Sunday 17th December 2023
Wind down (up?) to Christmas…
‘Delighted’ is one of those words that sets my teeth on edge, but one that I also can’t help but use incessantly…I’m delighted to say that things seem to be going full steam toward Christmas, and with a relentless pace. Appetite for development is (obviously) still enormous, and I’m really grateful to be in a position to be offering sites to my partners that I’m confident will not only meet their care demand, and that from the local authorities, but which will be delivered and priced in a sustainable way, allowing for efficient rent setting and agreeable lease terms. It finally feels like parts of the industry are turning a corner — a corner that will ultimately provide better outcomes for tenants (which is what it’s all about).
My partner (work) conducted a viewing on a potential mixed-use scheme for our housing program in Alfreton (Nottinghamshire/Derbyshire border) last Monday — it’s not quite the best fit for us at this stage: a few too many moving parts, commercial tenants on long leases and other ‘better’ cookie cutter schemes for us to consider, but I’m pleased to be bringing it to the off-market-market in the New Year, having been instructed by the vendor to seek offers for the Freehold purchase. Alongside this I’ll also be delivering a phased sales program over the next few years to dispose of the portfolio landlord’s assets, some which might fit our program, or which will otherwise provide decent immediate income for an investment buyer.
Still trying to wrap my head around delivering a specialist service in Nottingham for a small cohort currently being managed by a small, local charity. I suspect (know) the rent demands from HB will be far too high, something which I’m uncomfortable with anyway, but the only way the property could work from a commercial perspective. I’ll be sad to see this one fall through at this stage, although I remain hopefully that another suitable service will be found.
Battling with the LPA in the North West…
Having put a scheme together for a care provider last year, and with innumerable challenges having been thrown up since, completion was set for last week, but will now be this week, with 18 new homes being created for residents in a popular North West town. More details to follow when we complete in a few days time (alongside a huge sigh of relief for all involved).
I’ve sent a number of direct-to-vendor letters in the past 10 days or so, for developments and sites across the South West, which I think in time will become fruitful once the silliness of Christmas is out the way and everyone is back ‘on business’ in the New Year. I’ve also got calls arranged for mid-January with a large main contractor and developer to work on some synergies in delivering a supported housing strategy in Cornwall too.
A beautiful 7 bedroom former guesthouse with extensive gardens is on the cards for review this week, having been introduced to it at the end of last week (located in mid-Devon) by the care provider for a reallocation of an existing service.
Doing my best to tie up loose ends before I go away for Christmas on Friday…
Little to no reading this week — I feel like I haven’t had the chance! I’ll save them up over the Christmas break.
