Two former HMOs in Muswell Hill have been transformed into nine apartments as part of an extensive redevelopment by XP Property.

In the latest Inside the Development interview from Property Investor News, Ben Richards of XP Property takes us through the story behind Maple Rise and some of the key decisions that have shaped the project.

The original pair of semi-detached properties had previously operated as eight and ten-bedroom HMOs. XP’s scheme has involved extensive extensions at ground, first-floor and loft level, together with the excavation of approximately 100 sq m of new basement space.

One of the biggest decisions was whether to redevelop the site as two high-value family homes or create nine individual apartments.

Ben explains why XP considered the apartment route to offer a more diversified exit, particularly given the site’s position on Colney Hatch Lane and the state of the London sales market.

The interview also explores XP’s use of delayed completion when acquiring the property, allowing the developer to progress planning before completing the purchase and taking on associated finance and holding costs.

Construction brought its own challenges. Basement excavation required underpinning, retaining structures and specialist engineering, while party wall issues contributed to a delay of around three months.

Ben also discusses the relationship between design and value, how XP approached the sales launch in a difficult market and why delays can become particularly costly when development finance is at its highest.

Finally, he reflects on what he would do differently if approaching Maple Rise again – including negotiating harder on the original purchase and stress-testing costs, programme and GDV against a more severe downside scenario.