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DEVELOPERS are making a fortune by turning closed down pubs into money spinners. They are snapping up boozers as soon as they shut to redevelop them.
One property guru has already sparked a several million pound profit from public houses in Bedfordshire for her clients- and she says the trend is sweeping across the UK.
Sam Bains, Director of Property Consultancy, Ultimate Connexions, says cunning investors are targeting pubs despite the downturn in the property market. She has already advised dozens of investors on a number of redevelopments of former public houses.
In her most lucrative deal, Sam consulted the purchase and development of an £850,000 disused nightclub. It is currently undergoing conversion into a luxury residential oasis with an estimated value of £4.3m thanks to its slick planning for 27 one, two and three bedroom flats and three commercial shop units, landing a profit of over £900,000. A former defunct pub is now worth four times its purchase price with its planning permission and key location, thanks to Sam's knowledge of the niche property market.
The Luton-based property guru, who built up Ultimate Connexions from humble beginnings at her hallway table 20 years ago to its current nationally renowned status, has advised several clients this year on how to turn their investments in pubs into residential wonders.
Now, property developers eager to cash in on the concept are rushing to snap up ailing businesses for residential conversion after seeing Sam's canny investments in Bedfordshire, where house prices are soaring. "Where pubs are failing as businesses because people have cut down on spending, developers can cash in," says Sam. "People always need somewhere to live and pubs are historically substantial buildings with huge scope for conversion potential. They tend to sit on a nice piece of land, usually a few acres and they have the added benefit of car parks - great for either the tenants' use if it's converted into flats or if planning permission is granted, for further housing. I might have started a trend in Luton but the same idea should apply across the UK. All you really need is a good architect to create an aesthetically pleasing development which utitlises the purchased space. Chuck in a local train station and a few shops and it makes the residence sought after."
Speculators are even willing to buy a pub in a rundown neighbourhood, let it as a going concern and turn it over to residential use when the area picks up.
Despite hundreds of public houses falling victim to the nationwide recession, Sam spotted a gap in the market nd helped developers recognise the building's potential for multiple use.
"I buy up the pubs when they go on the market," says Sam. "I have a list of clients whose requirements I know like the back of my hand and when a suitable one comes up I let them know, sell it to them and then help them develop it into a successful investment."
"There is no end of opportunity to a building such as a public house," she continues. "A defunct and dilapidated pub, even in a less sought-after area, is always ripe for a change of use. And you would be surprised what planning permission will be granted to them."
"Even if my clients want to keep them as watering holes, that is still possible, but what people don't realise is that they can still be used for residential purposes and even the car parks have a major value because of the opportunity to attain planning permission to develop on the land."
"Far from sitting on a white elephant, owners are sitting on gold mines when it comes to pubs. It just takes a bit of inspiration and expertise."
House prices in Bedfordshire are expected to soar by 10% in the next five years, while property developers will cash in on the rising demand for rooms to rent, says Luton-based property guru, Samantha Bains. Read more click here
