This month I have been busy working on a development site whilst the HMO portfolio ticks over. Whenever an offer is accepted it’s always a frantic time as you try to get everybody working together. As we continue to look at so many sites with various potential exits, it’s necessary to do a deep dive when an offer is accepted and we move to the next stage. But that is only the start of a very long journey and there are still multiple hurdles to cross.
This month I have had a few hats to wear; raising the cash for the project and discussing it with potential investors, verifying all the numbers (i.e. is the current opportunity exactly what we think it is), getting the team (such as the builder, planning consultant etc.) to confirm they can execute our plan for the site, and to make sure the legal process goes smoothly and the seller is kept in the loop and is happy.
A lot of these roles are happening simultaneously, which makes things difficult and whenever it is a site that is available on the open market, as this one was, it is always a race against time.