This week we have been approached by the developers of three schemes. One in Preston, one in Rossendale in Lancashire and one in Nottinghamshire. The point is that we looked at these schemes last year, proposed on them to fit in line with investors needs and ultimately all three were never signed off. Preston was simply a mess when we inspected it, Rossendale was too much money and then the developer hit a drainage issue that effected their bottom line and the Nottinghamshire scheme again was too much money. It is mildly amusing when a scheme comes back to us and satisfying. It proves our proposal or inspections were accurate and of course our reputation is strong enough for developers we tried and failed to deal with in the past subsequently come back to us.
This a mark of our established reputation in the buy to let property marketplace.
In addition to the above a Nottinghamshire based developer who is relatively new to us but came from a referral has brought us another scheme. This will be their fourth in a matter of a few months. They are now regularly holding some plots for the owner occupier market but using Bastion Estates for pre-sales to investors to secure their funding to build the scheme out. They are obviously ‘taking a hit’ financially to fit in with our negotiated discounts but it secures their funding. The developer builds his scheme, buy to let property investors secure an early discount and owner occupiers still have a chance to secure their new home.
Hopefully we have also picked up a small scheme this week in Doncaster which is down to Tim’s persistence. Four three bedroom new build semi-detached homes is a potentially a nice little deal for the buy to let property investor. Subject to price approval we have secured almost twenty per cent discount and the houses have just been rented. Instantly income producing discounted new build houses is a win win for investors. Not forgetting of course that there will be almost no competition from other investors when it is time to find a new tenant.
All very positive, reaffirms our established reputation and feeds the demand from UK and overseas investors who look to invest in the north of England.