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 i) rental and ii) development markets.
i) 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.
ii) Development – A number of residential and commercial projects have been completed or are underway.
Eastbourne Road – Hornsea January 2014-January 2016
Project Description: The site consisted of a two storey end of terrace building that had been used as office accommodation on the ground floor, but was empty at the time of purchase. The upper floor consisted of four poor quality flats. There was a disused 2 storey addition to the rear that was unoccupied. The office accommodation had a large area adjacent used as garden and for parking.
The development entailed the conversion of the ground floor offices into four 1 and 2 bedroom apartments; the refurbishment of the flats above; the refurbishment of the 2 storey building to the rear to create a mews style 2 bedroom house; and the construction of 2 new five bedroom semi-detached properties in the parking/garden area. The flats were small one and two bed units focused on the retirement market that is common in Hornsea.
High Street, Market Weighton October 2014-September 2016
Project Description: The site consisted of an old three storey end terrace building in a completely dilapidated condition and a two storey storage barn, to the rear. The property was in a conservation area and was set back from the main High Street in the centre of Market Weighton.
The development entailed the conversion of the terraced property into three small two bedroom townhouses over three floors including the construction of a small extension to the side. The storage barn was converted into two semi-detached 2 bedroom houses over two floors.
The terrace house was largely taken down and rebuilt using existing and new handmade bricks. The storage barn was completely refurbished including extensive insulation to achieve current building regulations.
Broughton Court – Starbeck, Harrogate January 2016 – May 2018
Project Description: The site consisted of an old Public House (The Henry Peacock) that had been closed for around 3 years. There was an existing planning permission for its demolition. The site is immediately adjacent to the railway line on the High Street at Starbeck – Harrogate.
The development entailed the demolition of the existing structure which was then rebuilt with a similar façade, but with a large rear extension to create 2 retail units at ground floor; five one and two bedroom flats to first floor and two 2 bedroom flats to the second floor; with resident parking to the rear and retail parking on land adjacent.
The retail units were completed in July 2017 and were pre-let to a Costa Coffee franchisee and a National pet shop chain Pets Corner. The freehold of the entire site was sold to include the retail leases. The residential leases were retained by Ailsa3 Properties and sold separately.
Whitehouse Farm, 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. The former farm buildings have now been demolished and construction is well advanced.
Some of the properties have recently been released to the market in advance of completion, which is expected before the end of 2019.
Low Mill, Ripon
Planning permission has been approved for a development of 10 mews-style, 2 and 3 bedroom properties in Ripon. Detailed design is now well advanced and construction should start early in 2020.
A planning application has been submitted for a mixed use development on a 2 acre site in Sunderland. The proposals include the development of 5 no. retail units and 2 no. drive-thru restaurants. Major users have already been secured for much of the scheme and construction could begin as early as spring 2020.