In the north of the capital, a warehouse was being converted into an investment building comprising around twenty apartments. The ideal target for a French client, provided it could be handed over ready to be leased for immediate occupation. Mission accomplished for BuyerSide.
A challenge involving a range of issues awaited BuyerSide for this ambitious project. A building that was a construction site and a provisional sales agreement signed on one condition: that the building was completed in line with good practices so that that it was immediately available on the rental market for its client.
Total follow-up of operations
To guarantee a satisfied client, nothing could be left to chance.
From the outset, the specifications had to be checked to be certain that they were complete as regards the expected finishes and equipment. Then it was important to ensure that the materials used were compliant and that work progressed in line with expectations and in accordance with the regulations in force, such as the urban planning permit or the fire service requirements.
BuyerSide’s experience also made it possible to stave off all eventualities, present and future. In particular by taking care to check that everyone involved on the construction site was insured in the event of any subsequent problems relating to the work and that all the statutory certificates and the DIU (post-intervention dossier) were in order and available on the day the deed was signed.
All this while ensuring that the deadlines were met so that the client could benefit from the funding granted by his bank by signing the official deed within the set deadline.
A (more than) successful mission
Of course, this type of acquisition rarely goes entirely smoothly, and this project was no exception. So BuyerSide is proud to have been able to assist the client and enable him, despite several months’ delay in the work, to acquire this building in line with his initial requirements.
A success that is all the more gratifying because all the units in the building were leased not only very quickly but at rents higher than those estimated when the building was valued.
Everyone’s a winner
The investor therefore benefits from a very attractive return for a new building that is not liable for VAT owing to the in-depth renovation.
The seller, meanwhile, was able to limit his marketing risks and reinvest the proceeds of the sale as soon as the construction work was complete by opting to dispose of the building as a whole rather than unit by unit, which would have taken him considerably longer.