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.

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!)

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.

Fashion glamour in the damp & cold!

After the mood shots  from the previous post, inspiration struck!!

Now I have to diverge a little from the main topic of the blog and give some background information:

I m a bit of a split personality; I have another life in fashion. Actually currently I could say that the property development is more of a "mistress" while fashion is my wife ( in terms of the amount dedicated during my work week.)

So last minute we decided to make a " autumn winter15 pre collection shoot". ( with our label -b l ^ n k- ) 

Two days later we had the model and I decided to shoot myself.... (No pun intended here!!).

Below some pictures giving a flavour of things to come! 

And yes of course we will have to make another shoot when all is done..... And who knows we may make one in the building site for some "hard hat" styled glamour? 

Mood shots - "before"

Could call it the "calm before the storm"

Can't help but feel a little "romantic"  and philosophical about time. Life gone by, etc. 

Semiotic layers fading. 

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.