Business: Property investment
Date of Investment: April 2013
Strategy: To provide investment for high quality developments that will generate a reasonable return on sustainable projects.
Outcome: The business has made considerable progress in both the rental and development markets.
Rental – A number of properties have been purchased and refurbished to a high standard for the student letting market in Leeds. The properties have an excellent letting record and generate a strong return.
Development – A number of projects have been completed or are underway :-
Hornsea – redevelopment of a large residential building , which had been used as an office, creating 9 no. flats and 2 large houses. These properties have all been successfully sold.
Market Weighton – development of 2 large disused properties in the heart of the town centre into 5 no. mews-style properties. These properties were completed and sold in 2016.
Starbeck – the site of the former Henry Peacock public house was acquired and planning permission obtained for a substantial commercial/residential development, including 2 large retail units and 7 no. residential properties. The retail units are successfully let and occupied by Pets Corner and Costa. The freehold of the site was sold in January 2018 and the seven apartments are all sold and occupied.
Harrogate – planning permission was obtained in May 2018 for 9 no. stone built properties on the site of the former Whitehouse Farm in rural western Harrogate. Construction is due to start on site in September 2018.
Ripon – planning permission is being sought for a development of 9 mews-style, 2 and 3 bedroom properties in Ripon. Construction should start, subject to planning, in late 2018.