THE ESSENTIALS
At a glance
Property Detail | Information |
Location | 16–18 St Petersgate, Stockport SK1 1HD |
Property | Three-storey terrace with trading retail units and vacant former offices above |
Instructed | 2022 |
Service | Lettings and refurbishment advice, sole agency sale, then commercial marketing |
Outcome | Sold above market value; upper floors converted into a 12 bedroom HMO |
Timeline | Around two years, from instruction to completion |
THE CHALLENGE
A promising building with nowhere obvious to go
The ground floor shops at 16–18 St Petersgate were let and trading, but the first and second floors (former offices) had sat vacant for years. The Property Owner came to Oakmount weighing the two obvious routes: refurbish the upper floors back into modern offices, or convert to residential. They hadn't settled on either, and asked Oakmount for advice.
OUR APPROACH
Read the space, then reshape the instruction
Oakmount was initially instructed to find a tenant to let the vacant floors, not to sell the building. Looking at the layout — single rooms off a central corridor — it was clear the space suited HMO use far more naturally than a conventional office refit, which would have cost upwards of £100,000 to bring back to a lettable standard and would not compete with the far more modern purpose-built offices available locally.
Oakmount found a prospective tenant interested in renting on that basis. During discussions, that interest shifted from renting to buying outright — so Oakmount converted the instruction from a letting to a sale, and saw the transaction through to completion with the seller.
A full roof renovation was a condition of the purchase. Oakmount tendered the work and oversaw it to completion. Between that and the complexity of a deal that changed shape partway through, the process took around two years from first instruction to completion.
THE OUTCOME
A sale above market value—and a relationship that carried on.
Every meter on the estate is uniquely identified and mapped
A reliable, repeatable reading process now runs quarterly, rather than relying on ad hoc or undocumented visits
Readings are photographically evidenced, giving both the management company and tenants confidence in the figures behind utility recharges
The instruction has run continuously since 2021
WHY IT MATTERS
Good property advice starts with what the space can actually become.
A national asset management company overseeing a portfolio can't easily put someone on the ground at every site, every quarter — but accurate utility recharging depends on exactly that kind of consistent, local diligence. Oakmount's work turned a fragmented, easy-to-get-wrong process into a documented system that removes guesswork for everyone relying on the numbers.
COMMON QUESTIONS
FAQ
What can I do with vacant office space above my shop units?
It depends on the layout and local planning position. Options range from an office refurbishment to residential conversion or HMO use; the right call is not always the most obvious one.
Does Oakmount handle both lettings and sales for the same property?
Yes. As this case shows, an instruction can start as one and become the other if that better serves the property owner’s interests.
Does Oakmount manage properties after a sale for the new owner?
Not on an ongoing basis in this case, but the new owner reinstructed Oakmount to market and find tenants for the ground-floor units after completion.
Does Oakmount carry out construction works?
No. Oakmount has no in-house trades, but can help find a suitable contractor, tender a project and carry out site visits with photographic progress reporting.