Peset, Valencia

Financed & In Progress

Project Overview

Normally we are improving a street with a renovation in a small or big property and having a positive however minor influence on what kind of people are being attracted to live there. With this project we are taking this improvement to a whole new level, because we are buying all ground floor commercial properties of three identical buildings next to each other and changing them to newly created touristic units. Talking about changing the dynamic and demographic of an area, right?

In total, 27 units will be created for tourist short term rentals. All of them will have an estimated 58 M2, divided over 1 or in some cases 2 bedrooms. These properties will be compact and square, so they will be suitable to create a convenient distribution for short term rentals (a spacious living room, open kitchen, a comfortable bathroom and with the remaining space 1 or 2 bedrooms).     

The strength of this project is that the properties are bought for commercial prices and sold for residential prices or kept as touristic units with high rental yields. Commercial real estate is valued lower because of its use, so when you find a property that ticks all the boxes of being able to convert into residential real estate it usually means a healthy project margin. Keep in mind, though, that conversions like these do need a big and in some cases complex renovation. 


Project Schedule

Renovation: 6-8 months
Listing Period: 1-2 months (partly overlapping)
Expected Total Project Period: 8-10 months

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