Feeling a bit rusty.

Have to admit I am feeling a bit rusty.
Just like any other brain activity -or any kind of activity for that matter- unless trained, used and exercised on a regular basis......

Nevermind, it's been a while I had not applied my grey cells to some 3 dimensional puzzle games like how to fit a bathroom into a niche half above the stairs and half into the butterfly roof loft space in order to be able to fit a decent sized second bedroom within the rest of the floorplan.

On top of the spatial constraints, come the financial and regulatory puzzle pieces.... As soon as we open the loft space, new insulation becomes a requirement for building control.... The new support for the load bearing wall, and the extra costs that follow suit.... How much value is added by this second bedroom? Does it cover the necessary additional expenses?

These are the questions on the top floor. But in the lower ground, it seems that the only two options to have two bedrooms to fit is to either knock off the wall that supports the entire staircase across the 4 floors above, or maybe skew the corridor to some "funky angle" in order to knock the wall off but at least keep the pretty much predetermined place for pillars to support it!

I could go on but you get the picture.  It's like playing with a 3 dimensional puzzle.... Maybe 6 dimensional once you take financials, timeframe s and regulations into the equation?

That's just the "straightforward" phase 1 where we are taking the existing 4 flats and just refurbish them for resale later in the spring, but am already looking forward to walking around the finished product!

Plenty of obstacles still to go but it's a labour of love... Can't deny it. Just wish I had more time to exercise that part of the brain a bit more often.

Literally "watch this space"

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. 

Project overview - recap

OK. I had some feedback from "my readership" some time back. 

Admittedly I have been a little "all over the place" with my posts and the coherence and understanding of the narrative and overview may have got lost... 

I had therefore promised to give an overview of what the scheme/ project is all about.

Here it is in key points:

- I trained in architecture, but am working in Fashion... However this is a serious investment project that utilizes my "under-utilized" and hopefully not too rusty architectutal skills. 

- I have done a couple of previous investments/ renovation projects in the last 7 years. ( including a large loft space 2mn from brick lane which I really enjoyed - some details in previous post here ) ( might add further project in a future post as well)

- this latest investment is the first time I join hands with a co-investor. Its 50%-50% but I am on the ground so the performance anxiety is on me!

- we had been looking for a project for a long time made a lot of research... and countless aborted acquisitions/ outbidded offers took place ( auctions and agents) over the year prior to purchase of this unit. ( more info on the auction action here )

- this house was finally bought at auction in June for a purchase price of just above 1m GBP ( 1.1m after all related coats like tax and fees)

- its in bad shape, but the location is very unusual and unique; tucked away from the street and located right in the middle of adjacent gardens...and this is on one of the best and most expensive streets of Hackney, an "up and come" or "up and coming" (depending on how forward thinking one isl) part of London that without doubt will rival Islington within a couple of years. ( or maybe already does for the ones in the know) 

- the original house was 1300 sq ft ( approx 120m²) with a large garden but we have successfully obtained an additional 2000sq ft (approx 180m² ) though planning with hackney council. Resulting in a very large single house with a garden. ( and more info on the planning process here )

- post planning we had an offer from another  developer which could have given us a 6 figure sum clean profit... But wisely or foolishly we believe there are more rewards to be had by pulling through the project ourselves.

- we are now in the process of doing the basement work which is the most complex and fraught part of the job. A huge amount of earth needs to be excavated and the entire existing house supported on new foundations and a steel structure. See last post here

- phase two of the works will be, complete new electrics, new central heating/ underfloor/ complete interior decoration/ structure. New above ground extension. Green roof to extension. Glass floors/ skylights, kitchen, bathrooms ,  landscaping. And and and....

- estimated total cost of works +associated expenses : approx 650.000 GBP ( very much hoping no surprises here. )

- expected resale.... I dare not say at this stage ... Not wanting to jinx it !!!! ( but you may register for email updates for when I do dare!  - no worries, emails not used for any other purposes or third parties.)

On another note:  Am thrilled to say that we crossed the 1000 views about a month back, and although I am principally doing this blog for the sake of it, it is nice to see the interest generated.

I hope i have not missed any key points..... Please do not hesitate to ask me questions on any aspects of the project or any property matters in general - I love the subject and will always be happy to respond to the best of my knowledge. 

No idea what to post as picture with this lenghty and slightly dry post !?

.... OK three further in progress visuals/ sketches.

What drawing skills!

Firstly... Happy new year!

Secondly... I had promessed some readers  to make an overall recap of the project so far... But am afraid this is not it yet!!!

And 3rd .... I have just got some drawings in my inbox which I simply had to share. (It may arguably give a good visual recap!)

We had decided to commission a friend and ex colleague of mine for some hand drawn visuals of the scheme for a potential off plan sale.

We did this knowing he has exceptional skills, but what I received is truely special.
It is work in progress, but already gives a great taste of things to come!

... And please bear with me. That recap is coming! 

Rear 3d view/ section 

Working out distances

I (shamelessly) allow myself some input. ( but pls don't judge my pathetic sketching skills (in comparison) too harshly -its done on my phone!) 

Call taken. (For the better or the worst)

It has been a very difficult decision.

But finally, after a couple of offers and counter offers, we decided against walking away with a six figures clean profit.

Without going into detailed maths on the project, in terms of returns this would have been a 15% return on investment over a 6 months period. (So 30% annualised)

And admittedly, the future may prove us to have been foolish not to accept and walk away! (Hopefully not of course)

But we do believe there is more mileage in the property: Although we are looking at another year (and a lot of work to be done) before putting the final product on the market, we hope to double the return on investment again by the time we exit. 

The big "IF" is the result of the elections, and the threat of the "mansion tax" that could serve a serious blow to the resale of any property over the 2m mark.

But this is not not for us to decide.... The call has  been taken and focus is now single mindedly on the long hard slog ahead!

The ups and the downs of the actual build!!

The digging is to start in the next week and we are just getting mentally ready!

Soon more to follow..… oh by the way... The picture is our front door!

More visual

Having received the first feedback.
"Keep it more visual"
I thought I should oblige and add a few pictures!

In the next few posts I will elaborate on the actions so far. 

- the auction purchase, the filming from "homes under the hammer", the ongoing saga of the planning permission.... The encounters with the neighbours...  

In fact thinking about it I should go one step back and mention what all research and other properties that had been earmarked, prospective areas.... Etc... Plenty of material to write about.... Wondering if I will have the time to do the actual project itself at this rate! 

Side view giving a sense of size

This one showing "the trees" growing on! 

The huge overgrown garden

And here the side return - view from the garden.

introduction.

As an architect, finding unusual and neglected spaces  to reinvent creates a sense of satisfaction that is difficult to convey.

This blog is an attempt .

I am sure I will revisit previous projects in a later post, but the  latest find is a hidden Victorian beauty; in the heart of the most hyped London corner - Hackney.

I am pretty excited about it and I hope that I will be able to share the excitement (and the troubles -which normally are part of the job) over the next few months.

Pls don't hesitate to ask questions - I may not always be replying straight away.... But when I will, I will do so with pleasure.

 A side glimpse of the beauty