Saturday 2nd December 2023
The weather outside is frightful (but the mood indoors is excellent)…
It’s amazing how quickly two weeks can fly by — I was away last weekend with my partner and younger brother (Friday to Monday) celebrating my elder brother’s 30th birthday in London, actually relishing taking a bit of time to myself (despite still loving what I do, it’s possible right?), and so missed my opportunity to write a few words summing up the week.
In some ways the week before this one (w/c 20th November) feels like a bit of a distant memory, owing to the fact that this one has been so busy. Weeks (and months) can go by with what feels like nothing happening and no progress made at, and yet this week has been quite the opposite — I need one of these every now and then to keep me motivated, and keep clear in my mind that I’m on the right track!
Monday saw two schemes finally into legals, and providing 20 total units of purpose built supported accommodation, with one of the sites becoming the first to open in Nottinghamshire for the provider I work with — a proud milestone. The first service will be ready for occupation in Q2 of 2024, and the other a little later.
I’ve carried out two viability appraisals on local sites in Cornwall; one is a vacant/brownfield site and the other a commercial building ripe for conversion. The challenge I’m having (and thoughts very welcome), is actually getting a residual land valuation that a vendor might consider well within the realms of reality. Build costs are quite insane compared to historic values, although still manageable with the right scheme, but with development finance, professional costs etc. thrown into the mix, land valuations are not currently reflecting this new development reality.
We’ve finally had the valuation carried out on our flatted scheme by the bank — with this complete I’m hoping we can rattle through the remainder of the legal work ASAP.
At the very end of this week I was introduced to a new build bungalow scheme — 3 properties off a private drive, all being delivered to an incredibly high spec (some of the units are at first fix, allowing time for the provider I work with to get involved with their specification), and at a very reasonable price. The site’s been sent to the local authority for consideration of the area, although in principle it’s ideal for the specialist service demand in the County.
I’m pleased to have completed the sale of a small investment block in Derbyshire. I issued a heads of terms for the sale back in April to a remote purchaser and had endless delays from the bank (two separate ones in fact), a down valuation and renegotiation of the purchase price, and challenges communicating with the solicitors. Nevertheless, the completion went ahead smoothly and I’m looking forward to working on a disposal program for the remaining portfolio properties over the next few years. One of the properties I’m viewing myself next week, as it looks like it could be a great fit for our community rent or supported accommodation program.
Not quite on a wind down for Christmas — still lots to do over the next few weeks, and lots to prepare for next year’s pipeline (and beyond).
On my read-radar this week:
