Before5 photos
Case studies
Pelai · Barcelona · Investor
Pelai: full refurbishment for rental return optimisation
A full refurbishment in Barcelona managed by Radiant Estates for an investor client, combining feasibility, layout optimisation, licensing, financing logic, yield modelling, and renovation execution.
- Scope
- Full refurbishment
- Permit
- Assabentat
- Duration
- Nov 2024 – May 2025
- Budget
- €220k
- Client
- Investor
Project snapshot
- Project
- Pelai full refurbishment
- Location
- Pelai, Barcelona
- Client type
- Investor
- Scope
- Full refurbishment
- Permit / licence
- Assabentat
- Duration
- November 2024 – May 2025
- Budget
- €220k
- Radiant role
- Feasibility, planning, yield modelling, licensing, financing logic, layout optimisation, renovation management, and final delivery.
Before & after
See how the property changed through the renovation
Photos taken before the works started and after final delivery. Click any image to enlarge — use the arrow keys to move between photos.
After5 photos
Walkthrough
Walkthrough after completion
A short walkthrough of the completed refurbishment.
Layout optimisation
Before and after layout
For this investor project, layout decisions were made within the constraints of the cédula de habitabilitat, balancing rental performance, compliance, and execution practicality. The optimisation was less about radical redesign and more about improving rental performance, layout efficiency, and decision quality within the existing constraints.
Original plan
Optimised plan
Project overview
Why this project needed structured management
The client's objective was not just refurbishment, but return optimisation for rental use. That meant the project had to be approached from both an operational and investment perspective: what layout worked best, what licensing route applied, what the budget could support, and how financing and expected returns would behave in practice.
Before committing to works, Radiant Estates assessed the property, modelled the rental logic, reviewed the layout within cédula de habitabilitat constraints, and built a feasibility-led execution plan.
The renovation was then managed end-to-end, with contractor coordination, scheduling, licensing, and issue handling carried through to delivery.
The result was a full refurbishment completed between November 2024 and May 2025, with an actual unlevered IRR of 9.3% and leveraged IRR of 13.9%.
Our role in the project
How Radiant managed the project
- Step 01
First client meeting
We aligned on investment goals, rental strategy, return expectations, budget, and the operational constraints of the property.
- Step 02
Property assessment, feasibility & yield modelling
We assessed the property, prepared the feasibility, modelled rental returns, reviewed the licensing route, and tested what was realistic within the budget and the cédula de habitabilitat constraints.
- Step 03
Planning, layout optimisation & tendering
We developed the execution plan, optimised the layout for rental performance, coordinated with technical professionals, reviewed the floor plan, and collected offers from construction companies.
- Step 04
Licensing, financing logic & scheduling
We coordinated the assabentat permit route, integrated bank financing assumptions into the project logic, and translated the works into a delivery schedule and Gantt-based execution plan.
- Step 05
Renovation management
We managed the refurbishment on site, coordinated contractors and suppliers, monitored timing and progress, and kept the investor updated throughout the works.
- Step 06
Final delivery
We finalised the project, completed snagging, and delivered the fully refurbished asset ready for the rental strategy.
Issues solved during the project
Challenges handled
Three real issues came up during execution. Each was absorbed by Radiant Estates so the investor stayed out of operational friction and the project kept moving.
Community and construction issues
- What happened
- There were multiple issues involving the building community and construction process, requiring repeated coordination outside the normal site workflow.
- How we handled it
- Radiant Estates held multiple meetings with the community and the community's gestor to keep the project moving and resolve concerns directly.
- Why it mattered
- The investor did not need to manage community friction personally, and the project remained coordinated through one point of contact.
Architect delays
- What happened
- The architects were slower than required at key moments in the project.
- How we handled it
- Radiant Estates actively pushed the architects and followed up persistently to keep technical deliverables aligned with the project schedule.
- Why it mattered
- This helped reduce unnecessary slippage and kept planning and execution decisions moving.
Material delays
- What happened
- Some materials were delayed and threatened the delivery schedule.
- How we handled it
- Radiant Estates switched to a different supplier to protect timing and keep the works progressing.
- Why it mattered
- The project avoided further delay exposure and the investor did not have to manage supplier failure directly.
Outcome
What was delivered
A full refurbishment delivered for an investor client, combining execution control with return optimisation, licensing coordination, and layout decisions shaped by rental performance.
- Full refurbishment delivered
- Managed within a €220k budget
- Delivered from November 2024 to May 2025
- Permit route (assabentat) coordinated
- Layout optimisation within cédula constraints
- Yield modelling completed before execution
- Actual unlevered IRR: 9.3%
- Actual leveraged IRR: 13.9%
Return outcome
Modelled as an investment, tracked as one
This project was managed as an investment case, not just a refurbishment. Radiant Estates modelled the return logic before execution and tracked the result against the investor objective.
- Unlevered IRR
- 9.3%
- Leveraged IRR
- 13.9%
Actuals at project close
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