- Planning needed but similar projects have had planning granted locally, and plans are within all local planning restrictions
- Rental income whilst project is underway
Stage 1
- Buy 4 more apartments in a block of 42 PSM France already holds 6, White Rooms holds 2 (PSM France share holder)
- 12 apartments give ~ 25% control
- Gain building control with support of other owners or purchase them out (10M€)
- Could take time to win over all other owners (offer full exterior refurbishment toincrease apartment values or offer to join renovation project or buy out to get vote in– all options are being explored).
- Got support of 2 other owners
- Rent as is or renovate currently held apartments for initial uplift
Stage 2
- Plan is to take over the building (52% support needed) to be able to extend up 3 floors renovate all common areas and exterior of the building
- Cost 9M€
- Value: 40M€ for new areas 2000€/m^2 for apartments owned and for other owners
- Increase in rental incomes