Woodfellows recently completed a full due diligence acquisition survey of an important retail property in St Albans on behalf of Civil Aviation Authority managed by CBRE Global Investors.
The investment had a pre-let to a well know coffee house that have recently completed its fit out. Woodfellows has been further instructed to undertake full project management including lead designer, contract administration and CDM Coordinator to undertake a change of use of the vacant upper floors to residential.
Nick Wills Surveyor confirmed that ‘with the continual burden of void rates and an abundance of empty, and largely unusable space above retail units, lateral thinking needs to be applied to make the investment work harder and perform. The ethos of people wanting to live where they work and play has never been stronger, therefore conversions of upper floors, where it is practical, will continue to play a part in town and city centre regeneration’.