Case study 2 – JV Development with a Solo Customer
An existing Solo Timber Frame customer who’d successfully built many developments with us approached us with a proposition.
‘I’ve found a great piece of land in Haywards Heath, but I’m already committed to other projects and would need a Joint Venture partner on this one. Are you interested?’
This is something we do occasionally, so the answer was a resounding yes to the concept, but the plot itself wasn’t necessarily the perfect plot and needed thought before committing.
The plot was opposite a development that had just been completed by one of the ‘big five’ housing developers. This little plot had been purchased by them as part of that project but didn’t sit easily within the larger site, so they’d taken the decision to dispose of it, however it had no planning permission in place. Now that’s a risky move for anyone as there can never be a guarantee that permission will be granted, let alone for something that has the potential to make a worthwhile margin.
Lots of research was undertaken and it was felt that a three house development (one detached and a pair of semis) would suit the plot and provide a good return. Importantly there was a plan B and a plan C, which would prove to be vital as that first concept was rejected by the planners.
We reapplied with a two detached house project and that was approved. We’d lost time with that 1st attempt but we dusted ourselves off and quickly set to work building.
What we created were two high specification homes, with composite windows, beautiful kitchens, landscaped gardens, garages and some great interior design.
They were eventually sold approximately 18 months after we’d purchased the land, with the all important margin still there, but more importantly we’d created two wonderful homes that will be enjoyed by the new and subsequent owners for generations to come.
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We look forward to helping you make your self-build dreams a reality.