A Property Investment Company owned a property in a prime retail position in Hereford city centre, where the ground floor had recently been let but the upper floors, which had a separate entrance, were vacant. The building was Grade II listed and consent had been obtained for four flats over three floors. Ferriby Land became involved on the basis of a joint venture partnership whereby the upper floors were allocated a specific value, and the cost of carrying out the development was to be split equally between the investment company and Ferriby, with profit shared once the allocation for the property together with the development costs had been taken into account.
We advised that the scheme as it stood would not work as well as a three unit upmarket  residential development, and a subsequent consent was obtained. Work is due to commence with Ferriby Design and Construction Ltd overseeing the appointment of builders and project management to the subsequent sale of the Flats.