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59: Inside Our 9 Apartment Office Conversion: Saltash Development Update
Jonathan Stobbs and Kieron Shepherd pull back the curtain on one of their live developments, Saltash — an office-to-residential conversion — in a "developer diary" style update. They walk through how the site was sourced, the funding structure, the technical curveballs thrown up during construction, and the lessons learned so far.
KEY TAKEAWAYS
Sourcing the Deal: The Saltash site (officially St James Court) was found on Rightmove via a commercial agent. Its "ugly duckling" appearance — a tired render finish and awkward mansard roof — likely put off other buyers, but the internal layout and space worked in the hosts' favour, and it qualified for Class MA permitted development rights, simplifying planning.
Funding Flexibility: The purchase was structured using vendor finance in combination with bridging finance, later refinanced onto development finance — a combination that gave the team breathing room to secure planning and progress construction.
Existing Buildings Bring Surprises: Conversions mean working with what's already there. The team discovered the building was actually two structures joined together, with a hidden concrete ring beam and an unexpected steel structure creating a large void between floors — all requiring on-the-spot design decisions.
Gas vs Electric — A Costly Pivot: A quote of £28,000 to bring gas to the site led the team to switch to an all-electric specification, using solutions like Quantum Dimplex heaters to maintain strong EPC ratings without blowing the budget.
Insulate Externally, Not Internally: Choosing external wall insulation (EWI) over internal insulation cost more upfront but preserved valuable internal square footage in the apartments and gave the whole building a refreshed, brand-new appearance.
Challenge the Spec: The team swapped out architect-specified products (insulation brands, floor build-ups) for alternatives that hit the same performance values at lower cost or faster install time — provided the u-values and building regs requirements were still met.
Utilities: Start Early: Both hosts agreed the biggest lesson from the project was getting utility companies involved sooner, particularly given the knock-on effect on timing and design decisions.
Plan for Logistics: Access for tradespeople, delivery vehicles and skips is easy to overlook on tight or hidden sites — something the hosts recommend mapping out clearly for suppliers and contractors in advance.
BEST MOMENTS
"It's a solid building — actually two buildings that have joined together."
"We're not doing gas anymore."
"You've got to be able to react, respond positively, and do what you can do."
"Would you buy another office conversion? Absolutely — I think we are tomorrow."
YOUTUBE CHANNEL
https://www.youtube.com/@propertydevelopersiq
HOST BIOS
Jonathan is a property developer and entrepreneur with a background in finance and construction. Originally from South Africa, he holds degrees in Accounting and Auditing and relocated to England in 2003. He gained financial and operational experience at firms such as RSM, Prudential, and Baker Tilly before transitioning into property. Since 2014, Jonathan has managed major commercial-to-residential conversions and new build developments, particularly across the South West. His analytical mindset and on-the-ground experience help listeners navigate the property world with confidence.
Kieron is a construction expert and entrepreneur with over 20 years of industry experience. Starting as a mason, he went on to found Shepherd Construction in 2012, delivering projects across both the public and private sectors. From extensions to luxury new builds, Kieron has earned a reputation for quality, precision, and strong leadership. As Managing Director, he's involved in every stage — from design to delivery — offering a no-nonsense, deeply practical perspective to anyone looking to build with success.
OUR SOCIALS
https://www.facebook.com/jonathan.stobbs.1979/
https://www.linkedin.com/in/jonathanstobbs/
https://www.instagram.com/jonathan.stobbs/
https://www.facebook.com/kieron.shepherd.73
https://www.linkedin.com/in/kieron-shepherd-83b979aa/
https://www.instagram.com/kieron__shepherd/
https://www.propertydevelopersplaybook.co.uk/
Book your seat now on our 3-day live event, Property Developers Bootcamp
https://www.propertydevelopersiq.co.uk/pdblive
View all episodes
By Jonathan Stobbs & Kieron ShepherdJonathan Stobbs and Kieron Shepherd pull back the curtain on one of their live developments, Saltash — an office-to-residential conversion — in a "developer diary" style update. They walk through how the site was sourced, the funding structure, the technical curveballs thrown up during construction, and the lessons learned so far.
KEY TAKEAWAYS
Sourcing the Deal: The Saltash site (officially St James Court) was found on Rightmove via a commercial agent. Its "ugly duckling" appearance — a tired render finish and awkward mansard roof — likely put off other buyers, but the internal layout and space worked in the hosts' favour, and it qualified for Class MA permitted development rights, simplifying planning.
Funding Flexibility: The purchase was structured using vendor finance in combination with bridging finance, later refinanced onto development finance — a combination that gave the team breathing room to secure planning and progress construction.
Existing Buildings Bring Surprises: Conversions mean working with what's already there. The team discovered the building was actually two structures joined together, with a hidden concrete ring beam and an unexpected steel structure creating a large void between floors — all requiring on-the-spot design decisions.
Gas vs Electric — A Costly Pivot: A quote of £28,000 to bring gas to the site led the team to switch to an all-electric specification, using solutions like Quantum Dimplex heaters to maintain strong EPC ratings without blowing the budget.
Insulate Externally, Not Internally: Choosing external wall insulation (EWI) over internal insulation cost more upfront but preserved valuable internal square footage in the apartments and gave the whole building a refreshed, brand-new appearance.
Challenge the Spec: The team swapped out architect-specified products (insulation brands, floor build-ups) for alternatives that hit the same performance values at lower cost or faster install time — provided the u-values and building regs requirements were still met.
Utilities: Start Early: Both hosts agreed the biggest lesson from the project was getting utility companies involved sooner, particularly given the knock-on effect on timing and design decisions.
Plan for Logistics: Access for tradespeople, delivery vehicles and skips is easy to overlook on tight or hidden sites — something the hosts recommend mapping out clearly for suppliers and contractors in advance.
BEST MOMENTS
"It's a solid building — actually two buildings that have joined together."
"We're not doing gas anymore."
"You've got to be able to react, respond positively, and do what you can do."
"Would you buy another office conversion? Absolutely — I think we are tomorrow."
YOUTUBE CHANNEL
https://www.youtube.com/@propertydevelopersiq
HOST BIOS
Jonathan is a property developer and entrepreneur with a background in finance and construction. Originally from South Africa, he holds degrees in Accounting and Auditing and relocated to England in 2003. He gained financial and operational experience at firms such as RSM, Prudential, and Baker Tilly before transitioning into property. Since 2014, Jonathan has managed major commercial-to-residential conversions and new build developments, particularly across the South West. His analytical mindset and on-the-ground experience help listeners navigate the property world with confidence.
Kieron is a construction expert and entrepreneur with over 20 years of industry experience. Starting as a mason, he went on to found Shepherd Construction in 2012, delivering projects across both the public and private sectors. From extensions to luxury new builds, Kieron has earned a reputation for quality, precision, and strong leadership. As Managing Director, he's involved in every stage — from design to delivery — offering a no-nonsense, deeply practical perspective to anyone looking to build with success.
OUR SOCIALS
https://www.facebook.com/jonathan.stobbs.1979/
https://www.linkedin.com/in/jonathanstobbs/
https://www.instagram.com/jonathan.stobbs/
https://www.facebook.com/kieron.shepherd.73
https://www.linkedin.com/in/kieron-shepherd-83b979aa/
https://www.instagram.com/kieron__shepherd/
https://www.propertydevelopersplaybook.co.uk/
Book your seat now on our 3-day live event, Property Developers Bootcamp
https://www.propertydevelopersiq.co.uk/pdblive