An office-to-residential conversion of a two-building site on a charming yet busy cobbled market street with retail on the ground floor.
With 12,000 ft2 of saleable space, Alchemi Group recognised the opportunity to create nine loft apartments because of the buildings’ special warehouse feel.
Purchase completed in 2007 with investment from a Middle Eastern consortium and an Irish bank and planning consent was obtained in 2008. However, adverse market conditions led Alchemi Group to regear leases and obtain new investment in June 2010 with a UK based high-net worth individual and insurance PLC.
The development was completed in June 2012 and the final sale completed in October 2012. The original investors were bought out and received 10% IRR. The new investors purchased for cash and received an ungeared 20% IRR over 27 months.