Monday, 25 September 2017

Sadomasochistic purchase (but at a good price)

Happy to announce that a new project has been on-boarded! (At the border of a pretty good corner of south West London)

2126 sq ft residential and 717 sq ft commercial as well as a large yard with an amazing amount of upside. We believe we can add create up to 3500 sq ft of residential space.

Now I have to explain why the title of this post makes sense.
Well, the project is in Lambeth, which is the same council as the one we dealt with last time, and with all due respect.... It was a real hard battle we had to on our hands to get the plans through pre-planning stage successfully. To have gone in for more feels slightly masochistic frankly.

But on the other hand, based on the numbers we had crunched, it is the first time we bought what we believe to be a real good deal.

Obviously times are different and the climate not as bullish as pre-brexit but as Warren Buffet says "sell when everybody buys and buy when everybody sells" 

20 days to exchange, but for tonight a good celebratory drink should do it.

... A whole new adventure is starting.


Friday, 22 September 2017

Sleepless nights, will she be the one? (Warning derelict content)

The last auction was a fail. Undervalued the top bid by quite a bit with my maths.

Whatever it was, that the other parties took into account, I did not see it in such bullish light.
Approx 350k above the top bid I had in mind... That's quite a miss.

But maybe it's all for the best... Because there is another auction on Monday and there is quite a beauty awaiting!

Will this be the one? Will I be enough for her to let me wisk her away?

How much will the planners let you get away in the large yard? What will the building costs be? And what realistic resale values can be expected after turnaround? What are the VAT and tax implications for the company if we decide to rent units rather then sell (in case the resale market is weak)?

Too many questions for me to sleep properly.

Below what my dreams are made of ( I know not everyone's cup of tea - warning derelict content!)


Saturday, 2 September 2017

Getting serious again.

Despite not much sucess at sourcing the next project since the sale of the warehouse (now few months already), the scouting is on.

The subdued market post brexit means the buy needs to be particularly good value to ensure that little bit of extra margin buffer.

The last one we looked at (old printing works in north east london did not meet the reserve price and the planning risk felt a little too much for our apettite anyway...

But a new round of auctions is now few weeks away and one in particular has caught my eye.

So crunching numbers again and checking planning history (the basics)....

This one may be a mix of rental potential as well as planning upside and flip.

More soon. 

Sunday, 21 May 2017

Before handing over the keys...

We just had to have a warehouse party!
In numbers:
- approx100 guests
- 4am end
- 1 entire iberico ham leg
- 8kg Comte cheese
- 2 DJ's
- 1 security guard (being Brixton, Had to keep gate crashers out) 
- can't remember specs of soundsystem, (but loud enough to trouble the neighbours across the road!)
- no's of cocktails served... Sorry did not count! 

I think it was wise not do this earlier, could easily become addictive... But now keys need to be handed over in couple of weeks for completion.

And the hunt for new properties is gaining traction again.
More on that soon.

Tuesday, 2 May 2017

Celebratory diet coke.

After a long long year... (During which I hardly blogged - apologies)
I can confirm that our latest project has sold/exchanged  today!
In brief:
- 13 months turnaround.
- 20% return
- pre brexit purchase and post brexit exit.
- site untouched (apart from squatters episode)
- added value purely generated through an improved pre planning application.
- sold forward to another developer to execute.
- offer too good to refuse an easy exit at this stage.
- further 20% profit expected on buyers side (on purchase price) once completed (in addition to his transaction costs -stamp duty etc)

Stay tuned. Next post is about a warehouse party!

Wednesday, 17 August 2016

Slow progress & squatters.

Another very very long silence! And another apology for that!

Not even know where to start really....

Brexit and it's effects on the property market!? That could deserve an entire post in itself!

Lambeth council? I would not say it "deserves" and entire blog post, but I could surely do a ranting post about them too!

Or maybe the squatters that have just sent me pictures of their table football and "installations" as proof that they are looking after the property!

That's right.... Squatters. Let's zoom in on that current pain point and try to factually report on the squatter situation in bullet points (don't want to bore anybody)

- now in the property since over a month
- approx 20 people and 4 dogs (according to neighbours)
- police barely attended site
- court proceedings have cost approx 5k
- estimated security cost to remove them once legally allowed to another approx 2k
- we would be violating their "rights" if we were to enter in our own property (while they just came in at night and changed the locks!)
- have been kind enough to send us pictures of inside and saying they will "look after the property"!

Just going to keep it at that and show you the proud banner currently being displayed at the front of the property.



Wednesday, 15 June 2016

Warehouse shoot - Fashion statement.

Please accept my apologies for my long silence!
A lot has happened since the last post but I thought that if not everything, I should at least post about the photoshoot that we did.

Very spontaneous, and as we did in the last development, very "raw".
Keeping the space and fashion in contrast.

With these things, pictures tell more then a 1000 words.....


Pls note this is before any Photoshop treatment/clean up  - with pure natural light.