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!) 

Slightly less glamorous pictures this time round.

Its been a tumultuous week.

Finalisation of contract with the basement contractor.

Neighbours calling regards party wall demolitions.... Last minute agreements..... But  thankfully diplomacy prevailed.

On the one side of our narrow access pathway, we have kindly been offered to use some space from the neighbouring garden....

And on the other we managed to gain an extra 30cm by negotiating the removal of the meter high party wall....

Which we will of course rebuild in due time!

This means we now have a 1.4m wide pathway to the site which will allow the contractor to use more substantial digging machinery.

Gaining time and minimising headache!

The clearing up of the site has started in preparation for the heavy duty work ahead.

We are talking about:

- the removal of approx 300 cubic metres of earth - construction of a 30m long concrete shell,
- waterproofing and associated drainage, water pumps etc
- underpinning of the entire existing (ground plus one) house (chimney stacks etc), on an entirely new steel structure underneeth.
- over 1600 sq ft of space below ground level plus sunken patios for light, access to the garden ventilation etc.

Let the adventure continue.....

A magical architectural promenade leading up to the magnificent palace! 

The view of the impressive side return patio! 

The luxury guest suite ! 

The nanny studio? 

And the grandiose landscaping.

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? 

50 shades of "shou sugi ban".

At times, there's nothing more fulfilling then to put aside ones laptop or phone (or anything else digital for that matter) and enjoy playing with materials.

May it be stone, concrete or in this case wood. I have always found a particular joy (a deep-seated reassurance of phisycality perhaps?) in practical experimentation. 

I aught to be quoting Gaston Bachelard here.

Anyway, back to "shou sugi ban"; looking for wood cladding options for the extension, I came across this inspiring  traditional Japanese technique. 

A quick google search will tell you more, but in short: 

burning the top layer of the wood creates a protective layer that makes it more weather and fire resistant ( yes is odd but true). 

But practicalities aside, it allows for very rich textures, colours and finishes.... Something I was looking for! 

Pine, first burnt, then cleaned/brushed, either natural, oiled or with a dark decking finish.

Larch, lightly burnt, cleaned and brushed, either natural or with a clear yacht decking varnish

Pine, part burnt and washed. Natural.

Wish could convey the texture here. Beautiful to touch. Larch again. Part black painted. 

Pine, heavily burnt, either natural, " black ash decking paint, oil, or light varnish.

Switch from the keyboard & mouse.... 

Needless to say I am quite excited. Now will need to see what the city council says!?

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. 

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!

Pray for us.

Today is a nerve racking day.

My apologies if I have not posted for. While but after the last "feedback letter" from the council that pretty much said the proposal would not be acceptable as is..... We had to get back to the drawing board and quickly get revisions to the scheme actioned. (More or less a week to turn it around)

A light report was required ( from an expert to prove enough light would be available in the basement)

And changes to bulk and massing of the proposed extension.... Less sq ft and in my opinion less character ... But so be it!!!
It needs to go through...
Then will work on detailing and make the scheme special anyway!

So here it is today is the deadline for the revision and.... All the needfulll is being submitted in an hour.

Moral support welcome!