A team bought a vacant department store in Peterborough for £5.6M, kept a slice for £50k annual rent, sold the rest for £3.6M, and converted the upper floors into 100 apartments housing 146 people. In London, the same deal would be worth £200M.
What's the biggest property deal you've ever done? We bought a ground floor department store with 2 upper floors of completely empty space. We developed another 2 floors above. It's about 30,000 square foot, I believe, on the ground floor. We took 1/5 of that, sliced it up, and we rent it out for 50-odd grand a year. We sold 4/5 of the bottom floor for £3.6 million, and then we developed the upper 2 storeys into 4 and converted them into 100 apartments with 146 tenants, 135,000 square feet. If you put that in central London, that would be about £200 million. It's in central Peterborough.
