complete. All shower trays have been installed & wall tiling is progressing.
Mist coating has progressed & some of the rooms have received their 2nd coat. Empire Property Doncaster have the majority of the kitchen units are on site and are in the process of being installed.
Ground floor works are also progressing well with 1st fix electrics & plumbing complete. Plaster skimming is complete in all rooms & mist coating has commenced with some rooms having received a 2nd coat.
The installation of the kitchens has commenced & 2nd fix plumbing is progressing, as is the wall & floor tiling. 2nd fix joinery is progressing & most of the doors have been hung.
The windows are now fully installed. The insulation and plasterboard is now complete on all floors which in turn is allowing the skimming to follow on.
On the 5th floor, 12 en-suites are tiled & have doors fitted. Plaster boarding to the corridor walls is progressing well & and kitchens are now being fitted.
On the 4th floor, corridor walls are 90% complete. Armoured cable installation has commenced & installed to 4 rooms. All floor cores have been formed & ceramic tiling is about to start.
On the 3rd floor, all cores in floor have been formed, metal fixed to all ceilings & corridor walls have been boarded.
On the 1st & 2nd floors, all rooms and corridor walls have been plaster boarded. Flooring cores is progressing well & metal has been fixed to all ceilings.
For those of you that have visited Empire House, you will have seen first hand the finish routinely achieved.
We will shortly have more details about the next property bond available for you to invest, as soon as we have those details we will share them with our registered investors.